Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced plans to create an advisory opinion program which, if enacted, would circumvent the public notice-and-comment process, a pillar of our government and democracy. The intent of the advisory opinion program, according to the CFPB, would be to provide clear guidance to assist companies in better…
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) released a proposed debt collection rule late last Friday to supplement the proposed debt collection rule it released in May. The supplemental rule states that debt collectors must provide consumers with specific disclosures when collecting debt that is beyond the statute of limitations (time-barred debt). “Unfortunately,…
Read More about CFPB Fails to Protect Consumers from Abusive Collection of Time-Barred Debts (Again)
Persis Yu, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, released the following statement on yesterday’s announcement of a Memorandum of Understanding (MOU) between the Consumer Financial Protection Bureau and the U.S. Department of Education on handling of complaints by student loan borrowers: “Accepting complaints is a vital part of the…
The undersigned organizations are writing in response to the Consumer Financial Protection Bureau’s (Bureau) rulemaking regarding the definition of a Qualified Mortgage (QM).
The National Consumer Law Center, on behalf of its low-income clients, Public Citizen, Inc., and UnidosUS submitted the following comments regarding the Consumer Financial Protection Bureau’s (CFPB) recent proposed changes to the regulations governing international remittances from the United States to foreign countries (Remittance Rule).
FOR IMMEDIATE RELEASE: October 16, 2019 National Consumer Law Center contacts: Lauren Saunders ([email protected]) or Jan Kruse ([email protected]) Washington, D.C. – Advocates at the National Consumer Law Center urged the public to check out a new online tool from the Consumer Financial Protection Bureau (CFPB) where consumers, workers, researchers, employers, and others can see prepaid…
CFPB finalizes policy that gives companies a private channel to seek approvals of untested new products and a promise that the CFPB will not take action for consumer protection law violations WASHINGTON D.C. — Consumer advocates criticized today’s announcement by the Consumer Financial Protection Bureau that it has finalized policies to give banks, fintech companies,…
Read More about CFPB to Approve Potentially Risky Fintech Products
FOR IMMEDIATE RELEASE: July 25, 2019 Washington, D.C. – Advocates at the National Consumer Law Center and the Consumer Federation of America issued the following statement today in response to the Consumer Financial Protection Bureau’s (CFPB) announcement of an Advance Notice of Proposed Rulemaking regarding the Dodd-Frank Act ability to repay and qualified mortgage rules.…
FOR IMMEDIATE RELEASE: July 9, 2019 Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced the settlement of a lawsuit it had brought against Freedom Debt Relief, the nation’s largest debt settlement company. According to the CFPB, the company agreed to pay $20 million in restitution to affected consumers and a $5 million…
Read More about Statement Regarding CFPB Settlement with Nation’s Largest Debt Relief Company
FOR IMMEDIATE RELEASE: July 2, 2019 “More, not less, comprehensive reform of unfair and abusive overdraft fee practices is badly needed.” “Overdraft fees are unfair, deceptive, harmful, and outrageously high—and they hit consumers of color the hardest” WASHINGTON, D.C. – The Center for Responsible Lending (CRL), National Consumer Law Center (on behalf of its low-income…
FOR IMMEDIATE RELEASE: May 17, 2019 CFPB is required to consider comments on its plan, which would eliminate protections from 300% APR payday loan debt traps House Oversight and Reform subcommittee hearing held on the proposal WASHINGTON, D.C. – The National Consumer Law Center (NCLC), as part of a coalition of civil rights, consumer, and…
Read More about Broad Coalition Rebukes Trump-appointed CFPB Director’s Plan to Gut Payday Loan Rule
Advocates Applaud CFPB for Suing Firms Accused of Illegally Taking Upfront Fees for Credit Repair Services WASHINGTON– Advocates at the National Consumer Law Center applaud the Consumer Financial Protection Bureau’s (CFPB) legal action against Lexington Law and several internet-based marketers (PGX Holdings Inc. and subsidiaries Progrexion Marketing Inc., Progrexion Teleservices Inc., eFolks LLC, and CreditRepair.com…
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