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NCLC is among 226 labor, consumer, civil rights, and community organizations that sent a letter opposing H.R. 9330, the misnamed Earned Wage Access Consumer Protection Act, which exempts earned wage payday loans from the Truth in Lending Act (TILA), the Military Lending Act, the Equal Credit Opportunity Act, and other federal laws. The bill preempts…
The Board of Governors is presently reviewing the application of Enova International to acquire Grasshopper Bank and to become a bank holding company. The Board is also expected to shortly receive the announced application of Opportunity Financial (“OppFi”) to acquire BNC Bank and to become a bank holding company. In light of the unprecedented nature…
The 106 undersigned consumer, civil rights, and community organizations wrote to Chairman Scott, Ranking Member Warren, Chairman Hill and Ranking Member Waters urging them to defend and strengthen interest rate limits and transparency to address the affordability crisis by:
Civil rights and consumer advocacy organizations wrote to the Federal Reserve Board to lodge objection to the merger application of Enova International, Inc. (Enova) and Grasshopper Bank and to request a meeting. Objections arise specifically under the Federal Reserve’s review authority under the Bank Holding Company Act (BHCA), which requires consideration of financial resources, managerial…
Read More about Letter from Civil Rights Groups to Federal Reserve Board Opposing Enova Bank Charter
NCLC and several consumer and civil rights organizations urged that the House Financial Services Committee address several key points to prevent the Earned Wage Access Consumer Protection Act from worsending the affordability crisis by protecting a business model that extracts hundreds of dollars a year from struggling families and forces workers to pay to be…
Read More about Letter on Earned Wage Access Consumer Protections Act
NCLC, on behalf of our low-income clients, submitted comments on the application to the Office of the Comptroller of the Currency (OCC) and to the Federal Reserve Board (Fed) to charter Enova Interim Bank and to acquire Grasshopper Bank, NA. The OCC and Fed should deny Enova’s application. At a time when President Trump is…
Read More about Comments on the Application to Charter Enova Interim Bank & Acquire Grasshopper Bank
Consumer, faith, civil rights, labor, human rights, and community advocacy groups, urge support for the Predatory Lending Elimination Act (S3793), sponsored in the Senate by Senator Jack Reed. This bill is the solution to the worst practices by predatory lenders in the consumer loan market. By expanding the protections already afforded active-duty service members under…
Read More about Coalition Letter in Support of the Predatory Lending Elimination Act
So-called “earned wage access products” are new forms of 300% APR payday loans, which have long been illegal in the District of Columbia. They present many of the same problems as traditional payday loans and are properly covered by the District of Columbia’s lending laws and interest rate limit.
NCLC submitted comments on the Office of the Comptroller of the Currency’s (OCC) proposed interest-on-escrow preemption determination and real estate lending escrow accounts rule, which exceed the agencyʼs power.
Read More about Comments on OCC Interest-on-Escrow Law Preemption
Nearly 200 labor, consumer, civil rights, and community organizations expressed opposition to any bill, similar to last year’s H.R. 7428 (Steil), that exempts earned wage payday loans from the Truth in Lending Act (TILA). Doing so, they warned, would endorse a form of loan that makes workers pay to be paid and would facilitate new…
Read More about Coalition Letter Opposing Earned Wage Payday Loan Exemption from TILA
NCLC submitted comments to the New York Department of Financial Services in response to its request for information on buy now, pay later products. The comments address issues that DFS should consider when writing regulations in order to protect consumers. The BNPL Act gives DFS broad authority to promulgate rules consistent with the purposes of…
Read More about Buy Now Pay Later Comments to NY Dept of Financial Services
NCLC opposes Connecticut SB 1396, An Act Concerning Earned but Unpaid Wage or Salary Income Advance, which exempts earned wage advance payday loans from Connecticut’s interest rate caps.
Read More about Letter Opposing Connecticut S 1396 Earned Wage Advances