FOR IMMEDIATE RELEASE: June 18, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Washington, D.C. – Today, the Consumer Financial Protection Bureau announced a pilot advisory opinion program designed to provide additional protections for financial institutions at the expense of consumers. Under the CFPB pilot, itself issued without notice and comment, financial institutions are…
California adopts rules and programs to reduce residential disconnections from gas and electric service San Francisco – Consumer advocates praised yesterday’s unanimous vote by the California Public Utilities Commission (CPUC) to adopt a suite of utility credit and collections rules and programs to reduce residential electric and natural gas disconnections for customers of the large…
Colorado Court Follows “Madden” Decision that Banks Can’t Assign Bank Privileges to Nonbank Lenders Washington, D.C. – Consumer advocates praised yesterday’s ruling by a Colorado court upholding the Colorado Attorney General’s claim that an online lender, Marlette Funding (dba Best Egg), must abide by Colorado’s interest rate limits when it purchases loans originated by a…
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Elevate charged 99% to 251% APR despite D.C.’s 6% to 24% rate cap FOR IMMEDIATE RELEASE: JUNE 5, 2020 National Consumer Law Center Contacts: Jan Kruse ([email protected]), Lauren Saunders ([email protected]) Washington, D.C. – Consumer advocates praised today’s announcement by District of Columbia (DC) Attorney General Karl Racine that he has filed a lawsuit against online lender…
June 4, 2020 The tragic death of George Floyd is just the latest in a long and repugnant history of unarmed African American deaths at the hands of police officers. We mourn the loss of his life and the lives of so many others like him in the history of this country. The repetition of…
Washington, D.C. – Under the guise of allowing “relief” to consumers during the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued guidance yesterday that will undermine critical consumer protections in federal law that ensure that consumers receive important disclosures about credit card transactions in writing. The guidance, supposedly issued to provide consumers relief to…
Advocates File Complaint with Federal Trade Commission; Urge Enforcement Action Against Vemo Education for Its Deceptive Marketing of Income-Share Agreements to Students Vemo-Built Comparison Shopping Tools for University of Utah and Purdue University Falsely Promote ISAs As Less Expensive than Other Student Loans Washington, D.C.- The National Consumer Law Center and the Student Borrower Protection…
FOR IMMEDIATE RELEASE: MAY 29, 2020 Media Contacts: National Consumer Law Center: Jan Kruse ([email protected]) Center for Responsible Lending: Matthew Kravitz ([email protected]) Americans for Financial Reform Education Fund: Carter Dougherty ([email protected]) Washington, D.C. – Consumer advocates slammed the Office of the Comptroller of the Currency (OCC) for its final rule issued today that encourages online…
Boston – Yesterday, the Federal Trade Commission (FTC) filed a complaint and stipulated order against a New York car dealer, Bronx Honda, for discriminating against African Americans and Hispanic car buyers and employing a range of abusive tactics in the sales and financing process. The complaint includes allegations that the dealer: Directed employees to discriminate…
WASHINGTON, D.C. — Consumer groups and banking industry organizations joined together today to support bipartisan legislation that would prevent Economic Impact Payments from being subject to garnishment. The following statement was issued today by the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, The Clearing House, National Consumer Law Center (on behalf of its low income…
Los Angeles County Ends PACE Program Marred by Fraud, Abuse, and Unaffordable Loans Thousands of LA County homeowners have been trapped in unaffordable loans through the Property Assessed Clean Energy financing program WASHINGTON, D.C – Effective May 13, 2020, Los Angeles County has discontinued new financing under its Property Assessed Clean Energy (PACE) loan program,…
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New bank regulator guidance could permit balloon-payment loans but emphasizes responsible lending WASHINGTON, D.C. – As our nation grapples with the economic fallout of the COVID-19 pandemic, the Federal Deposit Insurance Corp. (FDIC) announced plans today to repeal two guidances that protect consumers against high-cost bank payday loans over 36%, and four federal bank regulators…
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