California AG Rob Bonta, Senator Limón Unveil Legislation to Protect Consumers Against Medical Debt
Senate Bill 1061 seeks to protect consumers from having their credit ruined by prohibiting medical debt from being reported on credit reports.
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California Should Not Delay Protections for Fintech Cash Advances
The California Department of Financial Protection and Innovation (DFPI) should restore cost limits for earned wage advances and other fintech cash advances.
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Comments to Calif. DFPI on Revised Earned Wage Advance Regulations
The Center for Responsible Lending, Consumer Federation of California, National Consumer Law Center, and Office of Kat Taylor submitted comments to the California Department of Financial Protection and Innovation on its revised proposed regulations of income-based advances. The DFPI’s regulatory proposal for income-based advances recognizes, rightly, that these products must be regulated as credit. This…
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California Law Removes Vestiges of Debtors’ Prisons; Other States Urged to Follow Suit
A new California law ensures that no one in the state can be imprisoned because they owe a consumer debt.
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Reuters: California case could deal blow to high-interest online lenders
Originally appearing in Reuters on Aug. 31, 2023, Jody Godoy interviews Lauren Saunders for coverage of a California case against an online lender offering small loans at over 150% interest violates state law that would deal a blow to finance companies that profit from cash-strapped borrowers. California’s fight with OppFi could set an example for…
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Joint Comments to California Department of Financial Protection and Innovation on Proposed Debt Settlement Rules
Joint comments to the California Department of Financial Protection and Innovation were submitted on proposed rules that would require debt settlement providers to register and submit annual reports on their operations.
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CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”
Consent orders target SoLo Funds platform offering loans as high as 511%-4,280% APR WASHINGTON – Advocates applauded new consent orders from California, Connecticut, and the District of Columbia that block the fintech payday loan website SoLo Funds from offering unlicensed payday loans that use “tips” and “donations” to conceal annual percentage rates (APRs) of 511%…
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California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal
Proposed rule would require lenders to comply with California law, but triple-digit interest rates could remain.
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Comments to California Department of Financial Protection and Innovation Regarding Education Financing and Student Debt Relief Services
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.
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Comments on California DFPI Proposed Rules on Earned Wage Advances and Other Fintech Cash Advances
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…
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Letter to the California State Assembly in Support of The End Debtor's Prison Act (AB 1266 - Kalra)
The National Consumer Law Center (NCLC) supports the End Debtor’s Prison Act (Assembly Bill 1266), introduced by Assemblymember Ash Kalra. This bill would amend the penal and vehicle codes to end bench warrants to arrest people for infractions when they do not appear in court or pay a fine. Under current state law, people who…
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Letter Supporting California's SB 278
NCLC writes in support of Senate Bill 278 (Dodd), which will be heard before the committee shortly. SB 278 will clarify the law and ensure that elderly victims of financial scams can hold negligent banks accountable for assisting in the financial exploitation of older Californians.
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