Holiday Shoppers Beware! Buy Now Pay Later and Deferred Interest Credit Cards Hold Hidden Dangers
New brief explains new protections for BNPL users, offers tips for consumers considering BNPL and no-interest credit card promotions.
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FTC Telemarketing Sales Comments to the FTC on Telemarketing Sales Rule (TSR) Inbound Tech Support Calls NPRM
NCLC fully supports the FTC’s proposal to amend the TSR to include inbound technical support calls in response to a solicitation to help protect consumers from these scam calls.
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New Rights for Buy Now, Pay Later Purchases
Shoppers often have the choice to “buy now, pay later” using companies such as Klarna, AfterPay, Sezzle, Affirm, Splitit, and PayPal. With the typical “pay-in-four” buy now, pay later (BNPL) loan, a quarter of the price is due at checkout followed by three payments every two weeks for the next six weeks. BNPL credit can…
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Suggested Amendment to Bankruptcy Rule 3001(c) Submitted to Bankruptcy Rules Committee
These comments request that the Bankruptcy Rules Committee consider an amendment to Rule 3001(c) to fix a substantive change made by the restyling of the rule that may have limited the ability of a bankruptcy court to impose sanctions for creditor noncompliance with the proof of claim requirements.
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Coalition Letter & Comments to IRS Regarding 30C EV Tax Credits
The federal EV tax credits can help make used and new electric vehicles more affordable to consumers. This sign-on letter, drafted by NRDC, advocates for consumer-friendly rules for the federal electric vehicle tax credit including:
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Comments in Support of the Expansion of Fedwire Funds Service and National Settlement Service Operating Hours
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…
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50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees
Interest rate caps still vary greatly from state to state, rates are trending upward, and too many states allow lenders to pile on junk fees.
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Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2024)
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.
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Reply Comments by National Consumer and Privacy Groups in AI Proceeding at FCC
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…
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Amicus Brief: PayPal v. CFPB (DC Circuit) (Prepaid Rule)
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.
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Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996
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…
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Comments on Risks of Bank-Fintech Arrangements Involving Lending
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…
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