Comments to the portions of regulations proposed by the Cal. Dept. of Financial Protection and Innovation regarding the oversight of businesses that offer education financing and student debt relief services in California.
The Center for Responsible Lending, Consumer Federation of California, and National Consumer Law Center submitted comments to the Department of Financial Protection and Innovation’s (DFPI or Department) Proposed Regulations Under the California Consumer Financial Protection Law and the California Financing Law, California Deferred Deposit Transaction Law, and California Student LoanServicing Act, PRO 01-21. These comments…
NCLC comments on two provisions of the Federal Housing Finance Agency’s proposed rule that would amend the Enterprise Regulatory Capital Framework for Fannie Mae and Freddie Mac. The comments express support for 1. A proposal to use an average of borrowers’ two credit scores as the representative credit score for single-family mortgages instead of the…
In the comment, NCLC urges FHFA to focus its social impact bond program on reducing the racial homeownership gap and on supporting expanded homeownership for other underserved communities.
Read More about NCLC Comment to FHFA Single Family Social Bond Request for Information
NCLC joined other consumer groups in a statement for the record for the Senate Banking Committee expressing concerns that Section 10 of S.1323 (Merkley), the Secure and Fair Enforcement (SAFE) Banking Act of 2023, could inhibit efforts to stop payment fraud. That section of the bill, which mostly deals with cannabis banking, imposes onerous requirements…
On behalf of NCLC’s low-income clients, NCLC responds to HUD’s planned revision of the face-to-face meeting regulation, 24 C.F.R. § 203.604, as indicated on the agency’s regulatory agenda. By ensuring that servicers make a significant attempt to discuss loss mitigation options with borrowers, 24 C.F.R. § 203.604 facilitates the effective communication between borrowers and servicers…
NCLC and the Center for Responsible Lending oppose Nevada SB 290, an act relating to regulating earned wage advance services. The bill would break new ground by declaring that loans made through an “earned wage advance” app are not subject to Nevada’s statutes regulating credit, including advances that have no connection to employers. The bill…
Read More about Letter Opposing Nevada Earned Wage Advance Bill
National Consumer Law Center brief urging the Massachusetts Supreme Judicial Court to uphold the legislature’s decision to adopt a fixed 12 percent pre- and post-judgment statutory interest rate for tort claims is constitutional.
Consumer and civil rights organizations oppose H.R. 2706, the Financial Institution Customer Protection Act of 2017. The bill will hamper the efforts of banking regulators to advise financial institutions of warning signs that their customers are engaging in fraud, money laundering, or other illegal activity, putting consumers and financial institutions at risk of serious financial…
The National Consumer Law Center (NCLC), on behalf of its low-income clients, and the Electronic Privacy Information Center, filed comments along with Appleseed Foundation, Consumer Action, Consumer Federation of America, National Association of Consumer Advocates, National Association of State Utility Consumer Advocates (NASUCA), National Consumers League, Public Citizen, Public Knowledge, and U.S. PIRG, regarding the…
NCLC and partners urge the CFPB to issue Best Practices Guidance to Remittance Providers to simplify price disclosures, and stop hidden charges and fees.