The Troubled Asset Relief Program (TARP) must include a foreclosure prevention program that requires those who receive funding to engage in streamlined loan modification efforts. This TARP program must be implemented quickly, whether through an agreement with the Obama Administration on core principles or through legislation consistent with the concepts in Title II of Chairman Frank's H.R. 384.
NACA and NCLC issued a press release in support of the Court Legal Access & Student Support (CLASS) Act, which protects students' right to access the court system.
A letter signed by over 70 national and state advocacy organizations was sent to the FCC urging them to maintain protections of the TCPA.
We appreciate the complexity of these new regulations based on the revisions to AMTPA. We agree with the Consumer Financial Protection Board (“CFPB”) that the changes made by the
Dodd-Frank Wall Street Reform and Consumer Protection Act4 necessitated the issuance of this Interim Final rule on the first day the CFPB came into legal existence. We also agree with many of
the interpretations of the new AMTPA provided by the CFPB, and we applaud the CFPB’s requirement that all variable rate indexes be beyond the control of the creditor.
However, in several, quite serious, matters the rule misinterprets both the clear language in the new AMTPA and Congressional intent. We urge the CFPB to move quickly to issue a clarifying
Interim Final rule correcting these misinterpretations.