The National Consumer Law Center (on behalf of its low-income clients) submitted the following comments in response to the proposed rule issued by the Consumer Financial Protection Bureau (CFPB) regarding overdraft lending at very large financial institutions. We strongly support the proposed rule, which will stop abusive overdraft fee practices that have harmed the most…
NCLC was among 144 consumer, civil rights, legal services and community groups that filed comments with the Consumer Financial Protection Bureau (CFPB) in strong support of the CFPB’s proposed rule governing Overdraft Lending: Very Large Financial Institutions. By closing an antiquated loophole designed in the check era, the proposed rule will promote more honest, fair,…
NCLC joined comments with other consumer advocates supporting a proposed rule by the CFPB that prohibits nonsufficient funds (NSF) fees on transactions that are instantaneously declined. We also supported the CFPB’s clarification of the standard for evaluating the prohibition on abusive conduct.
NCLC submitted comments in response to the Treasury Department’s request for information on developing a national strategy for financial inclusion. Our comments begin by addressing some of the risks associated with expanding the use of alternative data in credit reporting and argue that “alternative” data is best left outside of the main credit reporting file.…
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Carla Sanchez-Adams, NCLC Senior Staff Attorney, testified on February 1, 2024, before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.” Her testimony explained that payment fraud impacts all Americans across many communities. But the impacts of fraud are most keenly felt…
Advocates praise CFPB proposed rule to stop banks from extracting tens of billions of dollars from financially insecure account holders in the form of overdraft fees.
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