COVID and Pandemics Archives

Consumer, Banking Groups Applaud Bill to Exempt Economic Impact Payments from Garnishment

May 26, 2020

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…

FDIC to Repeal 36% Rate Cap and Bank Payday Loan Guidance, but Banks Should Not Take the Bait

May 20, 2020

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…

National Consumer Law Center Advocates’ Statement Regarding U.S. House Passage of HEROES Act

May 15, 2020

Washington, D.C. – Today, the U.S. House passed a $3 trillion dollar package in response to the COVID-19 crisis. In the consumer area, the bill provides desperately needed help for families dealing with the economic crisis, beyond the modest start in the previous CARES Act. In particular, the HEROES Act, HR 6800: Provides immensely needed…

NCLC Advocates Praise U.S. House HEROES Act for Giving a Lifeline for Student Loan Borrowers Drowning in Debt

May 14, 2020

The U.S. House has proposed a $3 trillion bill in response to the COVID-19 crisis that will include debt relief for student loan borrowers. The following is a statement by Persis Yu, National Consumer Law Center staff attorney and director of NCLC’s Student Loan Borrower Assistance Project: “We applaud Speaker Pelosi’s leadership in ensuring that…

U.S. Dept. of Education and Secretary DeVos Sued for Illegally Seizing Student Borrowers’ Paychecks During Coronavirus Emergency

May 1, 2020

WASHINGTON – Student Defense and the National Consumer Law Center (NCLC), with the support of the Student Borrower Protection Center (SBPC), filed a class action lawsuit against the U.S. Department of Education and Secretary Betsy DeVos, demanding an immediate halt to the Department’s illegal garnishment of student borrowers’ wages. The Coronavirus Aid, Relief, and Economic…

Consumer Bureau Mortgage Origination Guidance Overlooks Urgently Needed Consumer Protections

April 30, 2020

FOR IMMEDIATE RELEASE: APRIL 30, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Washington — Yesterday, the Consumer Financial Protection Bureau (CFPB) released guidance on mortgage originations. While the guidance does no harm to consumers, it also fails to address the real and pressing problems homeowners face as a result of the COVID-19 crisis.…

CFPB Guidance for Mortgage Servicing Transfers Lacks Crucial Consumer Protections, Especially During COVID-19 Crisis

April 27, 2020

Washington—Last Friday, the Consumer Financial Protection Bureau (CFPB) released a document providing supervisory guidance for mortgage servicing transfers. This document, reportedly under development long before the coronavirus pandemic, sets forth best practices for servicing transfers and acknowledges that servicing transfers pose particular risk for borrowers who are behind in their mortgage payments. Yet the document…

Consumer, Banking Groups to Congress: Exempt Economic Impact Payments From Garnishment

April 21, 2020

FOR IMMEDIATE RELEASE: April 21, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Washington, D.C. — In a letter to congressional leadership today, consumer and banking industry organizations joined together to urge lawmakers to clarify at the earliest possible opportunity that economic impact payments issued by the federal government in response to the coronavirus pandemic…

Civil Rights, Consumer, Housing, and Real Estate Groups Urge U.S Treasury and Federal Regulators to Help Mortgage Servicers Maintain Liquidity

April 17, 2020

Washington, D.C. – Today, advocates of 31consumer, civil rights, housing, and real estate trade organizations, including the Leadership Conference on Civil and Human Rights, National Consumer Law Center, Consumer Federation of America, National Community Stabilization Trust, National Fair Housing Alliance, Center for Responsible Lending, National Association of Real Estate Brokers, National Association of Hispanic Real…

Consumer Groups Support FCC Allowing Limited Automated Calls Related to COVID-19 from Lenders to Customers

April 10, 2020

Washington, D.C. – Six national consumer groups, including the National Consumer Law Center (on behalf of its low income client), filed comments with the FCC supporting part of the petition by the American Bankers Association and other lenders petition to make automated calls from the institutions to alert their customers to callers’ offers related to the…

COVID-19 Crisis: Advocates Urge FHFA to Help Ensure Fair Treatment for All Borrowers, Especially Limited English Proficient Borrowers

April 9, 2020

Washington, D.C. – The National Consumer Law Center, Americans for Financial Reform Education Fund, the National Fair Housing Alliance and 33 other consumer, civil rights, and housing counseling groups sent a letter today calling on the Federal Housing Finance Authority (FHFA) to step up its efforts to translate key mortgage notices needed by borrowers hit…

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…

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