Tag Archives: consumer

sign for the CFPB outside a building

News Release: Consumer Advocates Urge CFPB to Protect Consumers From “Junk Fees”

WASHINGTON – In response to the Consumer Financial Protection Bureau’s (CFPB) call for public input on how to save Americans billions in junk fees charged by financial companies, leading consumer advocacy organizations submitted an extensive comment letter detailing junk fees across a wide range of consumer financial products and services. The letter was submitted by Americans for Financial Reform (AFR), the Center for Responsible Lending (CRL), Consumer Federation of America (CFA), the National Community Reinvestment Coalition (NCRC), and National Consumer Law Center (NCLC) (on behalf of its low-income clients). 

sign for the CFPB outside a building

News Release: Groups Urge CFPB to Treat “Buy Now Pay Later” Products Like Credit Cards and Protect Consumers from Harmful Practices

WASHINGTON – More than 75 consumer, housing, civil rights, legal services, faith, community, small business, student borrower, and public interest organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) concerning Buy Now, Pay Later (BNPL) credit products. The groups are alarmed by the lack of regulation of this credit product, which is exploding in use, and urge the CFPB to view BNPL products as credit cards covered by the Truth in Lending Act (TILA), to start supervision of this market, and to look out for practices that harm consumers.

the outside exterior of the U.S. Treasury Department building

News Release: Statement in Response to Biden Administration Executive Order on Digital Assets

“The administration’s order includes the recognition that the rapid growth of digital assets as instruments for financial speculation is creating a wide range of serious risks and harms for consumers, investors, and the public at large.  It is important that the order recognizes and articulates a set of these risks, and a whole of government approach can help address the scale and scope of the potential harm. It will be important for the studies authorized by the order to generate useful data and momentum for decisive regulatory action,” said Mark Hays, senior policy analyst with AFR and Demand Progress.