Synchrony's Planned Rate Hike Unjustified, Advocates Say
Consumer advocates question what is driving higher rates and defend the new late fee rule by the CFPB.
Read More about Synchrony's Planned Rate Hike Unjustified, Advocates Say
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Consumer advocates question what is driving higher rates and defend the new late fee rule by the CFPB.
Read More about Synchrony's Planned Rate Hike Unjustified, Advocates Say
Appearing in The New York Times on April 23, 2024, Jordyn Holman and Ben Casselman interview NCLC Senior Attorney Chi Chi Wu for coverage of “buy now, pay later” loans and how they aren’t typically reported on consumers’ credit reports. “The credit reporting system is a system that assumes monthly payments, it assumes longer-term loans,…
Read More about The New York Times: ‘Pay Later’ Lenders Have an Issue With Credit Bureaus
Proposed rule will promote fair and affordable overdraft coverage and prevent big banks from charging junk fees WASHINGTON – Today, 144 consumer, civil rights, military, legal services, and community groups submitted comments in strong support of the Consumer Financial Protection Bureau’s (CFPB) proposed rule governing the overdraft lending practices of the largest financial institutions. [The…
Read More about 144 Organizations Support CFPB Rule to Curb Abusive Overdraft Fees
Appearing in American Banker on March 26, 2024, Kevin Wack interviews NCLC associate director Lauren Saunders for coverage of industry groups suing to block a Colorado law — set to take effect this summer — that will serve as a test case in the nationwide legal fight over state interest rate caps on consumer loans. Lauren Saunders,…
Read More about American Banker: Industry groups sue over Colorado's crackdown on high-cost lending
Everything that is wrong with a high-cost loan is only made worse when the loan is larger and the terms are longer.
Read More about 50-State Survey Finds Larger Loans Need Lower Rates
Senator Jack Reed (D-RI) introduced the Predatory Lending Elimination Act, which extends to veterans and all consumers the 36% annual percentage rate cap found in the Military Lending Act and prevents the use of junk fees to hide high-cost loans.
Read More about Senate Introduces 36% Rate Cap Bill to Curb High-Cost Loans, Junk Fees