Added Christine Hines, legislative director of the National Association of Consumer Advocates: "Restoring customers' ability to band together in class actions will ensure that American consumers are empowered to help themselves when they are cheated or ripped off by bad actors."
“We are pleased with this common sense solution to give consumers back their right to go to court when they are systematically cheated or ripped off by big banks or predatory lenders,” said Christine Hines, the NACA’s legislative director.
Long-Awaited Rule Restores Right to Band Together in Court Against Bad Actors in Consumer Financial Marketplace
Federal Consumer Agency Released Its Final Rule to Stop Financial Institutions’ Use of Forced Arbitration Clauses That Ban Class Actions
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 public interest organizations on written comments responding to the Consumer Financial Protection Bureau’s proposal to align the requirements of the Equal Credit Opportunity Act (ECOA) with the data collection requirements of the Home Mortgage Disclosure Act (HMDA).
NACA joins organizations on submitted comments to the Consumer Financial Protection Bureau to discuss risks and benefits of alternative data in the credit process.
NACA joins public interest organizations in response to the Consumer Financial Protection Bureau's Request for Information on the
assessment plan of the Remittance Rule.
NACA urges U.S. House members to vote NO on the Financial CHOICE Act of 2017 (H.R. 10). The bill would dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010 to remedy the flaws in the U.S. economic system that invited reckless conduct and ushered in the 2008 Great Recession. In particular, NACA urges rejection of the dangerous sections of the bill that aim to sabotage the work and mission of the Consumer Financial Protection Bureau (CFPB).
Note: The majority leadership of the U.S. House of Representatives today announced that the chamber will vote next week on H.R. 10, the Financial CHOICE Act. Below is our statement.
For Immediate Release:
Don’t turn back the clock on consumer financial protections
Statement of Ira Rheingold, Executive Director, National Association of Consumer Advocates (NACA)
Congress is considering a bill called the “Financial CHOICE Act,” (H.R. 10), a dreadful proposal that promises to threaten Americans’ economic security, reminiscent of the destruction caused by the 2008 financial crisis. The bill is sponsored by U.S. House Financial Services Committee Chairman Jeb Hensarling of Texas.