New Economy Project joined 246 consumer, civil rights, and community groups in a letter to the Office of the Comptroller of the Currency (OCC) expressing strong opposition to its proposed new federal nonbank lending charters that would enable lenders to avoid state interest rate caps, other state protections, and state oversight.
In April 2016, New Economy Project filed a federal lawsuit against the debt collection law firm Kavulich and Associates on behalf of Romain Prage, a low-income New Yorker. The lawsuit alleges that Kavulich violated federal debt collection and state consumer protection laws, and explicitly subverted New York’s Exempt Income Protection Act. Mr. Prage is seeking monetary and injunctive relief.
New Economy Project joined 43 other consumer- and social-justice organizations to urge the Office of the Comptroller of the Currency not to establish a new type of special purpose “national bank” charter for financial technology firms.
We urge the CFPB to issue a strong final rule that, once and for all, stops payday and other high cost lenders from ensnaring people and their families in a debt trap. With its ever-growing wealth and income gaps, our country cannot afford to suffer the disastrous effects of a too-moderate rule that would allow payday lenders continued latitude to make predatory, unaffordable loans.
We, the 131 signatories to this letter, represent a diverse cross-section of elected officials, government, labor, grassroots organizing, civil rights, legal services, faith-based and other community organizations, as well as community development financial institutions. We respectfully request that the CFPB count this letter as 131 comments.
Organizations based in the 14 states, plus the District of Columbia, where payday lending is prohibited by state law, urge the CFPB to issue a final rule that will bolster states’ efforts to enforce their usury and other consumer protection laws against payday lenders, debt collectors, and other actors that seek to make, collect, or facilitate illegal loans in our states.
New Economy Project Staff Attorney Eve Weissman testifies in support of legislation that would identify underutilized property in NYC that should be tapped to create deeply and permanently affordable housing, and to serve other community uses such as open, cultural and commercial space.
Community development credit unions (CDCUs) are nonprofit, community-based financial cooperatives. They offer affordable savings and checking accounts; personal, business and home loans; free financial counseling and more. As a CDCU member, you have a voice and a vote — members elect the board of directors, as well as credit and supervisory committees. The CDCUs below […]
Debt collectors engage in rampant fraud and systematically use the courts to extract billions of dollars from low-income people and people of color, according to hard-hitting testimony delivered today by Susan Shin, legal director at New Economy Project, based in New York City.
New Economy Project’s legal director, Susan Shin, testified before the Consumer Financial Protection Bureau on how debt collectors routinely engage in rampant fraud and systematically use the courts to extract billions of dollars from low-income people and people of color.