National Consumer Law Center Urges Regulators and Policymakers to Maintain Consumer Protections and Proceed with Caution Washington – The use of technology in financial products and services (fintech) is resulting in a wide array of new approaches to financial products and services. A new report from the National Consumer Law Center provides a snapshot of…
Early in Aubrey Plaza’s recent movie, Emily the Criminal, her character is seen calling her student loan servicer, between food delivery shifts, to ask why her recent $400 payment wasn’t applied to her balance. She is stunned by the response: “It was applied to my interest? Sorry, how much interest is being added a month?” The…
Read More about Op-Ed in The Hill: Ending the black hole that’s devouring student loan payments
The Administration’s plan would reduce loan bills for eligible borrowers and fix several program flaws, but misses opportunities to make repayment work for low-income borrowers WASHINGTON – Today, the Department of Education proposed regulations that would significantly change income-driven repayment (“IDR”) plans for tens of millions of federal student loan borrowers. While the changes to…
Credit Acceptance Corporation Allegedly Misrepresented the True Cost of Credit, Profited from Financing Designed to Fail Boston – Yesterday, the Consumer Financial Protection Bureau (CFPB) and the Attorney General of New York (NY AG) filed a complaint against Credit Acceptance Corporation (CAC), a predatory subprime auto finance company for misrepresenting the cost of credit and tricking…
Read More about Advocates Praise CFPB, New York AG for Action Against Auto Finance Company
WASHINGTON — Tonight, at 9:00pm ET, NCLC staff attorney Abby Shafroth will join a group of experts, lawyers and advocates for a press conference by telephone to analyze the first briefs from the White House in the U.S. Supreme Court cases challenging President Biden’s student loan relief program. The first briefs from the White House…
BOSTON – In reaction to today’s release by the Consumer Financial Protection Bureau (CFPB)’s of a report detailing improvements and deficiencies in the responses of the Big Three credit bureaus [Equifax, Experian and TransUnion] to complaints filed with CFPB, Chi Chi Wu, staff attorney at National Consumer Law Center, issued the following statement: “Today’s CFPB…
Read More about CFPB Report Shows Progress in Taming Credit Bureaus’ Mistreatment of Consumers
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