NCLC supports the Federal Reserve Board’s proposed rule to expand the operating hours of the National Settlement Service (NSS) but urges the Board to take additional measures to address and prevent fraud occurring via Fedwire before expanding its operating hours. Expanding NSS operating hours means faster ACH payments, the means by which most Americans pay…
Forty-five states and the District of Columbia (DC) currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size of the loan. However, the caps vary greatly from state to state, and a few states do not cap interest rates at all.
We strongly support the FCC’s proposal to require that prior express consent for some calls that use AI must include a “clear and conspicuous disclosure that the consumer consents to receive AI-generated calls.” We also strongly support the in-call disclosure proposed by the Commission. The distinguishing characteristics of calls that should trigger the specific consent…
Read More about Reply Comments by National Consumer and Privacy Groups in AI Proceeding at FCC
NCLC filed these comments with the MA Department of Public Utilities (DPU) in docket 24-15, the so-called “affordability docket.” We recommended that the DPU: (1) develop policies to reduce “energy burdens” of the lowest-income households to well below the current target of 6%; (2) ban terminations of utility service during periods of extreme heat and…
These comments respond to proposed amendments to the Massachusetts Division of Banks (DOB) debt collection and mortgage servicing regulations. The comments raise concerns about DOB’s proposal to replace existing regulations with federal debt collection regulations (Regulation F) and to exempt “passive debt buyers.” The comments also propose suggestions to strengthen the DOB’s mortgage servicing regulations.
NCLC, Consumer Reports and Consumer Federation of America filed an amicus brief in the D.C. Circuit in support of the Consumer Financial Protection Bureau’s appeal of a decision finding that it was arbitrary and capricious to include PayPal’s digital wallets that hold funds in the CFPB’s rule regulating prepaid accounts.
Read More about Amicus Brief: PayPal v. CFPB (DC Circuit) (Prepaid Rule)
The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve (the Federal Reserve) should continue to support the fair housing regulations under their jurisdiction as they implement important areas of fair housing and fair lending law. These agencies are also urged to…
Letter from 43 organizations urging CFPB, OCC, FHFA, FHA, and other federal regulators to help protect the credit reports and scores of consumers impacted by natural or declared disasters such as Hurricanes Helene and Milton
The National Consumer Law Center, the Center for Responsible Lending and the Student Borrower Protection Center submitted to the Office of the Comptroller of the Currency, Federal Reserve System, and Federal Deposit Insurance Corp. on the Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses. The comments focus…
Read More about Comments on Risks of Bank-Fintech Arrangements Involving Lending
NCLC submitted comments to the Office of the Comptroller of the Currency’s, the Board of Governors of the Federal Reserve System’s and the Federal Deposit Insurance Corporation on their Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses. The comments focus on the risk of bank-fintech arrangements that…
Read More about Comments on Bank-Fintech Arrangements Impacting Payments and Deposit Accounts
The National Consumer Law Center, on behalf of its low-income clients, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Federation of America, Consumer Reports, the National Association of Consumer Advocates and Public Citizen submitted comments to the Federal Deposit Insurance Corp. in connection with the FDIC’s review of 12 CFR Part 331,…
Read More about EGRPRA Comments to FDIC on Interest Rate Authority
In connection with the OCC’s review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA), NCLC and other consumer groups urged the OCC to rescind its preemption regulations and its “valid-when-made” interest rate regulation, and to update its national bank charges regulation.
Read More about Comments to OCC on EGRPRA Review of Preemption and Fee Regulations
