CFPB Archives

New CFPB Mortgage Guidance Does More for Servicers than Consumers

April 6, 2020

Millions of Families Could Lose Homes from Job Loss Due to COVID-19 Washington, D.C. – Late last Friday, the Consumer Financial Protection Bureau (CFPB) issued a one-sided policy guidance providing enormous flexibility to mortgage servicers while failing to ensure that distressed consumers can get access to crucial information and foreclosure-avoidance procedures. Although styled as a…

Civil Rights and Consumer Groups Condemn “Emergency” Regulatory Guidance that Allows Banks to Make Payday Loans

March 26, 2020

Banks should not embrace this terrible idea, especially as they are borrowing for free Washington, D.C. – Today, under the cover of a national crisis, the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), and the National Credit Union Administration issued…

New CFPB Advisory Opinion Program Would Give Lenders a Safe Harbor for Violating Federal Consumer Laws

March 6, 2020

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced plans to create an advisory opinion program which, if enacted, would circumvent the public notice-and-comment process, a pillar of our government and democracy. The intent of the advisory opinion program, according to the CFPB, would be to provide clear guidance to assist companies in better…

CFPB Fails to Protect Consumers from Abusive Collection of Time-Barred Debts (Again)

February 24, 2020

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) released a proposed debt collection rule late last Friday to supplement the proposed debt collection rule it released in May. The supplemental rule states that debt collectors must provide consumers with specific disclosures when collecting debt that is beyond the statute of limitations (time-barred debt). “Unfortunately,…

Statement Regarding CFPB and U.S. Department of Education MOU on Handling Student Loan Borrower Complaints

February 4, 2020

Persis Yu, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, released the following statement on yesterday’s announcement of a Memorandum of Understanding (MOU) between the Consumer Financial Protection Bureau and the U.S. Department of Education on handling of complaints by student loan borrowers: “Accepting complaints is a vital part of the…

Report: Rampant Errors on Criminal Background Check Reports Are Still Preventing Consumers from Securing Jobs and Housing

December 9, 2019

Report: Rampant Errors on Criminal Background Check Reports Are Still Preventing Consumers from Securing Jobs and Housing National Consumer Law Center Urges Federal and State Action to Stop Faulty Criminal Background Check Reports and Hold Background Screening Companies Accountable; FTC/CFPB to Host Accuracy in Consumer Reporting workshop on Tue., Dec. 10 Download the National Consumer…

Statement Regarding Bank Regulators’ Guidance on Alternative Data

December 4, 2019

Boston – Yesterday, the Federal Reserve Board, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, and National Credit Union Administration released an Interagency Statement on the Use of Alternative Data in Credit Underwriting. Chi Chi Wu, staff attorney at the National Consumer Law Center, issued the following statement…

Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later

November 13, 2019

Boston – As Black Friday approaches, the National Consumer Law Center warns holiday shoppers of a lurking danger in the local mall, big box store or online: deferred interest promotions on credit cards. These promotions entice consumers with promises such as “no interest for 12 months” or “0% interest until December 2020,” but there is…

CFPB Quietly Launches Web Database of Prepaid and Payroll Card Fees and Disclosures but Some Cards with Overdraft Fees are Missing

October 16, 2019

FOR IMMEDIATE RELEASE: October 16, 2019 National Consumer Law Center contacts: Lauren Saunders ([email protected]) or Jan Kruse ([email protected]) Washington, D.C. – Advocates at the National Consumer Law Center urged the public to check out a new online tool from the Consumer Financial Protection Bureau (CFPB) where consumers, workers, researchers, employers, and others can see prepaid…

U.S. House Financial Services Committee Hearing on September 26 on Abusive Debt Collection with Testimony by April Kuehnhoff

September 25, 2019

Washington, D.C.- National Consumer Law Center attorney April Kuehnhoff will testify on Wednesday, September 26 at 10 am E.T. before the U.S. House Financial Services Committee at a hearing entitled “Examining Legislation to Protect Consumers and Small Business Owners from Abusive Debt Collection Practices.” “Nearly one-third of Americans have a debt in collection and third-party…

More than 200 Organizations Across 50 States and D.C. Call for Strong Consumer Protections on Debt Collection

September 19, 2019

CFPB proposal would allow for more consumer abuse and harassment from debt collection industry Washington, DC – Late yesterday, a coalition of 232 nonprofit organizations from all 50 states and the District of Columbia sent a letter to the Consumer Financial Protection Bureau (CFPB) in response to its proposal that protects abusive debt collectors more than consumers. Instead of giving…

NCLC Attorney Statement Regarding Challenge to Constitutionality of Consumer Financial Protection Bureau Leadership Structure

September 18, 2019

FOR IMMEDIATE RELEASE: September 18, 2019 National Consumer Law Center contacts: Lauren Saunders ([email protected]) or (202) 595-7845; Jan Kruse ([email protected]) or (617) 542-8010 Washington, D.C. – Late yesterday, the Consumer Financial Protection Bureau joined an appeal by the Trump Administration to the U.S. Supreme Court asserting that the agency’s independent leadership structure is a violation…

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