Consumer Financial Protection Bureau (CFPB) Archives

Coalition Comments to CFPB Regarding Big Tech Payment Platforms

December 21, 2021

65 consumer, civil rights, faith, legal services and community groups submitted comments in response to the Consumer Financial Protection Bureau’s (CFPB) inquiry intocertain business practices of six large technology companies operating payments systems in the United States. In these comments, we would like to focus on consumer protections in those payment systems, and in particular…

Letter from CFPB Acting General Counsel Concerning Advisory Opinion on Earned Wage Access

January 18, 2022

Letter from Seth Frotman, Acting General Counsel at the Consumer Financial Protection Bureau to advocates concerning the Bureau’s advisory opinion on earned wage access.

Joint Coalition Comments on the CFPB's Inquiry into Buy Now, Pay Later Credit Products

March 28, 2022

The undersigned 77 consumer, housing, civil rights, legal services, faith, community, small business, student borrower, and public interest organizations appreciate the opportunity to comment on the CFPB’s inquiry into Buy Now, Pay Later (BNPL) credit products that are proliferating across market areas. We welcome the CFPB’s recent inquiry into Affirm, Afterpay, Klarna, PayPal, and Zip,…

Longer Comment Regarding the CFPB’s Inquiry into Buy-Now-Pay-Later Providers

March 25, 2022

In response to the Request for Comments issued by the Consumer Financial Protection Bureau, Center for Responsible Lending, National Consumer Law Center (on behalf of its low-income clients), and Consumer Federation of America offer our joint recommendations for further guidance and monitoring of the growing BNPL market overall, which are specific to the “pay-in-four” model.…

How Congress and the CFPB Can Protect Americans from Abusive Debt Collection

November 3, 2020

Before the pandemic, 68 million people in the United States had debt in collection. Economic fallout from job loss and reduced hours related to the coronavirus pandemic have hit families hard with millions struggling to pay their bills and communities of color hit hardest by these economic hardships. Millions of additional consumers are likely to…

Group Letter Urging CFPB to Eliminate the “Credit Header” Exclusion to Keep Credit and Consumer Report Private

January 20, 2021

The undersigned consumer and immigrant rights organizations write to urge the Consumer Financial Protection Bureau (CFPB) to prohibit consumer reporting agencies (CRAs) from selling “credit header” information without a permissible purpose as defined by the Fair Credit Reporting Act (FCRA). This action can be taken through guidance and does not require a rulemaking.

Comments to the CFPB on its Supplemental Notice of Proposed Rulemaking Docket No. CFPB-2020-0010

August 4, 2020

In March 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a supplemental debt collection rulemaking to propose disclosures for consumers when debt collectors attempt to collect a time-barred debt. These proposals do not protect vulnerable consumers from abusive practices associated with the collection of time-barred debts, but instead provide cover for continued abusive…

Time-Barred Debt Disclosures in CFPB's Supplemental Rulemaking Fall Short

May 12, 2020

The Consumer Financial Protection Bureau (CFPB)’s supplemental debt collection rulemaking proposes disclosures for consumers when debt collectors attempt to collect after the statute of limitations (the deadline to sue) has expired. These accounts are called time-barred debts. This document summarizes the proposed disclosures, outlines significant concerns, provides recommendations, and explains how to file comments.

Group Letter to CFPB Regarding Fintech Credit Products

December 21, 2021

The undersigned 79 consumer, housing, civil rights, legal services, faith, community, small business, and financial organizations groups would like to thank you for your recent inquiry into buy now, pay later providers, and write to urge you to carefully examine these and other fintech credit products and fee models. New consumer credit products are exploding…

NCLC Digital Library: 12 Ways to Avoid Arbitration Even After Congress Overturned the CFPB Arbitration Rule

October 17, 2017

The CFPB rule would have had an enormous impact on returning to consumers remedies they had lost through the widespread use of arbitration clauses with class action bans. Nevertheless, consumers have a number of ways to defeat an arbitration requirement, as set out below.

Comments to CFPB Regarding Proposed Reductions in Consumer Protections for Remittance Senders

June 3, 2013

The National Consumer Law Center submitted the following comments on behalf of its low-income clients, as well as the listed national and statewide organizations, all representatives of low and moderate income senders of remittances. In addition, the above-listed law professors teach and research extensively in the areas of consumer and/or payments law, have signed on…

Comments to the CFPB Regarding Proposed Regulation Defining “Larger Participants” of the International Money Transfer Market

April 1, 2014

These comments are filed by the National Consumer Law Center, on behalf of its low-income clients, and by the National Association of Consumer Advocates. The proposed rule would identify a nonbank market for international money transfers and define “larger participants” of this market that would be subject to the Bureau’s supervisory authority. We support this…

All