Debt settlement doesn’t work. It hurts people in debt. And it hurts businesses too. This document lists the many reasons why consumers should avoid debt settlement companies and why state legislators should do more to restrict it.
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NCLC joined an amicus brief authored by Schnapper-Casteras PLLC with AARP, PJ, AAJ, the Impact Fund, NELA, and DRA in support of the Respondents in this case before the U.S. Supreme Court, which argues that putative class members are not required to each prove that they have Article III standing before a class is certified.
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More than 13 million people rely on Income-Driven Repayment (IDR) plans to repay their federal student loans. IDR plans provide borrowers who cannot afford standard, fixed payments with an alternative way to repay based on their income and family size and to become student debt-free by making up to 25 years of payments.
Parent PLUS loans are federal loans made to parents to help pay for their children’s college education. There are currently over 3.6 million people with Parent PLUS loans. A significant portion of today’s parent borrowers are very low-income and are struggling with repayment. Currently, they can access lower payments to help avoid distress and default…
NCLC joined a letter to Attorney General Bondi expressing concern regarding actions that the President and the Administration have taken targeting lawyers and the legal profession.
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Overdraft fees can be a significant source of profit. Financial institutions differ in the tactics used to increase or decrease the fees paid by struggling families and the amount of fees they collect. Among the 10 largest banks, JPMorgan Chase and Wells Fargo stand out, with $1 billion in overdraft fees in 2024, nearly four…
Read More about Top Overdraft Fee Offenders Hitting Civilian, Military Families
National groups urge the CFPB to issue its proposed rule codifying the application of the FTC’s Credit Practices Rule to financial institutions (Reg AA), and adopting three important new consumer protections. The proposed rule would forbid covered entities from including in their contracts 1) any clause that waives legal rights designed to protect consumers, 2)…
This short issue brief provides the top four ways rolling back the 2022 Borrower Defense Rule will make it harder for scammed students to receive relief.
We oppose S.J. Res 28, a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s rule enabling the agency to supervise the larger participants in the market for digital payment apps. The rule would prevent oversight to ensure that big tech companies comply with privacy and fraud laws.
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NCLC joined a letter from other advocates opposing unprecedented and inappropriate use of the Congressional Review Act to attempt to repeal waivers, orders and other actions that do not fit the CRA guidelines.
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Consumers need clarity about the application of the EFTA and Regulation E to emerging payment mechanisms. More specifically, consumers utilizing crypto-assets as payments and holding funds in accounts through gaming platforms, credit card rewards, and similar devices need the protection of the EFTA— its error resolution procedures, limits on consumer liability for unauthorized EFTs, and…
NCLC opposes Maryland HB 1294 (Wilson), which authorizes high fees and exempts earned wage advances and other new forms of payday loans from Maryland’s 33% APR interest rate limit.
Read More about Testimony Opposing Maryland HB 1294 Earned Wage Access