Consumer Comments to the CFPB Regarding Junk Fees Imposed by Providers of Consumer Financial Products or Services
Comments addressing the CFPB’s authority to regulate junk fees and some common themes across different markets.
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Groups Urge CFPB to Treat “Buy Now Pay Later” Products Like Credit Cards and Protect Consumers from Harmful Practices
March 28, 2022 WASHINGTON – More than 75 consumer, housing, civil rights, legal services, faith, community, small business, student borrower, and public interest organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) concerning Buy Now, Pay Later (BNPL) credit products. The groups are alarmed by the lack of regulation of this…
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Letter Opposing NJ Earned Income Access Bill
Americans for Financial Reform, the Center for Responsible Lending, Consumer Federation of America, Consumer Reports, National Consumer Law Center, Service Employees International Union (SEIU), United For Respect and U.S. PIRG write to urge you to veto S. 3611 (Scutari) regarding earned income access services.
Read More about Letter Opposing NJ Earned Income Access Bill
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CFPB Urged to Reverse Earned Wage Actions that Threaten to Create Dangerous Fintech Payday Loan Loopholes
October 12, 2021 Opinion and Order Under Former Director Kraninger Promote Evasions of Credit, Fair Lending, and Payday Loan Laws WASHINGTON – A coalition of 96 consumer, labor, civil rights, legal services, faith, community and financial organizations and academics is urging the Consumer Financial Protection Bureau (CFPB) to revoke or significantly revise two actions taken…
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Advocates Slam FDIC Proposed Rule for Industrial Loan Companies as Invitation for Predatory Lending
FOR IMMEDIATE RELEASE: July 2, 2020 The bank regulator’s plan, described as “recipe for disaster” and as a way to “fuel financial exclusion,” provides an avenue for lenders to evade state laws that cap interest rates and to harm families suffering most in this economic downturn. WASHINGTON, D.C. – The National Consumer Law Center, on…
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Fintech and Consumer Protection: A Snapshot
The use of technology in financial products and services (fintech) is resulting in a wide array of new approaches to financial products and services. The internet, mobile devices, big data, computer algorithms, and other technologies are impacting the way we borrow, make payments, and manage our money. These technologies are also changing the way that…
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The Rent-to-Own Racket: Using Criminal Courts to Coerce Payments from Vulnerable Families
In states across the country, the rent-to-own (RTO) industry is abusing the criminal system to extract payment from low-income consumers who have fallen behind on payments on abusive contracts. Under little-known laws often written years ago by the industry lobby, RTO companies are able to turn a dispute over a furniture set into threats of…
