On behalf of our low-income clients, the National Consumer Law Center submits these comments in response to the U.S. Department of Education’s request for comments on the proposed income-driven repayment (IDR) plan request form. Our comments reflect our expertise in the applicable IDR regulations as well as our experience working directly with low-income borrowers applying…
This paper starts by grounding readers in the consequences of student loan default, who is in default and why, and why so many borrowers remain in default for years. It then identifies legal authority, under existing regulations, that empowers the Secretary of Education to compromise student loan debts and so end collection from defaulted borrowers where such efforts would be futile or unreasonable. Now—before the suspension of federally-held student loan collection ends next year—is the time to act on that authority.
States are grappling with how to regulate earned wage advances (EWAs) and other fintech cash advances that purport not to be credit. These loans often closely resemble payday loans, with fees that multiply into rates above 300% and cycles of reborrowing that result in workers paying to be paid. State legislatures and regulators should not…
Read More about State Recommendations for Earned Wage Advances and Other Fintech Cash Advances
NCLC and other consumer organizations urged the Consumer Financial Protection Bureau and the Federal Trade Commission to work together to investigate and protect consumers from the increasing threat of artificial intelligence (AI)-generated “deepfake” voice clips and videos used for financial fraud. Technologies advances and recent incidents serve as a stark warning that the use of deep fakes used to steal people's money could escalate exponentially.
Read More about Letter to CFPB and FTC on Threat of AI-Generated Deep Fakes Used for Financial Fraud
As homeowners struggle to recover from the pandemic and deal with soaring inflation, some risk losing their homes to a strict and often rapid tax lien foreclosure process. As many as 8.5 million homeowners could become delinquent on their property taxes in 2023. The U.S. Supreme Court recently ruled in Tyler v. Hennepin County that…
Read More about What States Can Do to Reduce Property Tax Foreclosures
Coalition letter asking asking CFPB, OCC, FHFA, FHA, and other federal regulators to encourage lenders to refrain from reporting negative information to the Big Three credit bureaus for consumers impacted by the Maui wildfires and Hurricane Idalia, or at a minimum, to follow the credit reporting provisions of the CARES Act for these consumers.
amend the regulation on the mandatory meeting that mortgage servicers must have with borrowers early in the default process.
Read More about Group Letter Commenting on HUD's Proposed Rule on Borrower Engagement
NCLC submitted comments on HUD's proposed rule to amend the regulation on the mandatory meeting that mortgage servicers must have with borrowers early in the default process.
Read More about Comment on HUD's Proposed Rule on Borrower Engagement
Landlords in the United States almost always engage in some form of screening of rental applicants. This screening often involves reports or scores purchased from specialized tenant screening consumer reporting agencies (CRAs). The reports typically combine information about eviction filings, criminal records, and credit history. Often the reports include a score or recommendation based on these records, and in some cases, this score or recommendation is the only information conveyed to the landlord.
This letter follows up on the joint August 24, 2023 letter to HUD on partial claim eligibility.
Read More about Follow-up Letter to FHA Regarding ML 2023-03
This letter urges FHFA to direct the Enterprises, Fannie Mae and Freddie Mac, to require that all mortgages for new homes backed by the Enterprises meet the same building code requirements currently proposed by the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA).
The Underserved Mortgage Markets Coalition (UMMC) represents 30 national affordable housing organizations which are firmly committed to working with FHFA and the GSEs to increase affordable housing of all types in underserved markets. The coalition offers these policy recommendations to allow the GSEs to increase affordable housing opportunities and further the public’s understanding of their…
Read More about Letter to FHFA Director Sandra Thompson from Underserved Mortgage Markets Coalition
