A Message from Consumer Action

Consumer Action's MoneyWi$e educational materials have moved to our Managing Money Project website. Here you may view, download and order bulk copies of the MoneyWi$e materials. Please make a note of the Managing Money Project address— www.managing-money.org —and add it to your address book.

Coalition Efforts

Consumer Action is working on these important issues along with other organizations. If you would like to know more about these issues, please see "More Information" at the end of each article.
 

Postings

The CHOICE Act is WRONG for Americans and the economy
A bill being considered by the House, the Financial CHOICE Act, or more-aptly called “WRONG CHOICE Act” (H.R. 10) would eviscerate post Great Recession safeguards, including most of the Dodd-Frank Wall Street Reform and Consumer Protection Act, putting the U.S. economy and taxpayers in the same perilous position as prior to the financial crisis.

Will alt data sources help the credit invisible? It depends.
As the Consumer Financial Protection Bureau (CFPB) takes a closer look at alternative data and the impact it has on those who are deemed “credit thin” or “credit invisible,” consumer advocates submit their own recommendations on the matter. While it’s true that credit invisibility poses a real problem for many, a lack of credit history could be better than negative credit history. Whether the use of alternative data in calculating credit scores is likely to help or hinder one’s access to credit will depend on the information being used, the consumer’s ability to consent to its use, and the way that creditors interpret and apply the data.

Regulatory Accountability Act (RAA) would hurt consumers
Advocates penned a letter to the Senate urging legislators to oppose the Regulatory Accountability Act (RAA) — which should be called the “Regulatory Paralysis Act.” This bill aims to cripple the process for issuing and enforcing regulations that ensure Americans have clean air and water, healthy food and consumer products, fair wages, safe workplaces and many key financial protections.

DASH for the STASH: Learn investment skills, enter to win cash
The 2017 DASH for the STASH investment education program runs April 1-Oct. 31, 2017. Consumer Action is promoting the program to our network of community-based organizations. DASH for the STASH is a partnership between the Investor Protection Institute (IPI) and participating state securities offices.

The Choice Act 2.0 is the WRONG choice for consumers
Advocates are urging Congress to oppose the so-called Financial Choice Act 2.0, that aims to repeal parts and eviscerate parts of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, including the centerpiece Consumer Financial Protection Bureau. The (Wrong) Choice Act would grind the CFPB to a halt by turning it into a gridlocked Commission, and eliminate its independent funding. This irresponsible assault takes all the worst ideas and combines them into one toxic package.

Advocates call on states to fill void left by Dept. of Education
Consumer Action joins a coalition of labor, civil rights and consumer organizations is urging state regulators and law enforcement agencies to step up their oversight of student loan servicers following Education Secretary Betsy DeVos’ decision to rescind Obama-era policies that were aimed at protecting borrowers.

A push for regulatory leadership that is unimpeachably independent
Donald Trump ran on "draining the swamp" of corruption in Washington, DC. Yet, as president, he is working to install a revolving-door government run by representatives of the big businesses our government is supposed to be regulating. In a letter to the Democratic Senate leadership, coalition advocates remind senators that the need for public minded watchdogs has never been greater. The American people deserve voices on a diverse collection of independent agencies, including the Federal Trade Commission, Federal Communications Commission and Securities and Exchange Commission, that are independent of excessive corporate influence.

Advocates urge ED to remain tough on fraudulent colleges
Advocates working on behalf of consumers, students, civil rights, veterans and servicemembers penned a letter to Education Secretary Betsy Devos, urging her to continue implementing and enforcing critical Education Department accountability provisions designed to protect students and taxpayers from unmanageable student debt and waste, fraud and abuse in higher education. In particular, we oppose all actions to delay, weaken, or repeal the gainful employment, incentive compensation, or recent “borrower defense to repayment” and college accountability regulations.

US Postal Service advocates call for an end to CPI price cap
The Postal Regulatory Commission (PRC) is reviewing the effects of the current rate system, capped by the Consumer Price Index (CPI), to see how it impacts the Postal Service's ability to meet the objectives stated in the Postal Accountability and Enhancement Act. The coalition’s recommendations included eliminating the CPI cap, which places financial pressures on the Postal Service, putting the agency at risk. It holds back the necessary infrastructure changes, needed capital investments and the ability for the USPS to fix safety and health issues – such as replacing an outdated fleet of vehicles. It also strangles the USPS' ability to restore and protect good postal services.

The CFPB: A champion for student loan borrowers too
Since 2012, the Consumer Financial Protection Bureau (CFPB) has continually defended student loan borrowers against some of the biggest players in the for-profit college and student loan industries. While fraud and mismanagement issues run rampant in student lending, the CFPB has worked hard to protect veterans, students and their families against some of the biggest offenders, including Sallie Mae, Navient, Corinthian and Bridgepoint Education.

Quick Menu

Support Consumer Action

Support Consumer

Join Our Email List

Optional Member Code
Facebook FTwitter T

MoneyWise Modules

Managing Money Topics

Help Desk

Advocacy