Postings

New Jersey steps up to protect investors from predatory products and advice
New Jersey’s Bureau of Securities announced a proposal that would impose a fiduciary duty on anyone giving investment advice, including brokers. Advocates greatly appreciate states such as New Jersey that are willing to step in to fill the regulatory void by providing the protections investors need and expect. New Jersey is one of several states, including Nevada and Massachusetts, seeking to set their own investment advice standards.

Opposition to commercial driver labor standards puts California workers and drivers at risk
Advocates oppose the American Bus Association’s petition to the Federal Motor Carrier Safety Administration (FMCSA) to preempt California’s longstanding meal and rest break laws as applied to passenger-carrying commercial motor vehicles.

California to lead the effort to protect student loan borrowers
AB 376, the Student Borrower Bill of Rights, would make California the first state in the nation to create a comprehensive set of rights for people holding student debt by requiring student loan companies to treat borrowers fairly and giving borrowers the right to hold these companies accountable when they fail to meet basic servicing standards.

Stop the onslaught of annoying robocalls
Consumer Action signed on to support public testimony to the U.S. House of Representative's Subcommittee On Communications and Technology regarding potential legislative solutions to the rampant problem of illegal scam and spoofed robocalls.

Flawed HUD report lets Bank of America off the hook for possible lending violations
Consumer Action joined a group letter to the Department of Housing and Urban Development (HUD) to express serious concerns regarding a recent flawed report that incorrectly concluded that Bank of America complied with HUD rules prior to selling defaulted loans through its Distressed Asset Stabilization Program. The report relied on an inadequate sampling of loans, relied completely on Bank of America’s files, and did not include critical input from U.S. Federal Housing Administration (FHA) insured borrowers.

Personal data has potential to fuel discrimination
26 civil society organizations sent a letter to Congress calling on legislators to ensure that any federal privacy legislation addresses the discriminatory impacts of commercial data practices and protects people of color, women, religious minorities, members of the LGBTQ+ community, persons with disabilities, persons living on low income, immigrants, and other vulnerable populations.

ED’s staffing shortage creates problems for struggling borrowers
A coalition of legal aid, civil rights, consumer advocacy, public interest, and veterans organizations wrote to Secretary DeVos to demand that the U.S. Department of Education take immediate steps to address the ongoing, unprecedented, and system-wide problems and delays currently plaguing its default servicing system.The disruptions could delay struggling borrowers from getting back on track with their student loans through loan rehabilitation.

Is Mercedes-Benz cheating us out of clean air?
Mercedes-Benz stands accused of installing cheat devices into its diesel vehicles to evade U.S. emissions laws at the expense of consumers and the environment. Consumer Action joined advocates in urging Congress to help hold Mercedes accountable.

Arbitration in America hurts consumers
In advance of the Senate Judiciary Committee hearing entitled “Arbitration in America,” advocates warn that arbitration is a rigged system that has left little recourse for wronged employees and consumers.

PROTECT students from predatory for-profit schools
The PROTECT Students Act of 2019 would safeguard students, including veterans and servicemembers, from predatory for-profit colleges and ensure higher education meets the needs of hard-working students.

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