NACA urges the Consumer Financial Protection Bureau not to rescind the ability to repay provision from its 2017 rule on payday loans and to implement the rule as written.
NACA joins with other consumer, civil rights, and labor organizations to express support for the “Consumers First Act,” introduced by Rep. Maxine Water, chairwoman of the U.S. House Financial Services Committee. The bill puts consumers at the forefront of the Consumer Financial Protection Bureau (“CFPB”)’s work. The Consumers First Act refocuses the CFPB on its mission to protect consumers and restores the structures it needs to fight discrimination in lending.
"While a number of experienced staffers remain at the CFPB, its ability to advocate for individuals will likely diminish under the current leadership, said Ira Rheingold, executive director at the National Association of Consumer Advocates."
NACA joins with organizational partners to urge the Consumer Financial Protection Bureau to write a strong debt collection focused on protecting consumers from debt collection abuses.
This letter to Congress was updated on January 3, 2019.
"The slowdown in enforcement, and the smaller penalties, have raised alarms among consumer advocates.
'The CFPB was created to make sure regular people were not mistreated by big financial firms,' Christine Hines, the National Association of Consumer Advocates’ legislative director, said in a Nov. 15 phone interview."
“If we are concerned that these companies are taking advantage of consumers, that’s why the CFPB was created,” says Ira Rheingold, executive director of the National Association of Consumer Advocates. “The CFPB in a better time, where you have leadership that was interested in actually protecting consumers, they would look at that seriously.”
Dec. 6, 2018
For Immediate Release:
New Head of Consumer Financial Agency Has Much to Prove
The U.S. Senate voted today to confirm Kathleen Kraninger as director of the Consumer Financial Protection Bureau.
July 6, 2018
For Immediate Release:
NACA Statement on Leandra English Resignation from CFPB
Written by Christine Hines, Legislative Director
In July 2011, Richard Cordray—formerly an Ohio Attorney General and Ohio state representative—was nominated by President Barack Obama as director of the burgeoning Consumer Financial Protection Bureau (CFPB).