Consumer Advocates Support CFPB’s Interpretive Rule on Buy Now Pay Later Loans, Call For Additional Consumer Protections
BNPL Purchases Should Have the Same Protections as Credit Card Purchases
Newsroom
-
-
NCLC Statement in Response to Department of Education Announcement of Next Steps on Student Debt Relief
BOSTON – Today, the Department of Education announced that it is taking another step forward on plans to provide federal student loan debt relief to millions of people by alerting borrowers of the potential for relief this fall and giving them an opportunity to opt out of relief. This step follows the Department’s proposal of…
-
Los Angeles Times: Federal regulators step up their campaign against predatory payday lenders and their rip-offs
Originally appearing in the Los Angeles Times on July 24, 2024, Michael Hiltzik interviews NCLC associate director Lauren Saunders for coverage of the CFPB’s efforts to rein in predatory payday and earned wage access loans. “A payday advance that is repaid on payday is a payday loan, and fintech cash advance apps that call themselves…
-
The New York Times: Chase to Bar Customers From Using Credit Cards for 'Pay Later' Loans
Originally appearing in The New York Times on July 26, 2024, Ann Carrns interviews NCLC associate director Lauren Saunders on JPMorgan Chase’s decision to bar customers from using its credit cards to repay increasingly popular “buy now, pay later” installment loans. Financial regulators and consumer advocates frown upon using credit cards to pay off installment…
-
Embattled Student Loan Servicing Giant MOHELA Hit with Groundbreaking Consumer Protection Lawsuit for Failing 8 Million Student Borrowers
Landmark Complaint Outlines Pattern and Practice of Illegal Overcharging, Incompetence, and Ongoing “Call Deflection” Doom Loop July 22, 2024 | Washington, D.C. – Today, the AFT filed a groundbreaking consumer protection lawsuit against the Higher Education Loan Authority of the State of Missouri (MOHELA), the giant student loan servicing company under fire for mismanaging student…
-
Legislation to Reduce Property Tax Foreclosures Clears Budget Hurdle
Final Conference Committee budget includes measures to protect homeowners, providing affordable payment plans and reduced interest rates on past due balances BOSTON — On Friday, Massachusetts lawmakers took a huge step forward for low-income and vulnerable homeowners, approving a measure that reduces Bay Stater’s risk of losing their homes to property tax foreclosure. Homeowners in…
Read More about Legislation to Reduce Property Tax Foreclosures Clears Budget Hurdle
-
CNBC: CFPB cracks down on popular paycheck advance programs. Here’s what that means for workers
Appearing in CNBC on July 19, 2024, Greg Iacurci interviews Lauren Saunders for coverage of new rules to cover workplace payday loans. If finalized, the rule would allow the CFPB to bring enforcement actions against companies that don’t make the appropriate disclosures, for example, said Lauren Saunders, associate director of the National Consumer Law Center.…
-
Digital Library: Consumer Litigation Guide to Supreme Court Rejection of Chevron
This article focuses on the implications of recent decisions for consumer attorneys bringing claims relying on federal agency rules and agency interpretations of federal consumer laws.
Read More about Digital Library: Consumer Litigation Guide to Supreme Court Rejection of Chevron
-
CFPB Halts Worker Payday Loan Evasions
Advocates applauded the proposed interpretative rule released today by the Consumer Financial Protection Bureau (CFPB) to address evasions by fintech payday lenders that hide the cost of 300% annual percentage rate (APR) loans and evade state rate caps.
-
New Report Calls for Utility Protections Amid Extreme Heat
A new report from the National Consumer Law Center examines the impacts of extreme heat on utility consumers and recommends immediate actions.
Read More about New Report Calls for Utility Protections Amid Extreme Heat
-
Support the CFPB's Medical Debt Credit Reporting Ban Proposal
In June, the Consumer Financial Protection Bureau (CFPB) issued its landmark proposal to prohibit medical debt from appearing on credit reports, providing a huge relief for the millions of people who’ve been severely harmed by this practice. But the CFPB needs our support to get the proposed rule over the finish line. Debt collectors, credit bureaus, and other industries are…
Read More about Support the CFPB's Medical Debt Credit Reporting Ban Proposal
-
CFPB Proposed Rule Requiring Language Access in Mortgage Servicing Will Help Homeowners Avoid Foreclosure
The CFPB's proposed rules would ensure that borrowers with limited English proficiency (LEP) have a meaningful opportunity to seek assistance from their mortgage companies in times of distress, helping them stay in their homes.
Support NCLC
Please support NCLC's work to advance consumer rights and economic justice with a tax-deductible contribution today!
Donate