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OCC Proposal Would Turn State Interest Rate Limits Into a “Dead Letter,” Causing Explosion of Rent-a-Bank Payday Lending that Will Devastate Struggling Families

July 20, 2020

FOR IMMEDIATE RELEASE: JULY 20, 2020 National Consumer Law Center contacts: Jan Kruse ([email protected]) or Lauren Saunders ([email protected]) Washington, D.C. – Today, the Office of the Comptroller of the Currency (OCC) issued a proposed rule that overturns the “true lender” rule that courts have used since the early 1800s to prevent evasions of state usury…

Alys Cohen to Testify at U.S. House Hearing on Mortgage Servicers’ Implementation of the CARES Act

July 15, 2020

Full testimony is available at: https://bit.ly/oversight-svcrs-cares Washington, D.C. – On Thursday, July 16 at 12pm ET, National Consumer Law Center attorney Alys Cohen will testify virtually at the U.S. House Financial Services Oversight Subcommittee hearing: Protecting Homeowners During the Pandemic: Oversight of Mortgage Servicers’ Implementation of the CARES Act. Cohen’s testimony will focus on how…

Report: Student Loan Borrowers Teetering on the Edge of Catastrophe after Having Tax Refunds Seized

July 15, 2020

FOR IMMEDIATE RELEASE: JULY 15, 2020 Congress Must Act to Stop Snatching of Earned Income Tax Credits Boston – This Tax Day, the National Consumer Law Center (NCLC) has released Voices of Despair: How Seizing the EITC Is Leaving Student Loan Borrowers Homeless and Hopeless During a Pandemic. The updated report builds on a 2018…

How to Get Help with Your Mortgage During COVID-19

July 9, 2020

FOR IMMEDIATE RELEASE: July 9, 2020 The following organizations have made this important information available in Spanish, Korean, Chinese, Vietnamese, Bangla, and English: AFR Language Access Task Force, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Action, Empire Justice Center, National CAPACD, National Consumer Law Center, National Fair Housing Alliance, and UnidosUS.…

CFPB Guts Curbs on Unaffordable 400% APR Payday Loans

July 7, 2020

FOR IMMEDIATE RELEASE: July 7, 2020 Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its final rule gutting the protections against unaffordable payday loans. The previous payday loan rule, issued under former CFPB director Richard Cordray in October 2017, limited unaffordable loans that trap families in a cycle of debt. The CFPB…

Supreme Court Votes to Uphold Right to Stop Political Robocalls and Texts; Advocates Stress Importance of FCC in Upholding Key Consumer Privacy Law (TCPA)

July 6, 2020

FOR IMMEDIATE RELEASE: JULY 6, 2020 Washington, D.C. – Today, the U.S. Supreme Court, in Barr et al v. American Political Consultants, upheld the constitutionality of the provision of the Telephone Consumer Protection Act (TCPA) that gives Americans the right to stop unwanted robocalls and texts to their mobile telephones. The case, brought by a…

Advocates Slam FDIC Proposed Rule for Industrial Loan Companies as Invitation for Predatory Lending

July 2, 2020

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…

Alert: IRS Sending Letters About Unactivated Stimulus Prepaid Cards

July 2, 2020

FOR IMMEDIATE RELEASE: July 2, 2020 WASHINGTON, D.C. – People who have not received their Economic Impact Payments (EIP) should be on the lookout for letters being sent starting today by the Internal Revenue Service (IRS) telling them that they may have an unactivated prepaid card. Last month, the IRS sent stimulus payments via the…

Statement of National Consumer Law Center Advocate in Support of The Emergency Broadband Connections Act of 2020

June 29, 2020

Washington, D.C. The National Consumer Law Center commends the leadership of U.S. Senator Ron Wyden, who joined with Senators Richard Blumenthal, Mazie Hirono, and Chuck Schumer to introduce The Emergency Broadband Connections Act of 2020, which would help low-income households afford home broadband service. “Black, Hispanic, American Indians and Alaska Natives have lower broadband subscription…

Supreme Court Weakens Independence of Consumer Watchdog

June 29, 2020

National Consumer Law Center Advocates’ Statement re: U.S. Supreme Court Decision Challenging the Structure and Constitutionality of the CFPB (Seila Law v CFPB) Washington, D.C. – The U.S. Supreme Court today issued its decision in Seila Law LLC v The Consumer Financial Protection Bureau. In a 5-4 decision, the Court, struck down as unconstitutional a…

Advocates Decry Congress’s Failure to Protect Student Loan Borrowers and Taxpayers from School Fraud and Closures

June 26, 2020

FOR IMMEDIATE RELEASE: June 26, 2020 National Consumer Law Center contact: Jan Kruse ([email protected]) Boston – National Consumer Law Center advocates are extremely disappointed that today Congress failed to override President Trump’s veto of Congress’s prior bipartisan vote to protect federal student loan borrowers by striking down the Department of Education’s new borrower defense regulations. The…

Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit

June 25, 2020

FOR IMMEDIATE RELEASE: JUNE 25, 2020 Media Contacts: National Consumer Law Center: Jan Kruse ([email protected]) Center for Responsible Lending: Matthew Kravitz ([email protected]) Americans for Financial Reform Education Fund: Diop Harris ([email protected]) Washington, D.C. – Consumer advocates criticized the Federal Deposit Insurance Corp. (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder…

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