NACA joins organizations in supporting the Senate and House companion bills, S. 1659/H.R. 3760, the “Protecting Consumers from Unreasonable Credit Rates Act,” sponsored by Senator Richard Durbin, Senator Jeff Merkley, Representative Matt Cartwright, and Representative Steve Cohen. The Senate and House bills would extend to all consumers a 36 percent usury APR cap. A fair rate cap will protect consumers by curbing abuses in the high-cost small dollar loan market, while permitting responsible lending on reasonable terms to continue.
NACA joined 150+ national and state organizations to strongly oppose H.R. 3299 (McHenry) and S. 1642 (Warner), the Protecting Consumers’ Access to Credit Act of 2017. The primary impact of this bill will be enabling nonbank lenders to make high-cost loans that exceed state interest rate limits by using a bank to originate the loan. The bill poses a serious risk of enabling predatory lending and unsafe lending practices.
The solution is simple: affidavits should be filed only by individuals who have actually reviewed the physical loan documents and other records and confirmed their accuracy, and original documentation should be demanded by the courts.
Amicus Brief, written by Greg Care of Public Justice Center, supporting a constitutional challenge to Maryland's forclosure laws.
Payday lenders, one of the main players in the “fringe banking” industry, target vulnerable borrowers who cannot access traditional sources of credit and, rather than helping them handle a short-term crisis, actually exacerbate their financial distress. The relationships that Cash Advance and Preferred Cash Loans claim to have with various tribal entities should be scrutinized to ensure it is not merely the most recent version of decades-old ruses to avoid regulation by State laws.
Pursuant to Rule 5:30 of the Rules of the Virginia Supreme Court and with the approval of this Court, the National Association of Consumer Advocates (NACA) and the Virginia Poverty Law Center (VPLC) as amici curiae support the Petition for Appeal by Wilma L. Ruby (Ms. Ruby). Amici requests that the Supreme Court of Virginia grant Ms. Ruby an appeal of the final Order of the Circuit Court of the County of Shenandoah dated December 22, 2009, regarding her claims against Cashnet, Inc., (Cashnet).