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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.
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
We support HUD’s ongoing commitment to sustainable homeownership. As HUD notes, this mission is consistent with HUD’s core obligation of protecting the Mortgage Mutual Insurance Fund. Importantly, it also aligns with HUD’s statutory duty of “meet[ing] the housing needs of the borrowers that the single family mortgage insurance program under this subchapter is designed to…
Read More about NCLC Comment to HUD on Buy Now Pay Later Products
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
National groups urge the CFPB to issue its proposed rule codifying the application of the FTC’s Credit Practices Rule to financial institutions (Reg AA), and adopting three important new consumer protections. The proposed rule would forbid covered entities from including in their contracts 1) any clause that waives legal rights designed to protect consumers, 2)…
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
Comments of the National Consumer Law Center, on behalf of its low-income clients and Consumer Action, Consumer Federation of America, National Association of Consumer Advocates, National Consumers League, Open Markets Institute, and U.S. PIRG regarding a case where Federal Trade Commission (FTC) uncovered evidence that three major rent-to-own (RTO) players engaged in a market allocation…
Read More about Comments to the FTC in the Matter of Rent-to-Own Store Swaps