Comments to CFPB Regarding 10-Year Regulatory Flexibility Act Review and Biannual Credit CARD Act Market Review
Comments in response to the Consumer Financial Protection Bureau (CFPB)’s notice for Docket No. 2020-0027, issued August 28, 2020.
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Consumer and Faith Groups to CFPB Director: Stop Letting Industry Violate the Fair Credit Reporting Act
For Immediate Release: September 24, 2020 550% increase in credit reporting complaints to CFPB in the past six months Washington, D.C. – A coalition of 21 consumer, faith, and advocacy groups sent a letter today to Consumer Financial Protection Bureau Director Kathy Kraninger urging her to revoke the permission that the Bureau granted the credit…
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How to File a Complaint with the CFPB About Debt Settlement or Other Debt Relief Services
Anyone can file a complaint: You can file one about your own problem A lawyer, housing counselor, social worker or anyone else can file a complaint fora client A family member or friend can file a complaint for someone else
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CFPB Issues Proposal to Permit Mortgage Lenders to Make Unaffordable Loans Without Consequences
FOR IMMEDIATE RELEASE: August 18, 2020 National Consumer Law Center Statement: Proposal May be Challenged Washington, D.C. – Today, the Consumer Financial Protection Bureau’(CFPB) announced a Notice of Proposed Rulemaking regarding the Dodd-Frank Act ability to repay and qualified mortgage rules. The following statement is by National Consumer Law Center Staff Attorney Alys Cohen: “The…
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CFPB Proposal Allows Abusive “Zombie” Debt Collection to Continue
FOR IMMEDIATE RELEASE: AUGUST 4, 2020 Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) should withdraw its supplemental proposed rule on disclosures and instead completely ban all collection of time-barred “zombie” debt, both in and out of court, wrote the National Consumer Law Center (NCLC) in comments submitted today on behalf of its low…
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Consumer Advocates to CFPB: Don't Destabilize the Mortgage Market in the Midst of a Pandemic
FOR IMMEDIATE RELEASE: JULY 27, 2020 Washington, D.C. – Today, the National Consumer Law Center (NCLC) and 13 other organizations sent a comment letter to the Consumer Financial Protection Bureau (CFPB) urging it not to revamp the rules governing the residential mortgage market—a step that could destabilize the mortgage market in the middle of the…
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CFPB Guts Curbs on Unaffordable 400% APR Payday Loans
FOR IMMEDIATE RELEASE: July 7, 2020 Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its final rule gutting the protections against unaffordable payday loans. The previous payday loan rule, issued under former CFPB director Richard Cordray in October 2017, limited unaffordable loans that trap families in a cycle of debt. The CFPB…
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CFPB Proposal Would Encourage Unaffordable Mortgage Lending and Threaten Access to Credit
Washington, D.C. – Today, the Consumer Financial Protection Bureau released two proposed rules that together will fundamentally reshape the mortgage market at a time when the market is attempting to adjust to the pandemic and recession and access to credit for communities of color is already constrained. “With the country facing the effects of a…
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CFPB Announces Another Pilot Program Placing Financial Companies’ Interests Before Consumers
FOR IMMEDIATE RELEASE: June 18, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Washington, D.C. – Today, the Consumer Financial Protection Bureau announced a pilot advisory opinion program designed to provide additional protections for financial institutions at the expense of consumers. Under the CFPB pilot, itself issued without notice and comment, financial institutions are…
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Consumer Advocates Criticize Credit Card “Relief” from CFPB and Warn Consumers to Avoid Unwanted Electronic Statements
Washington, D.C. – Under the guise of allowing “relief” to consumers during the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued guidance yesterday that will undermine critical consumer protections in federal law that ensure that consumers receive important disclosures about credit card transactions in writing. The guidance, supposedly issued to provide consumers relief to…
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CFPB Guidance for Mortgage Servicing Transfers Lacks Crucial Consumer Protections, Especially During COVID-19 Crisis
Washington—Last Friday, the Consumer Financial Protection Bureau (CFPB) released a document providing supervisory guidance for mortgage servicing transfers. This document, reportedly under development long before the coronavirus pandemic, sets forth best practices for servicing transfers and acknowledges that servicing transfers pose particular risk for borrowers who are behind in their mortgage payments. Yet the document…
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New CFPB Mortgage Guidance Does More for Servicers than Consumers
Millions of Families Could Lose Homes from Job Loss Due to COVID-19 Washington, D.C. – Late last Friday, the Consumer Financial Protection Bureau (CFPB) issued a one-sided policy guidance providing enormous flexibility to mortgage servicers while failing to ensure that distressed consumers can get access to crucial information and foreclosure-avoidance procedures. Although styled as a…
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