Table of Contents

New CFPB overdraft fee rule will save consumers billions annually
Members of the Americans for Financial Reform coalition applauded the CFPB for finalizing a new rule that will protect consumers against overdraft fee abuses at the largest financial institutions.

Coalition urges CFPB to publish a proposed Consumer Reporting Rule as soon as possible
A coalition of advocates urged the CFPB to release a Notice of Proposed Rulemaking as soon as possible to clarify the application of FCRA to data brokers, better regulate the use of personal information in consumer reporting, and keep the FCRA current with technological changes.

Organizations oppose misleadingly named College Cost Reduction Act
Consumer Action joined allies in a legislative alert urging lawmakers to vote NO on the College Cost Reduction Act (HR 6951), should the bill move to a floor vote. Despite its name, the CCRA could lead to higher student debt burdens, open the door to predatory practices, and funnel financial aid dollars into the pockets of investors and for-profit college leaders.

Coalition calls on Congress to expand FHLBank contributions to affordable housing programs
In a letter to congressional leaders, the Coalition for Federal Home Loan Bank Reform (CFR) called for action that would require FHL Banks to contribute at least 30% of their net income each year to support community development and affordable housing programs.

Advocates urge CFPB to require transparency for remittance fee disclosures
In a letter to the CFPB, advocates asked the Bureau to amend the Remittance Rule, which governs fees, disclosures, etc. on international remittances, so that the total cost of a remittance is transparent.

Organizations ask HUD to take steps to protect disaster relief for property owners lacking formal title
In a letter to HUD, consumer-interest organizations called on the agency to require states and localities receiving Community Development Block Grant Disaster Recovery funds to accept affidavits as proof of ownership in a property from homeowners applying for repair, reconstruction and relocation funds after a natural disaster.

Organizations weigh in on CFPB plan to mandate greater language assistance from mortgage loan servicers
In comments submitted to the CFPB, organizations expressed support for the agency’s efforts to improve the availability of language assistance to mortgage borrowers seeking loss mitigation assistance, and offered suggestions for improvement and smoother implementation.

Advocates comment on CFPB’s proposals to streamline loss mitigation procedures for struggling mortgage borrowers
Consumer and housing advocates submitted comments to the Consumer Financial Protection Bureau commending the agency’s efforts to make streamlined loss mitigation reviews for struggling mortgage borrowers a permanent option, while also offering suggestions.

HHS should allow for generic competition among Ozempic-like drugs to lower consumers’ drug prices
In a letter to Health and Human Services Secretary Xavier Bacerra, consumer-interest organizations called on the agency to use existing legal authority to allow competition for the diabetes and weight loss drugs Ozempic and Wegovy, which would lower prices for consumers.

Letter urges Department of Education to extend critical student loan borrower protections
Amid legal challenges to the Saving for A Valuable Education (SAVE) plan, advocates urged the Department of Education to ensure that servicers inform borrowers of their right to apply for SAVE and that they grant forbearance for all borrowers waiting in the pipeline—and that the forbearance time counts toward PSLF and IDR discharges. The groups also urged the Department to extend “on-ramp” protections and the “Fresh Start” program.