NCLC submitted comments, co-authored by the Prison Policy Initiative and Stephen Raher, in response to the Bureau of Prisons’ (“BOP”) Supplemental Notice of Proposed Rulemaking (“SNPR”) on the Inmate Financial Responsibility Program (“IFRP”). The IFRP is a nominally voluntary program in federal prisons that is intended to encourage incarcerated people to pay off outstanding government-imposed…
Preserve the CFPB’s independence: Created on the heels of the 2008 financial crisis, the CFPB was designed to be led by a single independent director, rather than a much weaker commission structure. This allows the agency to more effectively protect people from fraud, deception, and abuse and act nimbly to address emerging wrongdoing by financial…
Medical bills often end up on credit cards, including medical credit cards and other medical lending products. These products are marketed specifically to pay for medical expenses and are typically offered directly by health care providers, particularly dentists. Patients used cards or loans with deferred interest terms to pay for almost $23 billion in healthcare…
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CFPB Resources: Community Catalyst Resources: NCLC Resources: Other Resources:
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Cornerstone Credit Union League and Consumer Data Industry Association v. CFPB and Acting Director of the CFPB, No. 4:25-cv-00016-SDJ (E.D. Tex.) This case was brought by a credit union trade group and a credit reporting trade group against the CFPB to challenge the validity of the CFPB’s Medical Debt Rule (Prohibition on Creditors and Consumer…
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Remember the subprime mortgage crisis of the early 2000s? One toxic product that contributed to the crisis was the “80-20 mortgage,” where homeowners took out a first and second mortgage simultaneously. When the housing bubble burst, these second mortgages, often held by investors, became worthless. Many homeowners, understandably, believed these second mortgages were dead and…
Read More about Fact Sheet: Protecting Homeowners from Zombie Second Mortgages