In this episode of the Wharton Fintech Podcast, host Ryan Zauk sits down with Chi Chi Wu to discuss: The Fair Credit Reporting Act’s strengths and weaknesses The Big 3 Credit Bureaus…what’s broken, and how we can fix it Pros and cons of the new alternative data boom COVID’s devastating effects on individual credit Her…
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Credit scores have been used for decades to assess consumer creditworthiness, but their scope is far greater now that they are powered by algorithms. Not only do they consider vastly more data, in both volume and type, but they increasingly affect whether you can buy a car, rent an apartment, or get a full-time job.…
Read More about MIT Technology Review: Can AI fix your credit?
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
Comments on the CFPB proposed rulemaking to require that regulated nonbank entities annually register with the CFPB regarding their use of forced arbitration clauses and other terms and conditions in form contracts that pose risks to consumers.
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Utah’s Capital Community and First Electronic Banks and Kentucky’s Republic Bank & Trust accused of predatory lending, evasions of state interest rate limits WASHINGTON — A coalition of consumer advocates is urging the Federal Deposit Insurance Corporation (FDIC) to downgrade the Community Reinvestment Act (CRA) rating of three banks. Utah’s Capital Community Bank (CC Bank)…
Read More about FDIC Should Downgrade Three Banks Engaged in Predatory “Rent-a-Bank” Lending
The latest NCLC Digital Library article examines important developments at the Supreme Court, Second Circuit, and the district courts since the Fifth Circuit’s October ruling that the CFPB’s funding mechanism is unconstitutional and that a CFPB rule must thus be vacated. The article also offers updated litigation practice pointers for cases involving CFPB rules where defendants may challenge…
Read More about Digital Library: The Latest Developments on Constitutionality of CFPB Regulations
Airing during NPR’s Morning Edition on Mar. 30, 2023, Lauren Saunders talks about Apple allowing some iPhone users to pay for purchases up to $1,000 in installments using Apple Pay Later. Buy now, pay later loans can be tricky, said Lauren Saunders, associate director at the National Consumer Law Center. “They can make things look…
Read More about NPR: Apple rolls out Apple Pay Later — a buy now, pay later service
On Mar. 22, 2023, Margot Saunders joined a Broadband Breakfast Live Online event to discuss how the current industry and regulatory fight against illegal robocall traffic is failing to make a meaningful dent in the problem. “Robocalls have completely undermined the value of the U.S. telephone system. The system is losing value and that’s hurting…
Three 2019 decisions from Second, Seventh, and Ninth Circuits, discussed below, have allowed companies that share data on consumers to evade Fair Credit Reporting Act (FCRA) requirements. This article points out that these firms should be careful what they wish for. Consumers may still be in a position to sue them even if they are…
In an op-ed appearing in the CNN on November 9, 2018, Margot Saunders discusses businesses use of robocalls for debt collection and telemarketing and their efforts to capitalize on a recent DC Circuit Court decision that tasked the FCC with revisiting some of the rules that govern robocalls under the Telephone Consumer Protection Act (TCPA). “The division…
Read More about Op-Ed in CNN: Rules against robocalls shouldn’t be loosened
In an op-ed appearing in Morning Consult on January 25, 2021, Margot Saunders discusses Facebook v. Duguid and how the U.S. Supreme Court’s decision in this case will will affect nearly every person living in the United States, as it will determine whether unwanted automated texts and robocalls are covered by the protections of the…
Stuck in default on your federal student loan? Advocates with NCLC’s Student Loan Borrower Assistance project explain what borrowers need to know about the new time-limited Fresh Start initiative to help borrowers get out of default. Roughly 20% of the 43 million Americans holding federal student loans are in default. For many, getting out of…
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