We first look at NCLC’s legislative priorities, which include a 36% national interest rate cap and credit reporting reform, and the prospects for Congressional action.  Ms. Saunders then provides NCLC’s perspective on areas of potential CFPB regulatory action including overdraft and other fees labeled “junk fees” by the CFPB, earned wage access programs, buy-now-pay later products, income share agreements, the use of artificial intelligence in underwriting and collections, fraud in peer-to-peer payment services, the use of unfairness to challenge non-credit discrimination, and mandatory arbitration.… Continue Reading

The National Consumer Law Center has published a list of federal and state consumer financial protection laws scheduled to take effect or expire during the period from November 30, 2021, through the end of 2022.  The list includes laws related to mortgage servicing, debt collection, bankruptcy, student loans, and medical debt.… Continue Reading

In a new report entitled “Debt Collection Communications: Protecting Consumers in the Digital Age,” the National Consumer Law Center “specifies the regulations the [CFPB] should adopt regarding when, where, how, and how often consumers can be contacted by debt collectors and creditors engaged in debt collection.”  According to the NCLC, while the report “is framed around the FDCPA’s specific provisions, those provisions detail unfair, deceptive, or abusive practices that should also be prohibited for creditors who are not subject to the FDCPA.”… Continue Reading