NACA and other consumer protection, civil rights, and legal services groups sent a letter to Richard Cordray, director of the Consumer Financial Protection Bureau, to express significant concerns with the outline of proposed regulations on third-party debt collection issued by the Consumer Financial Protection Bureau on July 28, 2016.
The National Association of Consumer Advocates was pleased to submit comments to the Consumer Financial Protection Bureau’s proposed rule to curb the use of predispute binding mandatory arbitration (forced arbitration) clauses in contracts for consumer financial products and services. NACA commends the CFPB’s exhaustive arbitration study and we support the CFPB’s decision to eliminate terms in contractual arbitration requirements that bar consumers from filing or participating in class actions. Read our comments.
Joint statement on the fifth anniversary of the CFPB: Consumer, civil rights, and community-based groups say life is better for American families and neighborhoods because the Consumer Financial Protection Bureau is at work fighting predatory lending and financial abuse.
Consumerist, House Passes Bill Allowing Banks To Continue Using “Get Out Of Jail Free” Card: “In last night’s vote, Wall Street interests prevailed over the interests and rights of American consumers,” says Christine Hines, legislative director for the National Association of Consumer Advocates.
July 8, 2016
For Immediate Release:
Funding Bill Packed with Riders to Obstruct the Consumer Financial Protection Bureau
Statement of Christine Hines, Legislative Director, National Association of Consumer Advocates
A bill in Congress, H.R. 5112, would repeal the Consumer Financial Protection Bureau's authority to stop abusive acts and practices in consumer finance by striking the prohibition on abusive acts and practices from the U.S. Code.
Page updated July 10, 2017
On July 10, the Consumer Financial Protection Bureau (CFPB or Bureau) released its final rule to restrict the use of forced arbitration clauses in consumer financial contracts that prohibit consumers' participation in class action suits. The rule also includes reporting requirements to increase transparency in secretive individual forced arbitration. Below are materials related to the rulemaking.
Law360: "Bankers and others in the industry have said the Consumer Financial Protection Bureau’s use of enforcement actions to influence market practices is unprecedented and potentially unfair, but the bureau’s tactic is an aggressive extension of the way other regulators use enforcement actions..."