NACA submitted a letter to the U.S. House Financial Services Committee urging the committee members to reject legislation called the "Financial Choice Act." The legislation, broad in breadth and scope, unabashedly seeks to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, the law passed to remedy flaws in the U.S. economic system that led to the 2008 Great Depression and the loss of homes, jobs, businesses and economic security for millions of Americans.
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""Weakening them [regulations] while simultaneously allowing banks to engage in more speculative lending practices, which Republicans in Congress have proposed, would be a mistake, said Ira Rheingold, executive director of the National Association of Consumer Advocates.
NACA joins consumer, civil rights, privacy, community, and fair lending organizations in strongsupport of the Consumer Financial Protection Bureau’s (CFPB) proposal to collect consumer feedback via a “Consumer Response Company Response Survey.” The ability of consumers to provide direct and detailed feedback on their experiences in trying to resolve a dispute with financial service companies will add enormous value for the Bureau, individual companies and the public.
NACA joins public interest groups on letter to Consumer Financial Protection Bureau Director Richard Cordray to recommend best practices for handling imminent mortgage complaints.
NACA joins other organizations that advocate on behalf of consumers, students, civil rights, labor, small business, and more, on a letter to urge Congress to oppose any funding bills that include provisions rolling back or undermining financial reform.
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“'Trump has said some harsh things about the big banks,' said Ira Rheingold, executive director of the National Association of Consumer Advocates. Given that many Trump supporters are the working-class voters who benefit from CFPB rules and refunds, 'It will be interesting to see where the battle lines are drawn,' Rheingold said."
NACA joined consumer, fair lending, community and privacy organizations in a letter to U.S. House Financial Services Committee to express strong opposition to provisions in the Financial CHOICE Act (H.R. 5983) that would severely undermine the effectiveness of the Consumer Financial Protection Bureau’s (CFPB) consumer complaint database. The groups
also oppose two similar standalone bills, H.R. 5491 and H.R. 5413 (the CFPB Data Accountability Act).