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.
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.
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 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.