Comment Letters

May 11, 2018 | Filed under: Other Areas of Interest | Tagged with: Tax

April 26, 2018 | Filed under: Other Areas of Interest | Tagged with: CFPB

NACA submitted comments responding to the Consumer Financial Protection Bureau’s (CFPB or bureau) Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes.

NACA is concerned that the CFPB has issued this and other public Requests for Information to begin an effort to revamp its internal processes and functions for the benefit of covered financial entities and to the detriment of consumers and the financial markets. CFPB investigations and ensuing enforcement actions have had spectacular results, benefitting tens of millions of consumers across the country. The bureau must refrain from making any changes that would hamper its ability to fulfill its statutory mission to protect consumers in the financial marketplace, including its ability to initiate and carry out investigations of potential violations of consumer financial protection laws. 

April 11, 2018 | Filed under: Other Areas of Interest | Tagged with: CFPB

In its letter to the House Financial Services Committee for its hearing on the CFPB Semiannual Report to Congress, NACA said: "Since the CFPB’s inception, 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."

April 11, 2018 | Filed under: Other Areas of Interest | Tagged with: CFPB

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."

March 5, 2018 | Filed under: Other Areas of Interest | Tagged with: Banking

NACA writes the U.S. Senate to urge opposition to S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” The financial marketplace does not need legislation that would eliminate banking safeguards, especially those installed after the 2008 financial crisis. This bill is being pushed under the guise of protecting community banks, but in reality it would weaken protections for homeowners and expand the scope of risky activity for big banks and lenders to engage in at the expense of American consumers and the economy.

 

February 8, 2018 | Filed under: Other Areas of Interest | Tagged with: CFPB

NACA conducted an online survey to understand how attorneys and advocates, who represent consumers in the financial marketplace, interact with the Consumer Financial Protection Bureau. The survey results show that consumers and their advocates enforce and rely on the CFPB’s work in resolving private disputes with financial institutions, and simultaneously, regularly alert the bureau of new and growing predatory practices in their communities across the country that the agency can then investigate and take action on.

Press Release:  CFPB Fully Immersed as Key Resource and Partner for Distressed Consumers in Financial Marketplace

January 2, 2018 | Filed under: Forced Arbitration

NACA commends Rep. Cheri Bustos' (IL) introduction of H.R. 4734, the Ending Forced Arbitration of Sexual Harassment Act. By making forced arbitration clauses invalid and unenforceable for claims of sexual harassment and other forms of sex discrimination as defined under Title VII of the Civil Rights Act of 1964, the legislation would ensure that workers can go to court to enforce critical protections and help them to seek justice for related harm. The proposal would be a positive step forward in the effort to eliminate forced arbitration altogether and restore individuals’ legal rights in consumer and workplace disputes.

*Revised January 3, 2018

December 18, 2017 | Filed under: Other Areas of Interest | Tagged with: CFPB, Insurance

Groups oppose HR 3746, the Business of Insurance Regulatory Reform Act of 2017 which would limit the CFPB’s authority to enforce federal consumer financial protection laws against entities that are regulated by a state insurance regulator to the extent such person is engaged in the business of insurance. The bill could have wide-ranging impacts that infringe on the CFPB’s core authority to address problems with consumer financial products and services.

December 12, 2017 | Filed under: Other Areas of Interest | Tagged with: consumer protection, net neutrality

NACA joined a broad coalition letter to Congress opposing the Federal Communications Commission (FCC)'s order that would reverse its own net neutrality rule issued in 2016. The net neutrality rule was based on the principle that all data on the internet should be treated equally, and that internet service providers (ISPs) should not discriminate or provide preference to any data, regardless of its source, content, or destination.

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