Comment Letters

May 11, 2010 | Filed under: Mortgage, Real Estate & Housing

The Corker-Gregg-Isakson (#3834) amendment replaces the risk retention provisions of S. 3217, Title VII, Subtitle D, (b) Credit Risk Retention with a study on the feasibility of risk retention requirements for financial institutions and implements residential mortgage underwriting standards that include a mandatory 5% down payment for all mortgages. This Amendment would leave in place the misaligned incentives and bad business practices that led us into this mortgage crisis. The McCain-Shelby-Gregg (#3839) amendment would radically reshape the U.S. housing finance system by putting arbitrary timetables into place for the dissolution of Fannie Mae and Freddie Mac, without suggesting any form of substitute to insure continued access to affordable long term mortgage credit for consumers, jeopardizing mortgage liquidity in both the near and long term.

April 28, 2010 | Filed under: Other Areas of Interest

This bill, which will require foreign manufacturers and producers of certain categories of consumer products to have a U.S. agent for service of process, will help consumers harmed by unsafe products to obtain redress for their injuries from the appropriate entity.

March 26, 2010 | Filed under: Mortgage, Real Estate & Housing

 We are legal services organizations, participants in the Institute for Foreclosure Legal Assistance (IFLA), who represent low and moderate income homeowners around the country facing foreclosure. In our daily work on housing and foreclosure-prevention issues, we see first hand how HAMP is flawed. We would like the opportunity to meet with you and your colleagues at Treasury to discuss the situation of homeowners on the ground and the ways the HAMP program could be improved to meet the needs of communities.

March 9, 2010 | Filed under: Other Areas of Interest

Too many passengers have been forced to endure near-record level delays, strandings, cancellations, and plunging airline customer service. While passengers have always feared being stranded on the tarmac without water or sanitary facilities, the problem has been exacerbated by airlines not having contingency plans in place to ensure basic passenger needs. This year, the Airline Passengers Bill of Rights introduced by Senators Boxer and Snowe has been included in the FAA Reauthorization bill in its entirety.

March 2, 2010 | Filed under: Other Areas of Interest

Tens of billions of U.S. dollars are sent every year by American residents to their relatives overseas. Generally American residents send substantial portions of their incomes as remittances, as these funds are provided to relatives whose situations are more dire than their own.

February 17, 2010 | Filed under: Forced Arbitration

NACA sent a letter to MD Delegate Sandy Rosenberg supporting the MD House Bill 379 for Consumer Protection- Transparency in Consumer Arbitration Act. Download the letter to read it in full.

January 14, 2010 | Filed under: Small Dollar Loans

 The Restoring America's Commitment to Consumer's Act is an important piece of legislation because it stops the credit card industry's practice of imposing abusive interest rates and fees. By capping credit card interest rates at 16% and limiting the amount of fees charged to consumers, HR 4300 helps end the cycle of debt that burden so many American families.

December 11, 2009 | Filed under: Other Areas of Interest

As the House of Representatives debates and votes on the Wall Street Reform and Consumer Protection Act of 2009, it is important to recognize the debate that is about to occur in the Senate. Sen. Christopher Dodd has introduced a strong financial regulatory reform package that would rightly establish a much-needed independent consumer protection agency. The rampant rate of foreclosures, abusive credit card practices and excessive banking fees reflect how lax consumer protection laws drive hard-working Americans into a debilitating cycle of debt that is damaging to the health of our overall economy. Consequently, Dodd must stand firm on his proposal to create a strong independent Consumer Financial Protection Agency that puts protecting the American consumer first. Daniel S. Blinn, Glastonbury •The writer is chairman of the Connecticut Chapter of the National Association of Consumer Advocates.

November 2, 2009 | Filed under: Credit Reporting

This legislation will address the growing problem of medical debt on consumers’ credit reports. The number of American adults under the age of 65 carrying medical debt jumped from 21 percent in 2005 to 28 percent in 2007. According to the Commonwealth Fund, nearly 78 million working age adults accrued medical debt in 2007. That same year, twenty-eight million Americans were contacted by a collection agency for unpaid medical bills. Many consumers are not even aware that medical bills are found on their credit reports as a “debt in collection.” Unfortunately, one negative medical collection mark can drop a consumer's credit score, potentially costing that consumer thousands of dollars in higher interest rates on home and automobile loans, credit cards and other revolving lines of credit. Moreover, even after consumers have paid off delinquent medical debt, the negative information stays on their credit record for seven years.

October 28, 2009 | Filed under: Small Dollar Loans

Overdraft loans cost consumers nearly $24 billion each year and are typically charged without consumers’ explicit consent. Fee-based overdraft coverage is, by far, the most expensive way to have an overdraft covered. But financial institutions typically automatically enroll their customers into this coverage, rather than encouraging them to choose among lower cost options. Often, these financial institutions then manipulate the order in which they post transactions, which further maximizes fees.