NACA joined a letter from public interest groups to Senator Sherrod Brown thanking him for his commitment to ensuring fintech companies are required to follow the same rules as traditional financial firms. Under the banner of "innovation" fintech firms have attempted to skirt regulatory oversight and engage in anti-consumer activities that could jeopardize our financial system's stability.
NACA joins other consumer, civil rights, small business, and other community organizations to express strong opposition to new federal nonbank lending charters that would enable chartered entities to avoid state interest rate caps, other state consumer protection laws, and state oversight, that put consumers and small businesses at risk.
Corporate Counsel, FTC Hears From Company Leaders as Crowdfunding Grows.
"Ira Rheingold, executive director of the National Association of Consumer Advocates, said the crowdfunding industry should get first crack at setting its own rules.