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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
The National Consumer Law Center is among 49 groups urging Maryland Governor Moore to veto HB 1294, which would carve loopholes in Maryland’s 33% interest rate limit for earned wage advances and other fintech payday loans.
Read More about Letter Urging Veto of MD HB 1294, Earned Wage Advance
The undersigned 201 consumer, civil rights, labor, legal services and community organizations and academics write to urge you to oppose efforts to overturn the Consumer Financial Protection Bureau’s overdraft fee rule, which will reduce most overdraft fees from $35 to $5, stop manipulative practices by big banks, improve transparency, and put $5 billion back into…
Read More about 201 Groups Oppose Repealing CFPB Overdraft Fee Rule
HB 59 would exempt fintech payday loans from New Mexico’s lending laws and interest rate limits. The bill is based on the model law by the conservative American Legislative Exchange Council (ALEC). It offers a fee limit that would still result in triple digit APRs and mounting fees, places no cap on purportedly voluntary “tips”…
The National Consumer Law Center, on behalf of its low-income clients, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Federation of America, Consumer Reports, the National Association of Consumer Advocates and Public Citizen submitted comments to the Federal Deposit Insurance Corp. in connection with the FDIC’s review of 12 CFR Part 331,…
Read More about EGRPRA Comments to FDIC on Interest Rate Authority
The National Consumer Law Center, the Center for Responsible Lending and the Student Borrower Protection Center submitted to the Office of the Comptroller of the Currency, Federal Reserve System, and Federal Deposit Insurance Corp. on the Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses. The comments focus…
Read More about Comments on Risks of Bank-Fintech Arrangements Involving Lending