NACA, CFA, NCLC, and CRL filed the below comments yesterday in response to the DoD’s ANPR, asking it to broaden its rule on “consumer credit” to include everything covered under the Truth in Lending Act (including installment loans and credit cards), overdraft programs, and rent-to-own products. Read those comments below. In addition, 39 groups, including NACA, filed a shorter sign-on letter yesterday.
Several consumer and fair lending organizations responded to FHFA's request for comments on proposed lender-placed insurance practice standards.
Read those comments below.
The Consumer Financial Protection Bureau (CFPB) today announced that it is seeking public input on ways to streamline the regulations under more than a dozen consumer financial laws that the agency inherited from seven different federal agencies under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
NACA has joined with the Coalition for Sensible Safeguards, an alliance of more than 70 consumer, small business, labor, scientific, research, good government, faith, community, health, environmental, and public interest groups to oppose three bills that the House is expected to vote on this week. Each bill is part of a three-pronged strategy to jeopardize public protections. H.R. 10, the Regulations from the Executive in Need of Scrutiny (the REINS Act), H.R. 3010, the Regulatory Accountability Act, and H.R. 527, the Regulatory Flexibility Improvements Act, would produce the same undesirable result: Each of these bills would make it virtually impossible for federal agencies to ensure that American families are protected from tainted food, unsafe drugs, predatory financial schemes, dirty air and water, and dangerous workplaces.
Comments of National Consumer Law Center (on behalf of its Low Income Clients), Consumers For Auto Reliability And Safety, National Association of Consumer Advocates, and Center for Responsible Lending on Federal Trade Commission Magnuson-Moss Warranty Act Review, 16 CFR Part 700, P11406, 76 Fed. Reg. 52596 (Aug. 23, 2011) Submitted Oct. 24, 2011.
We are writing because we strongly oppose amendments to the Economic Development Revitalization Act, S. 782, to gut the new Consumer Financial Protection Bureau (CFPB) (#391, Moran) or repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act altogether (#394, DeMint).
H.R. 1121 would threaten the ability of the newly-enacted Consumer Financial Protection Bureau (CFPB) to protect consumers from predatory and abusive financial practices. The bill, which would fundamentally change the structure of the CFPB from a single, accountable director to a weak five-person commission, would derail the consumer protections enacted under the Dodd-Frank act (P.L. 111-203).
We urge Congress to reject this bill and keep the single director in place.
The Wall Street Reform and Consumer Protection Act just passed the Senate and is now on its way to the President's desk to be signed into law!! Today's vote is a victory for consumers and the passage of this landmark legislation came despite the enormous opposition from the financial industry, which spent $1.4 million a day to kill reform. Nearly two years after Wall Street and Big Business sent the US economy spiraling into crisis, Main Street has triumphed and real financial reforms of New Deal proportions will now become law. The bill creates the Consumer Financial Protection Bureau to guard against unscrupulous, unfair, deceptive and abusive practices. Now consumers will have a single agency that will put consumers' wellbeing first. The Consumer Financial Protection Bureau will monitor the market and write and enforce rules regarding mortgages, credit cards, financial loans (including student loans and payday loans), debt collection, and consumer reporting agencies. The days of obscene profits and out of control financial products is coming to an end! Thank you to all who have helped win this fight. Your tireless efforts representing consumers has helped us get to where we are today. There is still much to be done in the weeks and months ahead, but NACA wanted to take a moment and applaud this historic moment.