FOR IMMEDIATE RELEASE: March 24, 2020 National Consumer Law Center Contacts: Sarah Bolling Mancini (smancini@nclc.org), Odette Williamson (owilliamson@nclc.org), or Jan Kruse (jkruse@nclc.org) Advocates: HUD Must Do Much More to Protect Older Reverse Mortgage Borrowers in the Coronavirus Epidemic The National Consumer Law Center, Americans for
The COVID-19 pandemic requires an aggressive economic response that creates the best possible conditions to preserve public health and helps individuals, families, and communities weather the disruptions that efforts to contain the pandemic require.
The U.S. Supreme Court is preparing to hear oral arguments on Tuesday, March 3, on Seila Law v. Consumer Financial Protection Bureau (CFPB). The case is about whether the authority of this independent agency, led by a single director who can be removed only for cause, violates the separation of powers.
The supplemental rule states that debt collectors must provide consumers with specific disclosures when collecting debt that is beyond the statute of limitations (time-barred debt). The proposed disclosures would be in addition to the CFPB’s proposal announced in May to prohibit collectors from filing or threatening a lawsuit on a time-barred debt, but only if the collector “knows or should know” that the legal time limit to sue has expired.
Americans for Financial Reform Education Fund and the Electronic Frontier Foundation said the Internet Corporation for Assigned Names and Numbers, which coordinates the operation and maintenance of the internet’s domain name system, should make sure that the transaction will “not imperil the future operation of .ORG” before allowing it to proceed.
Yesterday, the House passed the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (Comprehensive CREDIT Act), H.R. 3621, in a 221-189 vote.
A coalition of more than 100 organizations yesterday submitted a public comment in opposition to a proposed rule from the Office of the Comptroller of the Currency (OCC) that would make it easier for payday and other high-cost lenders to use banks as a fig leaf to offer predatory loans at interest rates of 100 percent APR or higher that are prohibited under state rate cap laws.
The proposed rules weaken a compliance system that needs to be strengthened, introduce new loopholes and add confusion and inconsistency, all while failing to address the real changes needed to modernize CRA to respond to changes in our country’s demographics and changes in the structure of the banking industry.
Contrary to the mission of CRA, the FDIC/OCC proposal makes it easier for banks to ignore the variety of credit needs in the communities they serve, and leave them further behind.
We urge Congress to stand up for working people and for communities, patients and consumers, and enact the Stop Wall Street Looting Act.