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Consumer Advocates Urge Regulators to End Predatory Bank-Fintech Partnerships

October 31, 2024

WASHINGTON — The Center for Responsible Lending (CRL), National Consumer Law Center (NCLC), and the Student Borrower Protection Center (SBPC) submitted comments urging bank regulators to end bank-fintech partnerships that engage in predatory lending, evade the law, and pose a high risk of unfair, deceptive, or abusive practices and violations of consumer protection laws. “Banks should…

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Letter Supporting S.3538, the Close the Shadow Banking Loophole Act

December 15, 2023

NCLC supports the Close the Shadow Banking Loophole Act, which would close the industrial loan company loophole that enables companies to obtain a bank charter and the privileges of a bank, including preemption, without the full oversight and obligations of other banks.

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199% Auto Repair, Pet Loans Face Crackdown by DC, States

July 12, 2023

DC joins two states in stopping rent-a-bank loans by EasyPay Finance and TAB Bank that evade state interest rate laws WASHINGTON – Advocates applauded today’s announcement by the Office of the Attorney General (AG) of the District of Columbia that DC has forced EasyPay Finance to stop making loans up to 198.98% despite DC’s 24%…

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Comments to FDIC Regarding False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo

April 6, 2023

The National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform Education Reform Fund, Consumer Reports, Student Borrower Protection Center, Public Justice Center, Public Good Law Center, U.S. PIRG, Consumer Federation of America, and Better Markets submitted comments regarding the Federal Deposit Insurance Corporation’s (FDIC) recent proposed changes to part 328…

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Crypto Companies, Others, Must Stop Misusing FDIC’s Name and Logo

April 6, 2023

Consumer Advocates Support Proposed Rule to Address False Advertising and Misrepresentations of Deposit Insurance Coverage WASHINGTON — New rules proposed by the Federal Deposit Insurance Corporation (FDIC) are needed to prevent crypto firms and fintech banking apps from misleading customers by representing or suggesting that these companies and accounts are insured by the FDIC, according…

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Letter to CFPB Regarding Repeat Offenders; Registry of Nonbank Financial Companies Subject to Certain Agency and Court Orders

March 31, 2023

Submitted to Regulations.govRohit Chopra, DirectorConsumer Financial Protection Bureau1700 G Street NW,Washington, DC 20552 Dear Director Chopra, The undersigned consumer organizations are pleased to support the Consumer Financial Protection Bureau’s (CFPB) proposal to require nonbank covered persons that are subject to certain agency and court orders to register those orders with the CFPB. The registry will…

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Search Results

Consumer Advocates Urge Regulators to End Predatory Bank-Fintech Partnerships

Letter Supporting S.3538, the Close the Shadow Banking Loophole Act

199% Auto Repair, Pet Loans Face Crackdown by DC, States

Comments to FDIC Regarding False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo

Crypto Companies, Others, Must Stop Misusing FDIC’s Name and Logo

Letter to CFPB Regarding Repeat Offenders; Registry of Nonbank Financial Companies Subject to Certain Agency and Court Orders