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Posted inUS

Advocates Push for Increased Enforcement and Later Rule Sunset to Prevent Improper Foreclosures as the CFBP Issues Final Servicing Rule

Washington, D.C. June 28, 2021 – Today, the Consumer Financial Protection Bureau (Bureau) released its final rule under the Real Estate Settlement Procedures Act (RESPA) related to helping homeowners impacted by the COVID-19 pandemic. The rule contains important consumer protections to help stave off unnecessary foreclosures, but the time period for the rule’s foreclosure protections […]

Posted inUS

Housing Advocates Praise CFPB’s Focus on Helping Homeowners at Risk of Losing Homes but Urge a Different Approach

Washington, D.C. April 5, 2021 – Housing advocates at the National Consumer Law Center, Americans for Financial Reform Education Fund, National Community Stabilization Trust, and the National Housing Law Project responded to the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed rules issued today to impose a pre-foreclosure review period (essentially a moratorium) through Dec. […]

Posted inUS

Civil Rights and Consumer Groups Condemn “Emergency” Regulatory Guidance that Allows Banks to Make Payday Loans

Washington, D.C. March 26, 2020– Today, under the cover of a national crisis, the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), and the National Credit Union Administration issued small dollar bank lending guidance that lacks the consumer protections needed to […]

Posted inUS

CFBP’s Proposed Debt Collection Rule Bites Consumers: Authorizes Harassment by Debt Collectors

Washington, May 7, 2019 – The Consumer Financial Protection Bureau (CFPB) released a proposed debt collection rule today which provides numerous gifts to debt collectors with limited new protections for consumers. “We are horrified that the CFPB’s proposed rule will actually authorize harassment of consumers through phone calls, emails, and texts. We are deeply disappointed […]

Posted inLife

Report: Despite Efforts by Regulators, Credit Bureaus Still Need Serious Reform; Consumer Complaints Skyrocket, Errors Not Fixed

BOSTON, Feb. 25, 2019 – Ten years ago, the National Consumer Law Center (NCLC) issued a landmark report on the serious dysfunctions in the American credit reporting system. Since then, the Consumer Financial Protection Bureau (CFPB) began exercising supervision authority over the Big Three credit bureaus (Equifax, Experian and TransUnion), and along with a 2015 […]

Posted inLife

Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later

BOSTON, Nov. 15, 2018 – As Black Friday approaches, the National Consumer Law Center warns holiday shoppers of a lurking danger in the local mall, big box store or online: deferred interest promotions on credit cards. These promotions entice consumers with promises such as “no interest for 12 months” or “0% interest until December 2019,” […]

Posted inUS

Consumer Advisory Board Members of CFPB Alarmed by Bureau’s Shift in Direction

Washington, June 4, 2018 – Today, 11 consumer advocates and professors* who serve on the Consumer Financial Protection Bureau’s (Bureau) Consumer Advisory Board (CAB) expressed deep concern about the policies and direction of the Bureau. “We can’t forget that American families lost one-third of their wealth just a decade ago, due to reckless market practices […]

Posted inUS

A Cold, Drafty Valentine for Low Income and Working Families in President Trump’s Proposed Budget

Washington, Feb. 13, 2018 – President Trump’s proposed budget  once again seeks to eliminate funding for programs that have bipartisan support that help rural families, elders, struggling families and veterans, according to advocates at the National Consumer Law Center. Additionally, the Consumer Financial Protection Bureau (Consumer Bureau) would be severely weakened due to drastic cuts […]

Posted inUS

Private IRS Collectors Waste Taxpayer Money While Squeezing Low-Income Families

Boston January 11, 2018 – New data from the National Taxpayer Advocate for the Internal Revenue Service (IRS) shows that a congressionally-mandated program requiring the IRS to use private debt collectors, like past efforts, targets financially vulnerable families while costing taxpayers three times more than it recovers. IRS data show that 44% of taxpayers who […]

Posted inUS

Robocall Problem Even Worse than FTC Data Shows

Washington, D.C. January 4, 2018 – The Federal Trade Commission’s (FTC) “Biennial Report to Congress” reveals a sizeable uptick in consumer complaints about robocalls in 2017, with 4.5 million complaints filed in 2017 compared to 3.4 million in 2016. While the rise in complaints is consistent with an increased use of intrusive and disruptive robocall […]

Posted inUS

Appellate Court Order to Vacate and Review Questionable Decision on Trump Power over Consumer Watchdog

WASHINGTON, Feb. 16, 2017 – Today, the full U.S. Court of Appeals for the District of Columbia Circuit agreed to rehear a decision that would have posed a serious threat to the integrity and independence of the Consumer Financial Protection Bureau and its director Richard Cordray. The decision, issued by three of the Circuit’s judges […]