Comment Letters

May 22, 2018 | Filed under: Mortgage, Real Estate & Housing

NACA sent a letter to the U.S. House urging opposition to S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” 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.

May 14, 2018 | Filed under: Other Areas of Interest | Tagged with: CFPB

NACA submitted comments in response to the Consumer Financial Protection Bureau's Request for Information on its Enforcement Processes. NACA is concerned that the CFPB has issued this and other public Requests for Information as an opening to revamp its internal processes and hinder activities meant to protect consumers and the financial markets.

 

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

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

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