NCLC joined banking and consumer organizations in thanking Senators Kennedy and Kim for introducing the Close the Shadow Banking Loophole Act, which would close the industrial loan company (ILC) loophole in current law. In light of recent approvals by the FDIC of ILC applications for Ford Motor Company and General Motors Company, as well as…
Read More about Letter Supporting Close the Shadow Banking Loophole Act
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
The National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform Education Reform Fund, Consumer Reports, Student Borrower Protection Center, Public Justice Center, Public Good Law Center, U.S. PIRG, Consumer Federation of America, and Better Markets submitted comments regarding the Federal Deposit Insurance Corporation’s (FDIC) recent proposed changes to part 328…
Submitted to Regulations.govRohit Chopra, DirectorConsumer Financial Protection Bureau1700 G Street NW,Washington, DC 20552 Dear Director Chopra, The undersigned consumer organizations are pleased to support the Consumer Financial Protection Bureau’s (CFPB) proposal to require nonbank covered persons that are subject to certain agency and court orders to register those orders with the CFPB. The registry will…
Utah’s Capital Community and First Electronic Banks and Kentucky’s Republic Bank & Trust accused of predatory lending, evasions of state interest rate limits WASHINGTON — A coalition of consumer advocates is urging the Federal Deposit Insurance Corporation (FDIC) to downgrade the Community Reinvestment Act (CRA) rating of three banks. Utah’s Capital Community Bank (CC Bank)…
Read More about FDIC Should Downgrade Three Banks Engaged in Predatory “Rent-a-Bank” Lending
Accountable.US, Americans for Financial Reform, Center for Responsible Lending, Consumer Action, Consumer Federation of America, National Consumer Law Center (on behalf of its low- income clients), National Community Reinvestment Coalition, Public Citizen, US PIRG and the Woodstock Institute submitted comments for the Community Reinvestment Act (CRA) examination of First Electronic Bank. First Electronic Bank helps…
FinWise Bank’s lending through American First Finance, Elevate, and Opportunity Financial (OppFi), offering loans at up to 160% APR, raises serious consumer protection issues.
Read More about FDIC Should Downgrade FinWise Bank Over Predatory ‘Rent-a-Bank’ Lending
