AB 2116 establishes an oversight framework and transparency about the products and costs associated with the product that a commercial broker offers small business owners on behalf of a high-cost commercial lender.
Read More about Broad SUPPORT for AB 2116 (Schiavo) – California Financing Law
Anne Cuvellier and David Hills, on behalf of herself and all others similarly situated v. Unison Agreement Corp., Unison Investment Management, LLC, and Real Estate Equity Exchange, Inc., 3:26-cv-30126 (D. Mass.) This class action complaint seeks relief for Massachusetts borrowers against predatory mortgage lender Unison Agreement Corp. and its affiliates. The case asserts that the…
The 106 undersigned consumer, civil rights, and community organizations wrote to Chairman Scott, Ranking Member Warren, Chairman Hill and Ranking Member Waters urging them to defend and strengthen interest rate limits and transparency to address the affordability crisis by:
NCLC submitted written testimony submitted to the Michigan House Committee on Regulatory Reform opposing H.B.5558 and associated bills. This proposed legislation would exempt a form of payday loan, so called “earned wage access” payday loans, from Michigan’s interest rate limits and transaction limits designed to prevent predatory lending.
Read More about Testimony in Opposition to H.B.5558 and Associated Legislation
Consumer, faith, civil rights, labor, human rights, and community advocacy groups, urge support for the Predatory Lending Elimination Act (S3793), sponsored in the Senate by Senator Jack Reed. This bill is the solution to the worst practices by predatory lenders in the consumer loan market. By expanding the protections already afforded active-duty service members under…
Read More about Coalition Letter in Support of the Predatory Lending Elimination Act
Interest rate caps vary greatly from state to state. Some states allow lenders to pile on junk fees and a few states do not cap interest rates at all.
Johnathan Burkhard and Deven Burkhardt, individually and on behalf of all others similarly situated v. MoneyLion Technologies Inc., ML Plus, LLC, and MoneyLion of Florida, LLC, No. 1:25-cv-06761-DEH-SLC (S.D. NY) This case seeks relief against predatory earned wage access lender MoneyLion and related companies on behalf of a nationwide class of servicemembers and their spouses…
Read More about Burkhardt et al. v. MoneyLion Technologies Inc. et al.
Interest rate caps still vary greatly from state to state, rates are trending upward, and too many states allow lenders to pile on junk fees.
Read More about 50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees
Forty-five states and the District of Columbia (DC) currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size of the loan. However, the caps vary greatly from state to state, and a few states do not cap interest rates at all.
Consumers who wish to borrow small amounts of money may have several options. Comparing them can be difficult, especially since consumers do not always get annual percentage rate (APR) disclosures. The APR is an important price comparison tool, providing an apples-to-apples rate comparison for borrowing the same amount of money for the same amount of…
The brief supports the State of Colorado and reversal of a federal district court decision in the case, NAIB v. Weiser.
Consumer advocates question what is driving higher rates and defend the new late fee rule by the CFPB.
Read More about Synchrony's Planned Rate Hike Unjustified, Advocates Say
