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Statement of National Consumer Law Center Advocate in Support of The Emergency Broadband Connections Act of 2020

June 29, 2020

Washington, D.C. The National Consumer Law Center commends the leadership of U.S. Senator Ron Wyden, who joined with Senators Richard Blumenthal, Mazie Hirono, and Chuck Schumer to introduce The Emergency Broadband Connections Act of 2020, which would help low-income households afford home broadband service. “Black, Hispanic, American Indians and Alaska Natives have lower broadband subscription…

Supreme Court Weakens Independence of Consumer Watchdog

June 29, 2020

National Consumer Law Center Advocates’ Statement re: U.S. Supreme Court Decision Challenging the Structure and Constitutionality of the CFPB (Seila Law v CFPB) Washington, D.C. – The U.S. Supreme Court today issued its decision in Seila Law LLC v The Consumer Financial Protection Bureau. In a 5-4 decision, the Court, struck down as unconstitutional a…

Advocates Decry Congress’s Failure to Protect Student Loan Borrowers and Taxpayers from School Fraud and Closures

June 26, 2020

FOR IMMEDIATE RELEASE: June 26, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Boston – National Consumer Law Center advocates are extremely disappointed that today Congress failed to override President Trump’s veto of Congress’s prior bipartisan vote to protect federal student loan borrowers by striking down the Department of Education’s new borrower defense regulations. The…

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

June 25, 2020

FOR IMMEDIATE RELEASE: JUNE 25, 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: Diop Harris ([email protected]) Washington, D.C. – Consumer advocates criticized the Federal Deposit Insurance Corp. (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder…

CFPB Proposal Would Encourage Unaffordable Mortgage Lending and Threaten Access to Credit

June 22, 2020

Washington, D.C. – Today, the Consumer Financial Protection Bureau released two proposed rules that together will fundamentally reshape the mortgage market at a time when the market is attempting to adjust to the pandemic and recession and access to credit for communities of color is already constrained. “With the country facing the effects of a…

CFPB Announces Another Pilot Program Placing Financial Companies’ Interests Before Consumers

June 18, 2020

FOR IMMEDIATE RELEASE: June 18, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Washington, D.C. – Today, the Consumer Financial Protection Bureau announced a pilot advisory opinion program designed to provide additional protections for financial institutions at the expense of consumers. Under the CFPB pilot, itself issued without notice and comment, financial institutions are…

Advocates Praise California Public Utility Commission’s Unanimous Vote to Pass Utility Shut-Off Protections for Residents

June 12, 2020

California adopts rules and programs to reduce residential disconnections from gas and electric service San Francisco – Consumer advocates praised yesterday’s unanimous vote by the California Public Utilities Commission (CPUC) to adopt a suite of utility credit and collections rules and programs to reduce residential electric and natural gas disconnections for customers of the large…

Advocates Praise Rent-a-Bank Ruling Upholding State Interest Rate Caps

June 10, 2020

Colorado Court Follows “Madden” Decision that Banks Can’t Assign Bank Privileges to Nonbank Lenders Washington, D.C. – Consumer advocates praised yesterday’s ruling by a Colorado court upholding the Colorado Attorney General’s claim that an online lender, Marlette Funding (dba Best Egg), must abide by Colorado’s interest rate limits when it purchases loans originated by a…

Advocates Praise D.C. Attorney General Suit Against Predatory High-Cost Rent-a-Bank Lender

June 5, 2020

Elevate charged 99% to 251% APR despite D.C.’s 6% to 24% rate cap FOR IMMEDIATE RELEASE: JUNE 5, 2020 National Consumer Law Center Contacts: Jan Kruse ([email protected]), Lauren Saunders ([email protected]) Washington, D.C. – Consumer advocates praised today’s announcement by District of Columbia (DC) Attorney General Karl Racine that he has filed a lawsuit against online lender…

Time for Action on Racial Equity

June 4, 2020

June 4, 2020 The tragic death of George Floyd is just the latest in a long and repugnant history of unarmed African American deaths at the hands of police officers. We mourn the loss of his life and the lives of so many others like him in the history of this country. The repetition of…

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…

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