NCLC joined a letter from several consumer and investor protection organizations opposing the GENIUS Act and the STABLE Act, as introduced in Congress this session. Stablecoins used either to facilitate investment activity on crypto exchanges or as tools for payments present a host of risks – run risks, contagion and financial stability risk, custody risks,…
NCLC submitted comments, co-authored by the Prison Policy Initiative and Stephen Raher, in response to the Bureau of Prisons’ (“BOP”) Supplemental Notice of Proposed Rulemaking (“SNPR”) on the Inmate Financial Responsibility Program (“IFRP”). The IFRP is a nominally voluntary program in federal prisons that is intended to encourage incarcerated people to pay off outstanding government-imposed…
Preserve the CFPB’s independence: Created on the heels of the 2008 financial crisis, the CFPB was designed to be led by a single independent director, rather than a much weaker commission structure. This allows the agency to more effectively protect people from fraud, deception, and abuse and act nimbly to address emerging wrongdoing by financial…
Medical bills often end up on credit cards, including medical credit cards and other medical lending products. These products are marketed specifically to pay for medical expenses and are typically offered directly by health care providers, particularly dentists. Patients used cards or loans with deferred interest terms to pay for almost $23 billion in healthcare…
Read More about What States Can Do: Medical Credit Cards and Other Medical Lending Products
CFPB Resources: Community Catalyst Resources: NCLC Resources: Other Resources:
Read More about Selected Resources About Medical Lending Products
Cornerstone Credit Union League and Consumer Data Industry Association v. CFPB and Acting Director of the CFPB, No. 4:25-cv-00016-SDJ (E.D. Tex.) This case was brought by a credit union trade group and a credit reporting trade group against the CFPB to challenge the validity of the CFPB’s Medical Debt Rule (Prohibition on Creditors and Consumer…
Read More about Cornerstone Credit Union League et al. v. CFPB et al.