Coalition EffortsConsumer 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.
Better records needed for banks selling consumer debt
Unlawful debt buyer practices have caused great harm to Americans and present significant risks for banks' reputations. In a letter to the Office of the Comptroller of the Currency (OCC), Consumer Action and coalition advocates address many of the problems seen with respect to debt collection by debt buyers, and detail the harmful impact on lower-income people and communities.
HUD should extend current discrimination complaint process
Extending the current process of filing housing complaints is important to ensure underserved communities are protected from discriminatory practices.
Confirm Rep. Mel Watt as Director of the FHFA
Civil and human rights groups call for Mel Watt confirmation; cite extensive qualifications, congressional experience, and advocacy for homeowners.
Despite Senate's latest attempt, affordable home financing still needed
On June 25, 2013, Sens. Bob Corker (R-TN) and Mark Warner (D-VA) filed a bipartisan bill to restructure the government’s role in the housing finance market. In response, Consumer Action and the Center for American Progress, along with a broad array of housing and civil rights groups, sent a letter to the senators explaining how the bill falls short in serving America’s families.
Regulating creditor-paid broker compensation protects consumers from risky loans
There has been a long history of mortgage brokers putting borrowers into more expensive and riskier loans in order to earn larger creditor payments. Such practices were particularly pronounced in the lead-up to the financial crisis, but remain a concern even after passage of Dodd Frank. Consumer Action and advocates address the question of how the Consumer Financial Protection Bureau (CFPB) should apply the revised points-and-fees definition to creditor-paid broker compensation regarding Qualified Mortgages (QM).
The FHFA seeks to punish states for protecting their residents
The Federal Housing Finance Agency (FHFA) has proposed to increase the guarantee fees (G-fees ) paid by homeowners for loans that originated in five states that the agency characterizes as having excessively high foreclosure costs.
Proposed Mortgage Servicing Rules fail to protect families
The Consumer Financial Protection Bureau (CFPB) has proposed important new mortgage servicing regulations that will set the rules for servicing going forward. Unfortunately, the proposed rules fail to fix problems and protect consumers.
Rental-to-own bill is a wolf in sheep's clothing
Consumer Action joined in a letter urging Congress to oppose H.R. 1588 that purports to protect consumers in rent-to-own contracts but ends up overruling stronger state laws.
Federal Housing Finance Agency’s Strategic Plan
Consumer groups are disappointed that a proposed strategic plan released by the Federal Housing Finance Agency lacks detail on how to better achieve access and affordability for underserved yet prepared borrowers.
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