NJCA Consumer Finance Policy

NJCA’s Consumer Finance Policy Agenda 2017 & Beyond

 

Regulating Debt Trap Finance

  •  Predatory Payday and Auto Title Lending

    NJCA supports the Consumer Financial Protection Bureau (CFPB) in its efforts to reign in the payday and auto title lending industries. However, NJCA urges the CFPB to strengthen its proposed rule to include an ability to repay for all loans and to reinforce the NJ prohibitions of high cost loans. Any violation of New Jersey’s 30% usury cap should be declared an Unfair, Deceptive and Abusive Practice (UDAAP). NJCA also asks the state AG’s office take action against predatory lenders that market and issue high cost debt trap payday and auto title loans to people in New Jersey.

  • Student Loans

NJCA supports legislation that would overhaul and reform the State Higher Education Student Assistance Authority to ensure that the agency ends practices that are counter to its mission and mandate to assist students in obtaining a higher education and succeeding in the workforce. Additionally, NJCA will advocate for legislation to keep state and federal tax payer money out of the pockets of predatory for profit colleges.

  • Medical Debt

    NJCA supports the Out-of-network Consumer Protection, Transparency, Cost Containment and Accountability Act and any legislation that prevents health care providers and hospitals from exploiting patients with deceptive or excessive charge. We also support measures to prevent providers from sending health care consumers into collections including expanding charity care, adopting no-interest payment options and others.

  • Credit Reporting and Debt Collection

    NJCA urges legislators to expand laws that address accurate credit reporting practices and abusive debt collection at the state level including by original creditors. NJCA urges the AG to vigorously enforce any violations of the current state Fair Debt Collection Practice Act and Credit Fraud Act.

Expanding Access to Capital and Building Financial Stability

  • Establishing Linked Deposits and Responsible Banking Ordinances

    NJCA is urging cities, counties and the state to adopt legislation that requires any financial institution taking deposits from and doing business with their jurisdictions, to demonstrate that they are investing in and serving their communities fairly and equitably.

  • Creating a Public Bank

    NJCA is urging cities, counties and the state to adopt legislation that requires any financial institution taking deposits from and doing business with their jurisdictions, to demonstrate that they are investing in and serving their communities fairly and equitably.

  • Strengthening, implementing and enforcing the Community Reinvestment Act (CRA): 

    NJCA supports legislation that will strengthen CRA in order to expand small business lending and commercial banking services on Main Street and to increase access to affordable retail banking products for consumers in low- and moderate- income communities, such as no- & low- cost accounts, preserving branch presence in under-served communities, and accepting identification cards issued by local municipalities.

  • Protecting the Consumer Financial Protection Bureau and bringing back the Glass-Steagall Act

    NJCA supports the strong and independent authority of the CFPB and advocates for the return of the Glass-Steagall Act in order to protect average consumers, working families and small businesses from the abusive, unethical and immoral practices of financial institutions and speculative investors driven by unchecked and ravenous pursuit of maximum profits.

Creating Pathways to Affordable Housing & Protecting Homeownership

  • Strengthening, implementing and enforcing the Community Reinvestment Act (CRA)

    Citizen Action advocates for a stronger CRA with expanded reporting, greater oversight and stronger enforcement mechanisms in order to ensure that financial institutions are doing their part to provide more affordable home mortgages and to finance the development of affordable rental properties.

  • Preventing Foreclosure

NJCA continues to advocate for principal reduction, funding for housing and foreclosure counseling, and to increase funding for and expand programs that keep people in their homes and revitalize neighborhoods hit hard by foreclosures that have been gutted by vacant and abandoned properties.

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