Comment Letters

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

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.

November 13, 2017 | Filed under: Other Areas of Interest | Tagged with: Predatory Lending

NACA joined 150+ national and state organizations to strongly oppose H.R. 3299 (McHenry) and S. 1642 (Warner), the Protecting Consumers’ Access to Credit Act of 2017. The primary impact of this bill will be enabling nonbank lenders to make high-cost loans that exceed state interest rate limits by using a bank to originate the loan. The bill poses a serious risk of enabling predatory lending and unsafe lending practices. Unaffordable loans have devastating consequences for borrowers—trapping them in a cycle of unaffordable payments and leading to harms such as greater delinquency on other bills.

October 23, 2017 | Filed under: Other Areas of Interest | Tagged with: Access to justice, Regulations

The so-called “Sunshine for Regulations and Regulatory Decrees and Settlements Act of 2017” would undermine the enforcement of federal laws and impede the resolution of various consumer protection, anti-discrimination, environmental, and public health cases before our federal courts.

October 23, 2017 | Filed under: Other Areas of Interest | Tagged with: Regulatory Enforcement

NACA joins organizations in opposing H.R. 732, the so-called Stop Settlement Slush Funds Act of 2017 that would prohibit settlement agreements where the United States is a party from including certain “donations” to non-federal actors, primarily non-profits, educational, and community-based organizations. Settlements from federal enforcement actions can include payments to third parties to advance programs that assist with recovery, benefits, and relief for communities harmed by lawbreakers. H.R. 732 would cut off any payments to third parties other than individualized restitution and other forms of direct payment for “actual harm.” That restriction would handcuff federal enforcement officials by limiting the ability of federal enforcement officials to negotiate real relief for harms caused to the public by illegal conduct that is the subject of federal enforcement actions.

October 11, 2017 | Filed under: Other Areas of Interest | Tagged with: Banking, Regulations

NACA, organizations oppose H.R. 2706, the Financial Institution Customer Protection Act of 2017. The bill will hamper the efforts of banking regulators to advise financial institutions of warning signs that their customers are engaging in fraud, money laundering, or other illegal activity, putting consumers and financial institutions at risk of serious financial loss. The bill would also promote spurious litigation against regulators and financial institutions when an account is closed. 

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