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
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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…
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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…
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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…
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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…
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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…
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