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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Letter Supporting California's AB 1119
NCLC and CLICC are proud sponsors of AB 1119 (Wicks), a bill to ensure that no one is imprisoned because they owe consumer debt. While debtors' prisons are banned in every state by constitution, statute, or judicial decision, in reality they live on because a court may issue an arrest warrant for someone who did not make it to court in a debt collection matter.
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Testimony Supporting California's AB 1186, The REPAIR Act, on Youth Restitution
NCLC supports AB 1186, the REPAIR Act. The bill would provide crime survivors with more equitable, timely, and stable compensation, while ensuring young people and their families are not locked into unaffordable debt and poverty. It would do so by establishing a public compensation fund through which crime survivors can address immediate needs for compensation, and by ensuring that accountability and rehabilitation is addressed in youth-appropriate ways—such as participating in restorative justice practices, community service, or personal development programs.
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California to Regulate Fintech Payday Loans
Junk fees, “tips” obscure APRs over 300% on earned wage advances, nonbank banking apps, and other fintech payday loans WASHINGTON – The California Department of Financial Protection and Innovation (DFPI) has proposed new regulations governing disguised fintech credit and released new data showing high costs for consumers who use earned wage advances and other fintech…
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Advocates Urge COPRAC to Move Swiftly on Critical Ethics Opinion
Worker and consumer rights advocates from California and across the country call on the California attorney regulation agency to act quickly to clarify that it is unethical for attorneys to encourage corporate clients to include illegal or unenforceable terms in fine-print contracts. On Friday, a coalition of worker and consumer advocates urged the California attorney…
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Letter to California DFPI Regarding Proposed Changes to Regulations Under the Student Loan Servicing Act
The undersigned sixteen organizations, representing California borrowers, educators, and consumer advocates, submit this comment in response to the California Department of Financial Protection & Innovation’s (“DFPI” or “Department”) notice of proposed rulemaking to adopt new regulations and amend current regulations implementing the Student Loan Servicing Act (SLSA), Fin. Code, § 28100, et seq., and to…
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Stabilizing Consumer Finances During and After the Coronavirus Crisis in California
In 2018, more than a quarter of all Californians had a debt in collection.1 The increases in unemployment claims and general job loss due to COVID-19 will without question result in an explosion of debts in collection that will disproportionately impact the most vulnerable consumers who are least able to weather a financial crisis and…
Read More about Stabilizing Consumer Finances During and After the Coronavirus Crisis in California
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