Rule Serves as Model for Consumer Data Privacy WASHINGTON – Today, the Consumer Financial Protection Bureau (CFPB) issued a comprehensive and protective final Personal Financial Data Rights Rule. Advocates at the National Consumer Law Center (NCLC) strongly support the rule, which implements Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and…
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
Originally appearing in NBC News on August 4, 2023, Gretchen Morgenson looks at public complaints reporting mysterious accounts being opened in customers names at Wells Fargo and quotes Carla Sanchez-Adams. “If financial institutions are not vetting customers’ identities thoroughly enough or as required under bank secrecy and anti-money laundering laws, then they shouldn’t be opening the…
Read More about NBC News: Phony bank accounts resurface at Wells Fargo, with a twist
Appearing in the Washington Post on May 18, 2023, Spencer Tierney of NerdWallet talks to Carla Sanchez-Adams about bank accounts for college students. Carla Sanchez-Adams, senior attorney at the National Consumer Law Center, recommends looking into Bank On certified accounts, which don’t have overdraft or NSF fees. Transactions that would bring an account balance below zero get…
Read More about The Washington Post: Pick a college bank account as carefully as your college
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…
Read More about Crypto Companies, Others, Must Stop Misusing FDIC’s Name and Logo
Leading consumer advocacy organizations submitted an extensive comment letter detailing junk fees across a wide range of consumer financial products and services.
Read More about Consumer Advocates Urge CFPB to Protect Consumers From “Junk Fees”
