NCLC joined various consumer organizations in a letter opposing the application by Circle Internet Group, Inc. (“Circle”) for a national trust bank charter under the name First National Digital Currency Bank, N.A. (“FNDCB”). Circle is a stablecoin issuer seeking to obtain a national bank charter. Granting a national trust bank charter to any stablecoin issuer…
WASHINGTON — The Center for Responsible Lending (CRL), National Consumer Law Center (NCLC), and the Student Borrower Protection Center (SBPC) submitted comments urging bank regulators to end bank-fintech partnerships that engage in predatory lending, evade the law, and pose a high risk of unfair, deceptive, or abusive practices and violations of consumer protection laws. “Banks should…
Read More about Consumer Advocates Urge Regulators to End Predatory Bank-Fintech Partnerships
NCLC supports the Close the Shadow Banking Loophole Act, which would close the industrial loan company loophole that enables companies to obtain a bank charter and the privileges of a bank, including preemption, without the full oversight and obligations of other banks.
Read More about Letter Supporting S.3538, the Close the Shadow Banking Loophole Act
A webinar exploring Colorado’s recent legislative victory against high-cost lenders who use Rent-A-Bank arrangements to skirt Colorado interest rates.
Watch Recording Read More about Protecting Consumers by Stopping Online Lenders from Evading State Laws
DC joins two states in stopping rent-a-bank loans by EasyPay Finance and TAB Bank that evade state interest rate laws WASHINGTON – Advocates applauded today’s announcement by the Office of the Attorney General (AG) of the District of Columbia that DC has forced EasyPay Finance to stop making loans up to 198.98% despite DC’s 24%…
Read More about 199% Auto Repair, Pet Loans Face Crackdown by DC, States
Consumer Advocates Support Proposed Rule to Address False Advertising and Misrepresentations of Deposit Insurance Coverage WASHINGTON — New rules proposed by the Federal Deposit Insurance Corporation (FDIC) are needed to prevent crypto firms and fintech banking apps from misleading customers by representing or suggesting that these companies and accounts are insured by the FDIC, according…
Read More about Crypto Companies, Others, Must Stop Misusing FDIC’s Name and Logo
