The undersigned 235 consumer, civil rights, labor and small business organizations strongly urge the U.S. Senate to oppose H.J. Resolutions 73 & 62, which would repeal the Consumer Financial Protection Bureau’s prepaid card protection rule. The resolution would block basic fee transparency and fee disclosure protections set to go into effect on prepaid cards, including payday lender prepaid cards and low-wage employer payroll cards such as those offered by Georgia-based NetSpend.
NACA joins consumer, civil rights, fair lending, community and privacy organizations urging opposition to the Financial CHOICE Act, particularly provisions that would obliterate public access to the Consumer Financial Protection Bureau's consumer complaint database.
NACA joined 78 community and public interest organizations to express our opposition to the “Financial CHOICE Act” and to urge House Financial Services Committee members to oppose this bill. This legislation would be better dubbed “Wall Street’s CHOICE Act”, as it would have a devastating effect on the capacity of regulators to protect the public interest and defend consumers and investors from Wall Street wrongdoing and the economy from risks created by too-big-to-fail financial institutions. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis.
NACA submitted a letter to the U.S. House Financial Services Committee urging the committee members to reject legislation called the "Financial Choice Act." The legislation, broad in breadth and scope, unabashedly seeks to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, the law passed to remedy flaws in the U.S. economic system that led to the 2008 Great Depression and the loss of homes, jobs, businesses and economic security for millions of Americans. In particular, we urge rejection of the dangerous sections of the bill that aim to sabotage the work and mission of the Consumer Financial Protection Bureau (CFPB).
NACA joins Americans for Financial Reform (“AFR”) in comments on the Consumer Financial Protection Bureau’s Request for Comment on Student Loan Servicing Market Monitoring. We support the Bureau’s proposed student loan servicing data collection initiative and believe that compiling such metrics and borrower outcomes would benefit market participants, federal and state agencies, policymakers, and borrowers. Obtaining a clearervview of the student loan market overall will help inform all market participants on how best to serve student loan borrowers.
The undersigned 235 consumer, civil rights, labor and small business organizations urged opposition H.J. Resolutions 73 & 62, which would reject the Consumer Financial Protection Bureau’s prepaid card protection rule. The resolution would block basic fee transparency and fee disclosure protections set to go into effect on prepaid cards, including payday lender prepaid cards and low-wage employer payroll cards such as those offered by Georgia-based NetSpend.
NACA joins organizations conveying strong support for the continued implementation and enforcement of important Education Department accountability provisions designed to protect students and taxpayers from unmanageable student debt and waste, fraud and abuse in higher education. In particular, we oppose all actions to delay, weaken, or repeal the gainful employment, incentive compensation, or recent “borrower defense to repayment” and college accountability regulations.
Organizations submitted a letter in response to the CFPB’s Small Business Regulatory Enforcement Fairness Act (SBREFA) review of proposed regulations under the Fair Debt Collection Practices Act (FDCPA). Specifically, the letter addresses the Bureau’s proposal related to increasing access to the FDCPA’s protections for Limited English Proficient (LEP) consumers. We applaud the Bureau for raising the issue of language access in the context of debt collection and for seeking feedback on this important issue.
NACA urges House members to vote NO on H.R. 985. First, House supporters of H.R. 985 have failed to explain why this bill is necessary. The House Judiciary Committee literally refused to examine the policy considerations, reporting H.R. 985 without even a hearing. Second, the legislation’s extreme proposals would disrupt class action proceedings with onerous and unnecessary requirements, cutting off access to justice for millions of Americans injured by corporations that break the law. Meanwhile, corporations would be free to disregard state and federal protections for consumers and workers without fear of being held accountable.