Fed Proposal Will Make It Easier to Pay Bills, Receive Wages on Weekends
Federal Reserve proposes to process electronic payments 365 days a year
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Comments Supporting FTC Impersonation Rule
NCLC joined other organizations in supporting a proposed rule by the Federal Trade Commission prohibiting individuals from engaging in impersonation fraud.
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CBS News: New efforts to stop scammers from stealing through fraudulent wire transfers (video)
Appearing on CBS Mornings on April 18, 2024, Anna Werner interviews Carla Sanchez-Adams for a story on how Americans are losing millions of dollars every year to scammers who steal money directly from their bank accounts, often through fraudulent wire transfers. U.S. senators are now pressing banks for answers about what they’re doing to stop…
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Letter Supporting S.3538, the Close the Shadow Banking Loophole Act
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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American Banker: It's past time for the Fed to expand ACH settlement to weekends
In an op-ed appearing in American Banker on April 3, 2024, NCLC senior attorney Carla Sanchez-Adams and Michael Herd, Executive Vice President for ACH Network Administration at Nacha, write tourge the Federal Reserve to expand the ACH network’s hours of operation to settle payments on weekends and holidays. “Expanding NSS operating hours means American workers…
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Comments on CFPB's Proposed Rule Governing Overdraft Lending at Very Large Financial Institutions
The National Consumer Law Center (on behalf of its low-income clients) submitted the following comments in response to the proposed rule issued by the Consumer Financial Protection Bureau (CFPB) regarding overdraft lending at very large financial institutions. We strongly support the proposed rule, which will stop abusive overdraft fee practices that have harmed the most…
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