New York has passed the first comprehensive law to protect shoppers who use Buy Now, Pay Later (BNPL) loans. Some details remain to be fleshed out through regulations, and the law does not address every issue BNPL borrowers may face. But it is a significant step forward and provides a helpful roadmap for other states.…
Read More about States Can Protect Buy Now, Pay Later Borrowers
NCLC submitted comments to the New York Department of Financial Services in response to its request for information on buy now, pay later products. The comments address issues that DFS should consider when writing regulations in order to protect consumers. The BNPL Act gives DFS broad authority to promulgate rules consistent with the purposes of…
Read More about Buy Now Pay Later Comments to NY Dept of Financial Services
A New York Attorney General (NY AG) lawsuit shows how costly “earned wage” payday loans can be -- up to hundreds of dollars a year.
Read More about MoneyLion’s Costly “0% APR” “Earned Wage” Payday Loans
The National Consumer Law Center supports the Consumer Debt Uniformity Act (CDUA), which would expand the protections already in place for consumers in lawsuits involving consumer credit transactions to apply to other types of consumer debt, including medical, rental, and student loan debt.
Read More about Memorandum of Support for NY Consumer Debt Uniformity Act (S.5546/ A.57A)
A lawsuit filed by the New York Attorney General against DailyPay reveals a business model built around trapping low-wage workers into paying hundreds of dollars in fees each year.
Read More about DailyPay Extracts Hundreds of Dollars From Low-Wage Workers’ Pay
Broad Coalition Opposes Bill to Block CFPB Rule that Would Remove Medical Debt From Credit Reports, Pushing Borrowing Costs Higher for Working Families
Read More about Congress Wants Medical Debt on Credit Reports To Keep Hurting Americans
With the assistance of Gupta Wessler, we filed for leave to file an amicus brief in Weingot v. Unison Agreement Corp. (E.D.N.Y.) to assist the court in reaching a decision on the first case involving a home equity investment loan to reach summary judgment. The brief provides background on Unison’s business model and support for…
Read More about Amicus Brief: Weingot v. Unison Agreement Corp. et al.
NCLC’s comments focus on the relationship between New York City’s Department of Consumer and Worker Protections (“DCWP”) proposed debt collection amendments, the federal Fair Debt Collection Practices Act (“FDCPA”), and federal debt collection regulations issued to implement the FDCPA (“Regulation F”). Regulation F has many gaps and weaknesses, and we commend the DCWP’s proposal for…
The National Consumer Law Center submitted testimony in response to a request from the Chief Judge of the Court of Appeals and the State of New York for feedback on the state of nursing home debt collection in New York. Additional attention and focus on nursing home debt collection is needed in New York to…
Amicus Brief in support of the CFPB and NY AG’s opposition to a motion to dismiss their case against Credit Acceptance Corporation.
Read More about CFPB & Attorney General of the State of New York v. Credit Acceptance Corporation
Housing Law Experts to Probe “Zombie” Second Mortgages and Foreclosures on April 26 WASHINGTON — The Consumer Financial Protection Bureau’s (CFPB) upcoming field hearing will feature remarks from CFPB Director Rohit Chopra and leading national and local housing law advocates, including Andrea Bopp Stark, senior attorney at the National Consumer Law Center, on “zombie” second…
Read More about CFPB to Host Field Hearing on “Zombie Second Mortgage Debt” in Brooklyn
NCLC submitted comments in response to the previous version of the proposed amendments. We commend the efforts of the Department of Financial Services (“DFS”) to continue to strengthen these regulations and to fill gaps in consumer protections left by the federal debt collection regulations issued to implement the Fair Debt Collection Practices Act (Regulation F).…
