U.S. consumers benefit from having more — rather than fewer — options in the financial services industry. Competition among providers maximizes consumer choice, keeps service fees low, and encourages providers to continually strive to offer excellent financial products. USCC advocates for policies that stimulate innovation and produce the greatest consumer options.
- Operation Choke Point: Operation Choke Point is a program created by the Administration to shut down lawful businesses by ‘choking off’ their access to banking services. The Department of Justice and FDIC are now going after at least 24 targeted industries by intimidating bank officials with threats of increased scrutiny and administrative subpoenas if they do not sever banking relationships with companies in these industries. The US Consumer Coalition opposes these efforts by the Administration, as they harm consumer choice and freedom while severely threatening the foundation for our country’s economic stability. In addition, USCC believes the Administration’s efforts through Operation Choke Point are unconstitutional, illegal, and fundamentally violate the principles upon which this country was founded. Chairman Darrell Issa’s House Committee on Government Oversight and Reform released a recent report condemning Operation Choke Point as illegal and counter to the rule of law.
- Short-term Loans: USCC supports consumer access to payday loans. These financial products are a necessary alternative for consumers who do not have access to traditional banking services. Consumers should have the ability to choose financial products that meet their needs.
- Student Loans: USCC supports financial choice for students incurring debt for educational costs. The federal assumption of student loan debt through Sallie Mae has had a direct impact on students’ ability to finance their education.
- Mortgage Loans: USCC supports consumer choice in mortgage lending products. U.S. mortgage lenders should be free to offer competitive products without interference from government agencies. The problems of mortgage lending that led to the financial crisis came from the requirements associated with the Community Reinvestmant Act that intruded on the normal operations of the free market.