Advocates Urge Federal Appellate Court to Correct Reading of Federal Statute Permitting States to Reclaim Usury Authority
The brief supports the State of Colorado and reversal of a federal district court decision in the case, NAIB v. Weiser.
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160+ Groups Urge Clear Fee Disclosures for Paycheck Advance Apps in Letter to the CFPB
Coalition letter calls for clearer cost and fee disclosures for workplace payday loans.
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Consumer Advocates Support CFPB’s Interpretive Rule on Buy Now Pay Later Loans, Call For Additional Consumer Protections
BNPL Purchases Should Have the Same Protections as Credit Card Purchases
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The New York Times: Chase to Bar Customers From Using Credit Cards for 'Pay Later' Loans
Originally appearing in The New York Times on July 26, 2024, Ann Carrns interviews NCLC associate director Lauren Saunders on JPMorgan Chase’s decision to bar customers from using its credit cards to repay increasingly popular “buy now, pay later” installment loans. Financial regulators and consumer advocates frown upon using credit cards to pay off installment…
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Los Angeles Times: Federal regulators step up their campaign against predatory payday lenders and their rip-offs
Originally appearing in the Los Angeles Times on July 24, 2024, Michael Hiltzik interviews NCLC associate director Lauren Saunders for coverage of the CFPB’s efforts to rein in predatory payday and earned wage access loans. “A payday advance that is repaid on payday is a payday loan, and fintech cash advance apps that call themselves…
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CFPB Halts Worker Payday Loan Evasions
Advocates applauded the proposed interpretative rule released today by the Consumer Financial Protection Bureau (CFPB) to address evasions by fintech payday lenders that hide the cost of 300% annual percentage rate (APR) loans and evade state rate caps.
