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NetSpend Plans Evasions of CFPB Prepaid Rules to Preserve $80 Million in Overdraft Fees

October 28, 2016

“Small business” cards, prepaid cards with “checks” would have overdraft fees (WASHINGTON) The prepaid card provider NetSpend, a division of Total System Services (TSYS), is planning changes to its prepaid card problems to evade new rules by the Consumer Financial Protection Bureau (CFPB) and avoid losing $80 million in overdraft fee revenues. “The CFPB just…

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Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit

May 29, 2020

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…

Read More about Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit
Consumer and Civil Rights Groups Urge Federal Banking Regulator to Stop Rent-a-Bank Payday Loan Schemes

January 22, 2020

FOR IMMEDIATE RELEASE: January 22, 2020 Groups Strongly Oppose OCC Proposal that Would Bypass State Rate Caps to Allow High-Cost Predatory Loans Washington, D.C. – The Center for Responsible Lending, National Consumer Law Center, Leadership Conference on Civil and Human Rights, NAACP, National Association for Latino Community Asset Builders, Americans for Financial Reform, Consumer Federation…

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Groups: FDIC & OCC Are Wrong to Support Predatory Small Business Lender

October 24, 2019

FOR IMMEDIATE RELEASE: October 24, 2019 “It sends a terrible signal for the FDIC and OCC to support a predatory lender that used a bank to enable a destructive 120% APR loan.” WASHINGTON, D.C. – Small business advocates, consumer groups, and civil-rights advocates today sent a letter to the Federal Deposit Insurance Corp. (FDIC) and…

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NetSpend Plans Evasions of CFPB Prepaid Rules to Preserve $80 Million in Overdraft Fees

Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit

Consumer and Civil Rights Groups Urge Federal Banking Regulator to Stop Rent-a-Bank Payday Loan Schemes

Groups: FDIC & OCC Are Wrong to Support Predatory Small Business Lender

Support NCLC