Resources Archive

Fact Sheet: Protecting Homeowners from Zombie Second Mortgages

February 20, 2025

Remember the subprime mortgage crisis of the early 2000s? One toxic product that contributed to the crisis was the “80-20 mortgage,” where homeowners took out a first and second mortgage simultaneously. When the housing bubble burst, these second mortgages, often held by investors, became worthless. Many homeowners, understandably, believed these second mortgages were dead and…

CFPB Big Tech Payment App Oversight Rule Protects Personal Data and Reduces Fraud

February 20, 2025

Rule Enables CFPB to Monitor Companies Like PayPal, Venmo, Cash App, X Money The Consumer Financial Protection Bureau (CFPB) has finalized a rule allowing it to supervise larger nonbank companies that offer services like digital wallets and payment apps, also known as peer-to-peer or P2P apps. Supervision of these companies will make sure they comply…

Coalition Letter to Congress Opposing Diverting Resources from Education to Other Areas in Reconciliation

February 19, 2025

This letter, signed by NCLC and other national organizations with expertise in college access, affordability, and the federal student aid program, expresses opposition to any reconciliation legislation that diverts essential educational resources to other policy areas. As explained in the letter, this short-sighted approach would diminish access to quality postsecondary education, increase the cost for…

Testimony in Support of Oregon H.B. 2967, a Bill That Would Prohibit Rental Application Fees

February 19, 2025

H.B. 2967 would eliminate harmful application fees. The bill is easy for both prospective tenants and landlords to understand, which has the added benefit of making enforcement more straightforward. And, critically, it would make the difficult search for rental housing more affordable and allow applicants to put their money toward their actual rent payments.

Insurance Marketing Coalition Ltd. v. Federal Communications Commission et al.

February 19, 2025

Insurance Marketing Coalition Ltd. v. FCC, et al., No. 24-10277 (11th Cir.) This case was brought by an insurance trade group against the FCC to challenge the validity of the FCC’s One-to-One Consent Rule, which would require telemarketers to obtain consent directly from a consumer before robocalling them. The Rule would have eliminated billions of…

Testimony Against Washington State HESA Bill HB 1464

February 14, 2025

Washington State HB 1464 regarding home equity sharing agreements will expose Washington homeowners to a dangerous loan product. The bill lacks adequate protections and codifies the deceptive claim that these products are not loans. NCLC urges legislators to oppose it.

Fact Sheet for Regulating Shared Appreciation Mortgages; Massachusetts S.731 / H.1145

November 14, 2025

In November 2024, a provision in the Economic Development bill (Section 269) created a dangerous loophole for homeowners by granting a blanket waiver of liability for non-profit Shared Appreciation Mortgages (SAMs), stripping away crucial consumer protections and leaving homeowners vulnerable to predatory lending practices. S.731 / H.1145 closes the loophole created by Section 269 and…

NTEU, NCLC and others v. Vought, Case No. 1:25-cv-00381 (D.D.C)

February 13, 2025

On February 13, 2025, NCLC, along with the NAACP, the Virginia Poverty Law Center, individual Plaintiff Pastor Eva Steege and the CFPB Employee Association, joined a lawsuit as Plaintiffs that was filed by the National Treasury Employees Union against the CFPB’s Acting Director Russell Vought in D.C federal court. Plaintiffs moved for a Temporary Restraining…

ACA International et al. v. Consumer Financial Protection Bureau et al.

February 12, 2025

ACA International et al. v. CFPB, No. 4:25-cv-94 (S.D. Tex.) This case was brought by various banking associations against the CFPB to challenge the validity of the CFPB’s Medical Debt Rule (Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V) 90 Fed. Reg. 3276-3374 (Jan. 14, 2025)), which removed medical debt from…

Mississippi Bankers Association et al v. Consumer Financial Protection Bureau

February 5, 2025

Mississippi Bankers Association et al v. CFPB, No. 3:24-cv-00792-CWR-LGI (S.D. Miss.) This case was brought by various banking associations against the CFPB to challenge the validity of the CFPB’s Overdraft Rule (Overdraft Lending: Very Large Financial Institutions, 89 Fed. Reg. 106768 (Dec. 30, 2024)), which reduces surprise overdraft fees charged by large financial institutions to…

NCLC Statement for the Record on Senate Committee on Banking, Housing, and Urban Affairs Hearing on Investigating the Real Impacts of Debanking in America

February 5, 2025

Bank account access is crucial for participation in the U.S. financial system. Lawful access to bank accounts can be improved by the implementation of the CFPB’s overdraft fee rule, by giving consumers information and remedies when their accounts are inappropriately frozen or closed, and by ensuring that overbroad derisking efforts under cover of Bank Secrecy…

Legal Aid Comments on Proposed Rules on Financial Hardship-based Student Debt Relief

December 2, 2024

These comments, submitted on behalf of organizations across the country that provide freelegal assistance to low-income people, address the U.S. Department of Education’s proposed rules to clarify the use of the Secretary’s longstanding authority to grant a waiver of some or all of the outstanding balance on a federal student loan based on financial hardship.…

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