Fed Proposal Will Make It Easier to Pay Bills, Receive Wages on Weekends
Federal Reserve proposes to process electronic payments 365 days a year
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New FedNow Rules Lack Fraud Protection
May 19, 2022 Fed to launch FedNow instant payments service in 2023 WASHINGTON – The final FedNow rules announced today by the Federal Reserve Board lack protection against scams and fraud, which, if unaddressed, could leave consumers exposed when the payment service launches next year, warns advocates at the National Consumer Law Center, National Consumers…
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CFPB Must Protect Consumers From Fraud in Payment Systems
December 21, 2021 Today, 65 consumer, civil rights, faith, legal services, and community groups submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to its inquiry into certain business practices of six large technology companies operating payments systems in the United States. The groups urged the CFPB to require person-to-person (p2p) payment providers…
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Bank Regulators’ Proposal on Third-Party Relationships Silent on Predatory Rent-a-bank Lending, Posing Risks for Banks and Consumers
October 19, 2021 WASHINGTON – Today, the National Consumer Law Center (NCLC), on behalf of its low-income clients, the Center for Responsible Lending (CRL), and the National Fair Housing Alliance released their comment letter to the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Reserve Board (FRB) on…
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Fed Must Do More to Protect Consumers From Fraud and Mistakes in New P2P Payment System
September 9, 2021 FedNow System Must Not Launch Until it is Safe Washington — The Federal Reserve Board must do more to protect consumers, small businesses and other users from fraud and mistakes in the new “FedNow” instant person-to-person (P2P) system that it is developing, according to comments submitted today by consumer, small business, community…
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FDIC to Repeal 36% Rate Cap and Bank Payday Loan Guidance, but Banks Should Not Take the Bait
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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Statement Regarding Bank Regulators’ Guidance on Alternative Data
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…
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Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later
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…
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Advocates Urge FDIC, OCC, Federal Reserve to Stop Banks from Helping Payday Lenders Evade State Interest Rate Limits
FOR IMMEDIATE RELEASE: November 7, 2019 Washington, D.C. – A coalition of 61 consumer, civil rights, and community groups today sent letters to three federal bank regulators urging them not to allow their banks to help payday lenders evade state interest rate limits. The groups sent separate letters to the Federal Deposit Insurance Corp. (FDIC),…
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Statement Regarding Credit Report/Score Requirement in DHS Public Charge Regulation
FOR IMMEDIATE RELEASE: August 12. 2019 National Consumer Law Center contact: Chi Chi Wu ([email protected]) or (617) 542-8010 Statement Regarding Credit Report/Score Requirement in DHS Public Charge Regulation Boston – Today, the Department of Homeland Security (DHS) released a regulation that greatly expands what will be considered in determining whether an immigrant is considered a…
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Advocates Applaud the Fed’s Faster Payment System, Urge Fraud Protection
FOR IMMEDIATE RELEASE: August 6, 2019 Washington, D.C. – Advocates at the National Consumer Law Center applauded yesterday’s announcement by the Federal Reserve Board (the Fed) that it will develop a real-time payment system, while urging the Fed to ensure protection against scammers and criminals who use faster payment systems to receive and move money.…
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Consumer and Civil Rights Groups Send Letters to FDIC, OCC, and Fed Urging them to Prevent Bank Payday Loans
FOR IMMEDIATE RELEASE: June 11, 2019 Letters come after news that regulators pursuing joint small-dollar policy; Growing concern that several Administration appointees may be giving green light for predatory loans WASHINGTON, D.C. – Today, the National Consumer Law Center (NCLC) joined a coalition of national civil rights and consumer groups in writing to top banking…
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