NCLC and NACA joined an amicus brief prepared by Public Citizen in the Supreme Court case of Lac Du Flambeau v. Coughlin. The issue presented by the case is whether the Bankruptcy Code can abrogate the sovereign immunity of Native American tribes.
Accountable.US, Americans for Financial Reform, Center for Responsible Lending, Consumer Action, Consumer Federation of America, National Consumer Law Center (on behalf of its low- income clients), National Community Reinvestment Coalition, Public Citizen, US PIRG and the Woodstock Institute submitted comments for the Community Reinvestment Act (CRA) examination of First Electronic Bank. First Electronic Bank helps…
FinWise Bank’s lending through American First Finance, Elevate, and Opportunity Financial (OppFi), offering loans at up to 160% APR, raises serious consumer protection issues.
Read More about FDIC Should Downgrade FinWise Bank Over Predatory ‘Rent-a-Bank’ Lending
Accountable.US, Americans for Financial Reform, Center for Responsible Lending, Consumer Action, Consumer Federation of America, National Consumer Law Center (on behalf of its low-income clients), National Community Reinvestment Coalition, Public Citizen, US PIRG and the Woodstock Institute submitted comments in connection with the Community Reinvestment Act (CRA) examination of FinWise Bank. FinWise Bank helps several…
An article appearing in American Banker on February 7, 2023 by Penny Crossman quotes Lauren Saunders in coverage of the Federal Deposit Insurance Corporation’s (FDIC) lowering Transportation Alliance Bank’s Community Reinvestment Act rating from “satisfactory” to “needs to improve,” based on the behavior of one of its fintech lending partners. “TAB Bank has been disserving…
The FDIC found that the Utah-based bank committed unfair or deceptive acts or practices that “impacted a large number of consumers over an extended period of time."
Read More about TAB Bank, Facilitator of Predatory Puppy Loans, Gets Rating Downgraded by FDIC
Plaintiff sues Defendant arguing it “offers personal loans from $1,000 to $10,000 with terms of 12, 24 or 36 months, and biweekly, semimonthly or monthly payment schedules.” The problem is that these online loans it solicited, funded, collected, and serviced for Florida consumers like Plaintiff and Class Members, are entirely illegal.
Read More about Class Action Complaint in DeRosier v. Applied Data Finance
