Comment Letters

October 30, 2017 | Filed under: Forced Arbitration

H.R. 2936, the poorly named “Resilient Federal Forest Act of 2017,” not only fails to improve the quality of public forests by promoting potentially harmful and destructive logging projects, but tramples on access to justice principles by stifling citizens’ ability to seek redress through our courts.

October 23, 2017 | Filed under: Other Areas of Interest | Tagged with: Regulatory Enforcement

NACA joins organizations in opposing H.R. 732, the so-called Stop Settlement Slush Funds Act of 2017 that would prohibit settlement agreements where the United States is a party from including certain “donations” to non-federal actors, primarily non-profits, educational, and community-based organizations. Settlements from federal enforcement actions can include payments to third parties to advance programs that assist with recovery, benefits, and relief for communities harmed by lawbreakers. H.R. 732 would cut off any payments to third parties other than individualized restitution and other forms of direct payment for “actual harm.” That restriction would handcuff federal enforcement officials by limiting the ability of federal enforcement officials to negotiate real relief for harms caused to the public by illegal conduct that is the subject of federal enforcement actions.

October 23, 2017 | Filed under: Other Areas of Interest | Tagged with: Access to justice, Regulations

The so-called “Sunshine for Regulations and Regulatory Decrees and Settlements Act of 2017” would undermine the enforcement of federal laws and impede the resolution of various consumer protection, anti-discrimination, environmental, and public health cases before our federal courts.

October 11, 2017 | Filed under: Other Areas of Interest | Tagged with: Banking, Regulations

NACA, organizations oppose H.R. 2706, the Financial Institution Customer Protection Act of 2017. The bill will hamper the efforts of banking regulators to advise financial institutions of warning signs that their customers are engaging in fraud, money laundering, or other illegal activity, putting consumers and financial institutions at risk of serious financial loss. The bill would also promote spurious litigation against regulators and financial institutions when an account is closed. 

October 4, 2017 | Filed under: Credit Reporting

NACA submitted a letter to the U.S. House Financial Services Committee on the Equifax cybersecurity breach. "We urge the Committee to assert its intention to protect the tens of millions of impacted consumers across the country by supporting effective policies that: protect their personal information; restore and preserve their legal rights – such as the Consumer Financial Protection Bureau’s arbitration rule; and afford them meaningful remedies to make them whole when they are wronged."

October 3, 2017 | Filed under: Credit Reporting | Tagged with: CFPB, forced arbitration

NACA submitted a letter to the U.S. Senate Banking Committee to share its views for the Oct. 4 hearing on the Equifax cybersecurity breach. The Equifax breach is an object lesson on the consequences of a powerful entity that lacks adequate controls and incentive to act responsibly and in good faith in the marketplace. We urge the Committee to assert its intention to protect the tens of millions of impacted consumers across the country by supporting effective policies that: protect their personal information; restore and preserve their legal rights – such as the Consumer Financial Protection Bureau’s arbitration rule; and afford them meaningful remedies to make them whole when they are wronged.

October 2, 2017 | Filed under: Forced Arbitration

NACA submitted a letter to the U.S. Senate Banking Committee to share its views for the upcoming hearing titled “Wells Fargo: One Year Later.” In September 2016, the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank, N.A. $100 million for illegally opening millions of accounts without its customers’ permission. Since then, the continued revelations and allegations of the bank’s years-long, systemic mistreatment and defrauding of customers to reap profit has been astounding. Indeed, the level of Wells Fargo’s offenses is reminiscent of the recklessness that led to the 2008 financial crisis when profitable but predatory financial schemes were accepted despite their devastating threat to American consumers’ financial security. It is in the Committee’s hands to support and uphold policies, including the CFPB’s arbitration rule, that will ensure Wells Fargo and other bad actors in the financial sector, such as the credit reporting agency Equifax, are not only held fully accountable for damage they cause but that they are also deterred from engaging in pernicious business practices in the first instance. 

 

September 27, 2017 | Filed under: Other Areas of Interest | Tagged with: Banking, Overdraft Fees

The Community Bank Advisory Council of the Consumer Financial Protection Bureau (bureau) should recommend meaningful solutions to address the size and number of overdraft fees that institutions mount on their customers, said five public interest organizations (Americans for Financial Reform, Center for Responsible Lending, Public Citizen, National Consumer Law Center, and NACA) in a letter to the bureau.

September 26, 2017 | Filed under: Forced Arbitration | Tagged with: CFPB

National Association of Consumer Advocates (NACA), a national nonprofit association actively engaged in promoting a fair and open marketplace that forcefully protects the rights of consumers, particularly those of modest means, urged U.S. Senators to oppose S.J.Res.47 and H.J.Res.111, a resolution under the Congressional Review Act (CRA) that would repeal the arbitration rule issued by the Consumer Financial Protection Bureau (bureau). The Resolution would give the financial sector a pass to once again take away Americans’ legal rights that the bureau has rightfully restored.

September 20, 2017 | Filed under: Student Loans

NACA joins other advocates for students, consumers, veterans, service members, faculty and staff, civil rights, and college access to urge the Department of Education to place the interests of students front and center as the Department explores potential changes to regulations. Current federal higher education regulations and oversight need to be strengthened and improved to better protect students and taxpayers, and schools that pose greater risks to students and taxpayers deserve more oversight and scrutiny, not less. 

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