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.
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.
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.
New Economy Project opposes A.9634/S.6985, which would permit New York check cashers to make loans. The bill would allow check cashers, which have no experience as lenders, to make loans to New Yorkers and small businesses in New York, without ensuring the safety and soundness of those loans. By allowing an unprecedented and unwarranted expansion of check cashers’ authority, the bill would pave the way for high-cost, predatory loans that New York has long successfully fought to keep out of our state. New Economy Project opposes allowing New York check cashers to make loans, whether to small businesses or to individual borrowers.
Chase has consistently failed to meet community credit needs in low- and moderate-income neighborhoods – and is in fact harming many lower-income people and communities – in New York City. Giving Chase a Satisfactory or better CRA rating would effectively reward the bank for its illegal, discriminatory, and abusive actions and practices. We call on the OCC to assign a less-than-Satisfactory rating that holds Chase accountable.
New Economy Project supports proposed rules that would create strong protections for workers, particularly low- wage workers, who are vulnerable to unfair and abusive fees levied by payroll card companies.