NCLC signed onto comments written by the Center for Law and Social Policy and Prosperity Now asking the CFPB to include electronic transfer benefit (EBT) accounts within the types of accounts covered by their proposed rule under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which deals with personal financial data…
Originally appearing in NBC News on August 4, 2023, Gretchen Morgenson looks at public complaints reporting mysterious accounts being opened in customers names at Wells Fargo and quotes Carla Sanchez-Adams. “If financial institutions are not vetting customers’ identities thoroughly enough or as required under bank secrecy and anti-money laundering laws, then they shouldn’t be opening the…
Read More about NBC News: Phony bank accounts resurface at Wells Fargo, with a twist
This letter requests that the CFBP reconsider including EBT cards in their proposed rules under Section 1033 of the Dodd-Frank Act. EBT cards are used by low-income consumers receiving benefits through the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF). Section 1033 provides that a consumer financial services provider must make…
Read More about Letter to the CFPB Requesting Inclusion of EBT Users in Section 1033 Rulemaking
Appearing in the Washington Post on May 18, 2023, Spencer Tierney of NerdWallet talks to Carla Sanchez-Adams about bank accounts for college students. Carla Sanchez-Adams, senior attorney at the National Consumer Law Center, recommends looking into Bank On certified accounts, which don’t have overdraft or NSF fees. Transactions that would bring an account balance below zero get…
Read More about The Washington Post: Pick a college bank account as carefully as your college
The undersigned organizations, representing millions of consumers, support the rule proposed by the Consumer Financial Protection Bureau (“CFPB”) to increase transparency and bring consumer awareness to the rights nonbank financial firms require Americans to surrender just to use their products and services. The proposed rule would create a publicly accessible registry system for these nonbank…
The undersigned organizations support and applaud the Consumer Financial Protection Bureau’s (CFPB) proposed rulemaking to increase transparency in financial services, to the great benefit of American consumers. This rule would create a registry system for nonbank financial firms, requiring them to publicly report terms and conditions, such as forced arbitration, that have been commonly weaponized…