On Tuesday, Nov. 2 at 10 am ET, Lauren Saunders, associate director of the National Consumer Law Center will testify before the U.S. House Committee on Financial Services’ Task Force on Financial Technology during a hearing titled, “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.” …
Read More about NCLC’s Saunders Testifies on Buy Now, Pay Later and Other Fintech Cashflow Products
October 6, 2021 New law addresses evasions of CFPB prepaid card rule WASHINGTON — California Governor Gavin Newsom late yesterday signed into law a bill by Senator Monique Limón (D-CA-9) that closes a loophole that prepaid card companies have been using to evade California and federal laws that limit overdraft fees. SB 497, which was…
Support Letter for CA SB 497: Qualifying Accounts for Direct Deposit of State Payments
Urgent action is needed to stop the use of rent-a-bank arrangements and new types of bank charters to eviscerate state interest rate limits that stop predatory lending.
Read More about 2021 Banking Agency Predatory Lending and Safe Banking Priorities
Prepaid cards are prepaid – a safe way to control spending for consumers who have had trouble with overdraft fees, have blemished credit, and may have lost their bank account. Except for prepaid cards sold by payday lenders. The largest payday lenders sell prepaid cards with unusual features that enable payday loans and profit from…
For three centuries or more, the common law has prohibited contract provisions that impose a penalty greater than the amount of damages caused by a breach of the contract. When those damages are difficult to determine, the common law permits “liquidated damages” provisions that are reasonably related to the actual damages sustained by the party.…
Over 17 million Americans are unbanked, relying on alternative, and often costly, financial services providers. Policymakers, consumer advocates and the banking industry are increasingly working to move people into the financial mainstream by promoting basic banking accounts. Prepaid cards have also been promoted as safe alternative transaction account. Indeed, the bank account and prepaid models…
Read More about Features of a Safe Basic Banking or Prepaid Card Account
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