In Letter to Senate Committee, NACA Shares Concerns About Recent CFPB Actions

Publish Date: 
April 11, 2018
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In a letter to the Senate Banking Committee which was holding a hearing on the Consumer Financial Protection Bureau's Semiannual Report, NACA said,

"...NACA has supported the bureau’s mission and commended its tremendous commitment to curbing predatory and illegal business practices in the consumer finance sector. However, the agency’s recent actions (and inaction) over the last several months indicate a willingness to abandon its duty to protect consumers in the financial marketplace. We urge you to (1) call on the President to name a qualified nominee for CFPB director for formal consideration by the U.S. Senate, (2) support the bureau’s payday loan rule and oppose any efforts to weaken or eliminate it, and (3) demand that the bureau’s current “acting” leadership act in good faith to carry out his temporary responsibility to make the financial marketplace fair for consumers."