NCLC supports FinCEN’s efforts to strengthen and modernize the anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements for financial institutions, but urges FinCEN to do more.
Originally airing on NPR Morning Edition on July 4, 2024, Alex Horowitz-Ghazi interviews Carla Sanchez-Adams for a story covering the limited options available to consumers impacted by bank and payment account fraud. “Banks in the U.S. are legally required to help make their customers whole in the case of many unauthorized electronic transfers. But then…
Read More about NPR: After being scammed, one woman tries to get her money back
NCLC submitted comments on the Federal Reserve Board’s proposed rulemaking regarding Debit Card Interchange Fees and Routing. The comments urged the Board to consider the impact on low-balance accounts; to broaden the exemption for prepaid cards to remove functionality limits and encompass overdraft fee-free accounts; and to prevent evasions by covering large nonbank banking apps…
NCLC joined comments with other consumer advocates supporting a proposed rule by the CFPB that prohibits nonsufficient funds (NSF) fees on transactions that are instantaneously declined. We also supported the CFPB’s clarification of the standard for evaluating the prohibition on abusive conduct.
NCLC submitted comments in response to the Treasury Department’s request for information on developing a national strategy for financial inclusion. Our comments begin by addressing some of the risks associated with expanding the use of alternative data in credit reporting and argue that “alternative” data is best left outside of the main credit reporting file.…
Read More about Comments on Treasury Department's Request for Information on Financial Inclusion
Carla Sanchez-Adams, NCLC Senior Staff Attorney, testified on February 1, 2024, before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.” Her testimony explained that payment fraud impacts all Americans across many communities. But the impacts of fraud are most keenly felt…
