Consumer Protection
When I was a consumer protection attorney at the Federal Trade Commission, I learned firsthand how strong consumer protection laws keep Americans financially secure and level the playing field for businesses. A thriving marketplace without deceptive practices is also essential to economic recovery because it will help restore consumer confidence. I have taken on predatory lending and other unscrupulous practices, and I have worked to protect older Americans from exploitation and scams.
Predatory Lending & Debt Collection
When I started my career at Legal Aid, I saw how harmful predatory lending and unscrupulous debt collection tactics hurt families and communities.Payday lenders often trap consumers in loans with exorbitant rates and fees. Frequently, distressed borrowers are forced to take out additional payday loans to cover the debt incurred from previous payday loans, trapping them in cycle of debt. I lead the SAFE (Stop Abuse and Fraud in Electronic) Lending Act, a companion bill to legislation Senator Merkley introduced in the Senate, to protect consumers from abusive online payday lending practices. The SAFE Lending Actwould give consumers the tools they need to hold predatory payday lenders accountable when lenders try to avoid state law by doing business online. I also support legislation to cap interest rates on auto, payday, and other consumer loans.
Too many lenders continue to use deceptive tactics in collection as well as in initiating loans. This problem affects millions of Americans. According to data from the Urban Institute, nearly one in three people in the United States have a debt in collection. This often leads to unscrupulous debt collectors harassing consumers at their home or workplace. I introduced the Securing Consumers Against Misrepresented (SCAM) Debt Act to put power back into the hands of individuals and give them the information they need to accurately assess whether collection attempts violate consumer protection laws. The continued and widespread exploitation of debt collection shows why we need meaningful policies like the SCAM Debt Act.
Protecting Older Adults from Scammers
Financial exploitation of seniors and vulnerable adults results in significant loss. The National Council On Aging estimates that elder financial abuse and fraud costs older Americans $2.6 billion to $36.5 billion every year. In 2020, my Supporting Older Americans Act was signed into law. This legislation invests in programs like the Long-Term Care Ombudsman and Adult Protective Services to investigate cases of abuse, neglect, or exploitation and includes other supportive policies like Meals On Wheels.
Providing funding through the Older Americans Act is a step in the right direction to protecting older adults and adults with disabilities from unscrupulous companies, but there is more that can be done to improve the physical, mental, and financial security of vulnerable members of our communities. I am leading the Elder Justice Reauthorization and Modernization Act to expand the vital programs that provide resources for prevention, detection, and treatment of abuse and neglect of seniors and adults with disabilities. I am also committed to fighting for justice for victims of fraud, to hold scammers accountable, and recover stolen money for seniors.