FOR IMMEDIATE RELEASE: August 20, 2019 Washington, D.C. – After a vote today by the Federal Deposit Insurance Commission (FDIC) Board of Directors, banks making home mortgages will no longer need to obtain an appraisal for mortgages under $400,000. With the increased threshold approved by the FDIC today, a total of 72% of home mortgage…
Read More about FDIC’s New Mortgage Appraisal Rule Ignores Lessons of Great Recession
FOR IMMEDIATE RELEASE: August 19, 2019 HUD Plan Would Fuel Substantial Declines in Black Homeownership The following is a statement by Odette Williamson, National Consumer Law Center (NCLC) attorney and director of NCLC’s Racial Justice and Economic Opportunity Project. Today, the U.S. Department of Housing and Urban Development’s (HUD) issued a proposed rule that, if…
FOR IMMEDIATE RELEASE: August 12. 2019 National Consumer Law Center contact: Chi Chi Wu ([email protected]) or (617) 542-8010 Statement Regarding Credit Report/Score Requirement in DHS Public Charge Regulation Boston – Today, the Department of Homeland Security (DHS) released a regulation that greatly expands what will be considered in determining whether an immigrant is considered a…
Read More about Statement Regarding Credit Report/Score Requirement in DHS Public Charge Regulation
FOR IMMEDIATE RELEASE: August 9, 2019 Washington, D.C.- Advocates at the National Consumer Law Center decried the decision announced yesterday by the Federal Housing Finance Agency (FHFA) to remove a question about the mortgage applicant’s language preference from the Uniform Residential Loan Application (URLA), the form used widely across the mortgage market. FHFA had announced…
Read More about FHFA Backtracks on Critical Language Access Question on Mortgage Application
News release for California District Attorneys Settlement with PACE program administrator Renovate America.
FOR IMMEDIATE RELEASE: August 6, 2019 Washington, D.C. – Advocates at the National Consumer Law Center applauded yesterday’s announcement by the Federal Reserve Board (the Fed) that it will develop a real-time payment system, while urging the Fed to ensure protection against scammers and criminals who use faster payment systems to receive and move money.…
Read More about Advocates Applaud the Fed’s Faster Payment System, Urge Fraud Protection
FOR IMMEDIATE RELEASE: August 2, 2019 Boston – A report released to the public today by the U.S. Government Accountability Office (GAO) analyzes the U.S. Department of Housing and Urban Development’s (HUD) Loan Sale Program and shows the harm the program has caused to FHA-insured homeowners. According to the GAO, the mortgage loans that were…
FOR IMMEDIATE RELEASE: July 30, 2019 Boston – Chi Chi Wu, staff attorney at National Consumer Law Center, issued the following statement and advice to consumers about the Capital One data breach: “It’s disappointing but not unexpected that consumers face yet another breach of our sensitive financial information. By now, consumers should assume there is…
FOR IMMEDIATE RELEASE: July 25, 2019 Washington, D.C. – Advocates at the National Consumer Law Center and the Consumer Federation of America issued the following statement today in response to the Consumer Financial Protection Bureau’s (CFPB) announcement of an Advance Notice of Proposed Rulemaking regarding the Dodd-Frank Act ability to repay and qualified mortgage rules.…
FOR IMMEDIATE RELEASE: July 25, 2019 BOSTON- Today, the U.S. Government Accountability Office (GAO) released a report on the Department of Education’s process for verifying income and family size when determining income-driven repayment amounts. For student loan borrowers struggling to repay their loans, income-driven repayment (IDR) plans are a lifeline that helps millions of people stay…
WASHINGTON, D.C. — The U.S. House of Representatives struck a strong bipartisan blow against robocalls plaguing consumers today with a near-unanimous 429 – 3 vote to pass H.R. 3375, the Stopping Bad Robocalls Act. The bill takes major steps to curb abusive robocalling by adopting important new consumer protections including: Requiring clear FCC regulations to…
Read More about Consumer Groups Praise Overwhelming House Passage of Strong Anti-Robocalls Bill
FOR IMMEDIATE RELEASE: July 24, 2019 Boston – On Thursday, July 25, at 10 a.m. ET, National Consumer Law Center attorney Chi Chi Wu will testify before the U.S. House Task Force on Financial Technology at the hearing “Examining the Use of Alternative Data in Underwriting and Credit Scoring to Expand Access to Credit.” During her…
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