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Digital Library: New Angles in Challenging Rent-a-Bank Schemes

February 7, 2023

Predatory lenders use rent-a-bank schemes to avoid the usury limits of the consumer’s state, by seeking to bootstrap onto federal rate exportation rights available only to banks. These predatory non-bank lenders claim that they are only arrangers or servicers of credit originated by a bank. NCLC’s Consumer Credit Regulation § 3.5.4 sets out several challenges to such arrangements—such as…

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Protecting Student Borrowers after U.S. Supreme Court Blocks Student Debt Relief

June 30, 2023

"We are deeply disappointed by this decision: It is wrong on the law and threatens the financial security of millions of low-income Americans who are struggling with unaffordable student loan debt."

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Advocates React to ‘Deeply Disappointing’ SCOTUS Decision on Student Debt Relief, “Every Option Must Be on the Table”

June 30, 2023

6-3 Opinion Blocks President Biden’s Student Loan Cancellation Plan [NOTE: Advocates to hold virtual press briefing on ruling at 12 pm ET. Register here.] WASHINGTON – Today, in a 6-3 opinion, the U.S. Supreme Court ruled that President Biden’s student debt relief program, which would have offered up to $20,000 in relief to working and…

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NCLC Will Continue to Fight for Racial and Economic Justice After U.S. Supreme Court Rules Against Affirmative Action

June 29, 2023

The U.S. Supreme Court’s radical decision dismantling affirmative action in higher education is outrageous and disheartening and will limit educational and economic opportunity for people of color. The decision disregards decades of federal precedent upholding the consideration of race in higher education admissions and ignores the legacy of discrimination in American society, and the daily…

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Borrowers Must Beware of Payment Changes as LIBOR Ends Friday

June 28, 2023

NCLC Advocates Caution Consumers to Check ARMs and Private Student Loans for Servicer Mistakes WASHINGTON – This Friday, June 30, will be the last day for the LIBOR. Starting next week, loan servicers responsible for millions of consumer loans that use the LIBOR will switch borrowers to a new index. The LIBOR is a widely used…

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FHA to Require Mortgage Originators to Ask Borrowers about Language Preference

June 27, 2023

NCLC Advocates Praise New Requirement for Use of Supplemental Consumer Information Form WASHINGTON – Today, the U.S. Department of Housing and Urban Development’s Federal Housing Administration (FHA) announced that it will require lenders making FHA-insured mortgage loans to use the Fannie Mae/ Freddie Mac Supplementary Consumer Information Form (SCIF) to collect a mortgage applicant’s language…

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Newsroom

Digital Library: New Angles in Challenging Rent-a-Bank Schemes

Protecting Student Borrowers after U.S. Supreme Court Blocks Student Debt Relief

Advocates React to ‘Deeply Disappointing’ SCOTUS Decision on Student Debt Relief, “Every Option Must Be on the Table”

NCLC Will Continue to Fight for Racial and Economic Justice After U.S. Supreme Court Rules Against Affirmative Action

Borrowers Must Beware of Payment Changes as LIBOR Ends Friday

FHA to Require Mortgage Originators to Ask Borrowers about Language Preference

Support NCLC