Re: Oppose S.J. Res. 18 (Scott), CRA Resolution to Overturn CFPB Rule on Overdraft Lending: Very Large Financial Institutions Dear Representative, The undersigned 295 consumer, civil rights, labor, legal services and community organizations and academics write to urge you to oppose S.J. Res. 18 to overturn the Consumer Financial Protection Bureau’s overdraft fee rule, which…
Read More about 295 Groups Oppose Overturning Overdraft Fee Rule
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,…
H.B. 2967 would eliminate harmful application fees. The bill is easy for both prospective tenants and landlords to understand, which has the added benefit of making enforcement more straightforward. And, critically, it would make the difficult search for rental housing more affordable and allow applicants to put their money toward their actual rent payments.
Washington State HB 1464 regarding home equity sharing agreements will expose Washington homeowners to a dangerous loan product. The bill lacks adequate protections and codifies the deceptive claim that these products are not loans. NCLC urges legislators to oppose it.
Read More about Testimony Against Washington State HESA Bill HB 1464
In November 2024, a provision in the Economic Development bill (Section 269) created a dangerous loophole for homeowners by granting a blanket waiver of liability for non-profit Shared Appreciation Mortgages (SAMs), stripping away crucial consumer protections and leaving homeowners vulnerable to predatory lending practices. S.731 / H.1145 closes the loophole created by Section 269 and…
NCLC urges the Washington state House of Representatives to oppose HB 1599. This bill will substantially weaken Washington’s protections against unfair debt adjustment (debt settlement) services.
Read More about Testimony Against Washington Debt Adjustment Bill HB 1599
HB 59 would exempt fintech payday loans from New Mexico’s lending laws and interest rate limits. The bill is based on the model law by the conservative American Legislative Exchange Council (ALEC). It offers a fee limit that would still result in triple digit APRs and mounting fees, places no cap on purportedly voluntary “tips”…
Testimony in support of HB 268, which creates consistent guidelines and discounts for patients seeking to access financial assistance, expands eligibility for financial hardship assistance, prohibits reporting hospital medical debt to credit reporting agencies, and bans hospital lawsuits for medical debt of $500 or less in Maryland.
This overview provides a list of common consumer problems coupled with state-based policy solutions.
Read More about Overview: What States Can Do To Help Struggling Consumers
This bill would significantly weaken or repeal many important federal student loan protections, particularly those critical for low-income student loan borrowers.
Read More about Opposition to HR 6951, the College Cost Reduction Act
NCLC and AARP Wisconsin agree with the proposal to limit debt adjustment fees to a percentage of savings, but 30% is too high. NCLC and AARP Wisconsin also recommend more robust annual data reporting, prohibiting licensees from advising consumers to default on debts, and adopting other protections found in the FTC’s debt relief services rule.
Read More about Comment on Proposed Amendments to Wisconsin's Debt Adjustment Services Rule
NCLC joins with others in support of the Stop Corporate Capture Act (H.R. 1507). This bill is critically important legislation that offers the necessary comprehensive blueprint for modernizing, improving, and strengthening the regulatory system to protect the public more effectively. Importantly, this bill also codifies Chevron deference to agency rulemaking, which was recently eliminated by…
Read More about Letter in Support of the Stop Corporate Capture Act
