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Consumer Advocates Criticize Credit Card “Relief” from CFPB and Warn Consumers to Avoid Unwanted Electronic Statements

June 4, 2020

Washington, D.C. – Under the guise of allowing “relief” to consumers during the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued guidance yesterday that will undermine critical consumer protections in federal law that ensure that consumers receive important disclosures about credit card transactions in writing. The guidance, supposedly issued to provide consumers relief to…

Advocates File Complaint with FTC; Urge Enforcement Action Against Vemo Education for Its Deceptive Marketing of Income-Share Agreements to Students

June 1, 2020

Advocates File Complaint with Federal Trade Commission; Urge Enforcement Action Against Vemo Education for Its Deceptive Marketing of Income-Share Agreements to Students Vemo-Built Comparison Shopping Tools for University of Utah and Purdue University Falsely Promote ISAs As Less Expensive than Other Student Loans Washington, D.C.- The National Consumer Law Center and the Student Borrower Protection…

Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit

May 29, 2020

FOR IMMEDIATE RELEASE: MAY 29, 2020 Media Contacts: National Consumer Law Center: Jan Kruse ([email protected]) Center for Responsible Lending: Matthew Kravitz ([email protected]) Americans for Financial Reform Education Fund: Carter Dougherty ([email protected]) Washington, D.C. – Consumer advocates slammed the Office of the Comptroller of the Currency (OCC) for its final rule issued today that encourages online…

Advocates Praise FTC Action on Discrimination and Abuse at Car Dealer and Urge Further Efforts

May 28, 2020

Boston – Yesterday, the Federal Trade Commission (FTC) filed a complaint and stipulated order against a New York car dealer, Bronx Honda, for discriminating against African Americans and Hispanic car buyers and employing a range of abusive tactics in the sales and financing process. The complaint includes allegations that the dealer: Directed employees to discriminate…

Consumer, Banking Groups Applaud Bill to Exempt Economic Impact Payments from Garnishment

May 26, 2020

WASHINGTON, D.C. — Consumer groups and banking industry organizations joined together today to support bipartisan legislation that would prevent Economic Impact Payments from being subject to garnishment. The following statement was issued today by the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, The Clearing House, National Consumer Law Center (on behalf of its low income…

Los Angeles County Ends PACE Program Marred by Fraud, Abuse, and Unaffordable Loans

May 20, 2020

Los Angeles County Ends PACE Program Marred by Fraud, Abuse, and Unaffordable Loans Thousands of LA County homeowners have been trapped in unaffordable loans through the Property Assessed Clean Energy financing program WASHINGTON, D.C – Effective May 13, 2020, Los Angeles County has discontinued new financing under its Property Assessed Clean Energy (PACE) loan program,…

FDIC to Repeal 36% Rate Cap and Bank Payday Loan Guidance, but Banks Should Not Take the Bait

May 20, 2020

New bank regulator guidance could permit balloon-payment loans but emphasizes responsible lending WASHINGTON, D.C. – As our nation grapples with the economic fallout of the COVID-19 pandemic, the Federal Deposit Insurance Corp. (FDIC) announced plans today to repeal two guidances that protect consumers against high-cost bank payday loans over 36%, and four federal bank regulators…

Advocates Urge President Trump to Join Congress in Restoring Rule to Protect Student Loan Borrowers from School Fraud and Closures

May 20, 2020

FOR IMMEDIATE RELEASE: May 20, 2020 National Consumer Law Center contacts: Jan Kruse ([email protected]) or Abby Shafroth ([email protected]) Boston – National Consumer Law Center advocates urge President Trump to join with Congress in protecting student loan borrowers hurt by school fraud and closures by signing into law the bipartisan joint resolution preserving existing borrower defense…

National Consumer Law Center Advocates’ Statement Regarding U.S. House Passage of HEROES Act

May 15, 2020

Washington, D.C. – Today, the U.S. House passed a $3 trillion dollar package in response to the COVID-19 crisis. In the consumer area, the bill provides desperately needed help for families dealing with the economic crisis, beyond the modest start in the previous CARES Act. In particular, the HEROES Act, HR 6800: Provides immensely needed…

NCLC Advocates Praise U.S. House HEROES Act for Giving a Lifeline for Student Loan Borrowers Drowning in Debt

May 14, 2020

The U.S. House has proposed a $3 trillion bill in response to the COVID-19 crisis that will include debt relief for student loan borrowers. The following is a statement by Persis Yu, National Consumer Law Center staff attorney and director of NCLC’s Student Loan Borrower Assistance Project: “We applaud Speaker Pelosi’s leadership in ensuring that…

U.S. Dept. of Education and Secretary DeVos Sued for Illegally Seizing Student Borrowers’ Paychecks During Coronavirus Emergency

May 1, 2020

WASHINGTON – Student Defense and the National Consumer Law Center (NCLC), with the support of the Student Borrower Protection Center (SBPC), filed a class action lawsuit against the U.S. Department of Education and Secretary Betsy DeVos, demanding an immediate halt to the Department’s illegal garnishment of student borrowers’ wages. The Coronavirus Aid, Relief, and Economic…

Consumer Bureau Mortgage Origination Guidance Overlooks Urgently Needed Consumer Protections

April 30, 2020

FOR IMMEDIATE RELEASE: APRIL 30, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Washington — Yesterday, the Consumer Financial Protection Bureau (CFPB) released guidance on mortgage originations. While the guidance does no harm to consumers, it also fails to address the real and pressing problems homeowners face as a result of the COVID-19 crisis.…

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