Fed Proposal Will Make It Easier to Pay Bills, Receive Wages on Weekends
Federal Reserve proposes to process electronic payments 365 days a year
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Comments Supporting FTC Impersonation Rule
NCLC joined other organizations in supporting a proposed rule by the Federal Trade Commission prohibiting individuals from engaging in impersonation fraud.
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CBS News: New efforts to stop scammers from stealing through fraudulent wire transfers (video)
Appearing on CBS Mornings on April 18, 2024, Anna Werner interviews Carla Sanchez-Adams for a story on how Americans are losing millions of dollars every year to scammers who steal money directly from their bank accounts, often through fraudulent wire transfers. U.S. senators are now pressing banks for answers about what they’re doing to stop…
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American Banker: It's past time for the Fed to expand ACH settlement to weekends
In an op-ed appearing in American Banker on April 3, 2024, NCLC senior attorney Carla Sanchez-Adams and Michael Herd, Executive Vice President for ACH Network Administration at Nacha, write tourge the Federal Reserve to expand the ACH network’s hours of operation to settle payments on weekends and holidays. “Expanding NSS operating hours means American workers…
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Testimony In Support of Maryland HB 1156: The Elder Fraud Prevention Act of 2024
Payment fraud impacts all Americans across many communities, but the impacts of fraud are most keenly felt by certain vulnerable populations such as older Americans, low-income consumers, and communities of color. Additionally, Maryland ranks fifth in the nation for 2023 fraud reports per capita. One of the primary ways used by criminals to steal tens…
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Communications Daily: Disagreements Continue on Need for Tougher SIM Swapping Rules
Originally appearing in Communications Daily on Feb. 15, 2024, Howard Buskirk quotes Margot Saunders, senior attorney at the National Consumer Law Center, in coverage of a push for the Federal Communications Commission to take a more aggressive stance against SIM swapping and port-out fraud. The FCC must clarify that carriers, “the only parties in these…
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Letter Expressing Consumer Groups' Concern with HR 1059 – SECURE Notarization Act of 2023
As written, this bill would harm consumers and aid scammers by making it more difficult to challenge fraud involving electronic records and electronic signatures. The bill preempts consumer-friendly state laws without establishing reasonable protections on the federal level.
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Testimony of Carla Sanchez-Adams on "Examining Scams and Fraud in the Banking System and Their Impact on Consumers”
Carla Sanchez-Adams, NCLC Senior Staff Attorney, testified on February 1, 2024, before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers."
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Comments to Fed on EGRPRA Review of Community Reinvestment Act and Regulation CC Availability of Funds
NCLC and other consumer organizations submitted comments in connection with the Federal Reserve Board’s review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of the Community Reinvestment Act and the Availability of Funds and Collection of Checks as set forth in Regulation CC, 12 C.F.R. Part 229.
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Comments on the CFPB's Proposed Rule to Define a Market for General-Use Digital Consumer Payment Applications
The CFPB proposed a rule to define a market for general-use digital consumer payment applications which would include providers of funds transfer and wallet functionalities. NCLC and its coalition partners wrote comments in support of the proposal to define larger participants within this market, but urged the CFPB to broaden the scope of covered transactions…
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Letter to CFPB and FTC on Threat of AI-Generated Deep Fakes Used for Financial Fraud
NCLC and other consumer organizations urged the Consumer Financial Protection Bureau and the Federal Trade Commission to work together to investigate and protect consumers from the increasing threat of artificial intelligence (AI)-generated “deepfake” voice clips and videos used for financial fraud. Technologies advances and recent incidents serve as a stark warning that the use of deep fakes used to steal people's money could escalate exponentially.
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