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CFPB Fails to Protect Consumers from Abusive Collection of Time-Barred Debts (Again)

February 24, 2020

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) released a proposed debt collection rule late last Friday to supplement the proposed debt collection rule it released in May. The supplemental rule states that debt collectors must provide consumers with specific disclosures when collecting debt that is beyond the statute of limitations (time-barred debt). “Unfortunately,…

Defrauded Borrowers Sue U.S. Department of Education Contractor for Seizing Funds While They Wait in Limbo for Borrower Defense Relief

February 12, 2020

Download the complaint Boston- The National Consumer Law Center, Justice Catalyst Law, and Flitter Milz, P.C. today served Maximus Federal Services, Inc. (Maximus) with a class action lawsuit, alleging that the company is engaging in illegal collection activity against thousands of federal student loan borrowers who submitted Borrower Defense to repayment claims to the U.S.…

Guide to Reducing Hospital Bills for Lower-Income Patients

February 11, 2020

Hospital debt poses a significant problem for millions of Americans. This new NCLC Digital Library article provides a nine step approach for lower-income patients seeking to eliminate or reduce hospital debt.

Cruel Cuts for Struggling Families in the President’s Proposed FY21 Budget

February 10, 2020

Trump again calls for elimination of Legal Services Corp and home energy assistance; supports drastic cuts and changes to weaken the Consumer Financial Protection Bureau Washington – President Trump’s proposed budget once again seeks to eliminate funding for programs that have bipartisan support and help rural households, elders, struggling families and veterans, according to advocates at the National Consumer Law…

Consumer and Civil Rights Groups Strongly Oppose FDIC Rent-a-Bank Payday Proposal that Would Sidestep State Interest Rate Caps

February 5, 2020

Washington, D.C. – Eleven national consumer and civil-rights groups submitted a comment letter late yesterday to the Federal Deposit Insurance Corporation (FDIC) strongly opposing the federal banking regulator’s proposal, which risks green lighting triple-digit rent-a-bank schemes. High-cost lenders use these schemes to funnel their loans through rogue banks to try to avoid state limits on…

Statement Regarding CFPB and U.S. Department of Education MOU on Handling Student Loan Borrower Complaints

February 4, 2020

Persis Yu, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, released the following statement on yesterday’s announcement of a Memorandum of Understanding (MOU) between the Consumer Financial Protection Bureau and the U.S. Department of Education on handling of complaints by student loan borrowers: “Accepting complaints is a vital part of the…

2020 Tax Season: More Delays and Higher Costs for Struggling Taxpayers

January 30, 2020

READ the full report, including a list of resources and free tax preparation resources for taxpayers. Boston – As tax filing season begins, advocates from the National Consumer Law Center (NCLC) issued their annual consumer advisory on taxpayer consumer protection issues. These include: Tax-time financial products. Lenders and tax return preparers again team up to…

Report Assesses the Value of Smart Thermostats in Low-Income Weatherization Programs

January 30, 2020

The National Consumer Law Center Finds that Customer Behavior is Key to Success Boston – Smart thermostats are promoted as a measure to produce substantial household energy savings and increased comfort and convenience for residential utility customers, but actual energy savings achieved vary widely, according to a new report by the National Consumer Law Center…

Consumer Advocates Praise Passage of Landmark Bill in U.S. House to Reform Credit Reporting Industry

January 30, 2020

Boston – National Consumer Law Center advocates (NCLC) applaud last night’s passage of the Comprehensive CREDIT (Credit Reporting Enhancement, Disclosure, Innovation, and Transparency) Act of 2020 (H.R. 3621) by the U.S. House of Representatives. “For too many years, indeed decades, the Big Three credit bureaus – Equifax, Experian and TransUnion – have used and abused…

Advocates Decry Consumer Agency’s Narrowing of Abusive Standards Which Will Protect Dishonest Businesses Instead of Cheated Consumers

January 24, 2020

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced a policy statement limiting the circumstances under which it will act to protect consumers when companies engage in abusive practices. “The CFPB’s new abusive policy limits the protection of consumers in ways Congress did not intend, curbs the CFPB’s ability to pursue lawbreakers in…

Consumer and Civil Rights Groups Urge Federal Banking Regulator to Stop Rent-a-Bank Payday Loan Schemes

January 22, 2020

FOR IMMEDIATE RELEASE: January 22, 2020 Groups Strongly Oppose OCC Proposal that Would Bypass State Rate Caps to Allow High-Cost Predatory Loans Washington, D.C. – The Center for Responsible Lending, National Consumer Law Center, Leadership Conference on Civil and Human Rights, NAACP, National Association for Latino Community Asset Builders, Americans for Financial Reform, Consumer Federation…

Advocates Applaud U.S. House Vote to Restore Rule to Protect Borrowers from School Fraud and Closures

January 16, 2020

Boston – Today, National Consumer Law Center advocates applauded the U.S. House of Representatives’ use of the Congressional Review Act to overturn the 2019 Borrower Defense to Repayment rule issued by the U.S. Department of Education last September. “The House correctly recognized that Department of Education’s attempt to prop up for-profit schools that cheat and…

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