Lauren Saunders

Associate Director, National Consumer Law Center, Washington, DC. Retweets are not endorsement.

[Lauren Saunders @lsaundersnclc]

@ddayen The fees might be lower than traditional payday loans, but with dozens to literally hundreds of loans a year, earned wage #paydayloans can cost workers hundreds, as NY AG data show: https://t.co/6lYLnzz1Mc #ProtectConsumers

[David Dayen @ddayen]

Earned wage access is essentially your employer giving you a payday loan, administered by a third party. The third parties try to evade credit lending laws, or in the case of Maryland, get the law changed.

[Lauren Saunders @lsaundersnclc]

.@MDSenate & @MDSenateGOP vote NO on HB 1294! Don't gut the strong #Maryland laws with loopholes for new types of 300% APR #payday advances!

[Center for Responsible Lending @CRLONLINE]

Don’t allow high-cost payday advance loans!
VOTE NO on HB1294!

[NCLC @NCLC4consumers]

“@Chase, @WellsFargo, and @NavyFederal extract more #overdraft fees from struggling military and civilian families than any of the other 10 biggest banks,” said @lsaundersnclc. #ProtectConsumers #HandsOffCFPB https://t.co/hpGGI5jPFJ

[NCLC @NCLC4consumers]

“I do not want to give big banks the ability to charge people outrageous sums of money,” @HawleyMO said. “Under this… they can charge whatever their expenses are on an overdraft." #ProtectConsumers #HandsOffCFPB @politico @SenHawleyPress https://t.co/skz7EXcX6J

[David Seligman @daveyseligman]

Hey #copolitics, real moment here for the GOP and @GabeforColorado. Do they actually care about taking on fees hitting working families? Do they want to save Americans $5 billion a year? Or is their shtick a farce to protect their corporate donors?

https://t.co/X4FFVqZ0he

[Pete Buttigieg @PeteButtigieg]

I am not making this up: Republicans have introduced legislation… to increase your bank fees.

[Pete Buttigieg @PeteButtigieg]

Seriously, they are doing this. And it sounds like the Trump administration supports it. https://t.co/KIvkjC4aG7

[Lauren Saunders @lsaundersnclc]

@USHouseFSC Well said! The credit bureaus who mess up your credit report, the big banks that trick you into paying overdraft fees, the payment apps that allow criminals to steal your money all would be happy to see @CFPB gone. #ProtectConsumers

[Lauren Saunders @lsaundersnclc]

RT @USHouseFSC: Here is the richest man in the world bragging about eliminating the agency that has delivered $21 billion back to working-c…

[20/20 Vision DC @2020_VisionDC]

Americans across the political spectrum support the CFPB because the agency protects them from the shadiest most predatory law breaking financial institutions. The CFPB has won over $20 billion in relief for over 200 million consumers. #defendCFPB

[Lauren Saunders @lsaundersnclc]

That’s precious – a billionaire protecting people from a rule that will reduce overdraft fees from $35 to $5. Oh wait – overturning the @CFPB rule will protect big banks from returning $5 billion to our pocketbooks. #ProtectConsumers

[Vivek Ramaswamy @VivekGRamaswamy]

In its 15-year history, the CFPB has consistently adopted policies that have harmed the very consumers they seek to “protect” & a ridiculous midnight-hour rule just pushed out by Biden’s CFPB embodies why. This sweeping regulation, pushed out less than 2 weeks before Christmas by a lame-duck administration, caps overdraft fees & imposes burdensome compliance options on banks, forcing them to cut back on key services for low-income Americans, driving them even further toward payday lenders—the very institutions the CFPB was supposedly created to combat. It’s also an illicit rule because it goes far beyond the scope of what the CFPB was created to regulate in the first place. The new administration can & should nullify this overreach, but we must go further: this latest gambit of the CFPB is just a symptom of a deeper (and unconstitutional) cancer of unelected bureaucrats substituting their policy judgments for those of Congress. That’s un-American & needs to end.

[Lauren Saunders @lsaundersnclc]

@VivekGRamaswamy You want to eliminate the agency that is trying to cut #overdraft fees to $5 and credit card late fees to $8? Is that what voters struggling with high prices want? #ProtectConsumers

[Lauren Saunders @lsaundersnclc]

So-called "earned wage access" providers take note: Using dark patterns to hide interest in so-called "tips" can violate the law. @Earnin @MoneyLion

[Lauren Saunders @lsaundersnclc]

Loans with "no interest" but high costs in the form of "tips" and "donations" were void and uncollectible as they eithe rlacked a state license or exceeded state usury caps. #StoptheDebtTrap

[Lauren Saunders @lsaundersnclc]

Loans with "no interest" but high costs in the form of "tips" and "donations" were void and uncollectible as they eithe rlacked a state license or exceeded state usury caps. #StoptheDebtTrap

[Lauren Saunders @lsaundersnclc]

@solofunds used dark patterns to deceive borrowers about costly loans, disclosing zero-interest or 0% APR loans #StoptheDebtTrap

[Lauren Saunders @lsaundersnclc]

@solofunds used dark patterns to deceive borrowers about costly loans, disclosing zero-interest or 0% APR loans #StoptheDebtTrap

[Lauren Saunders @lsaundersnclc]

.@CFPB sues fintech payday loan platform for using "tips" and other fees to obscure 300% to 100% APR loans. https://t.co/mtKWiBbXni #ProtectConsumers

[Lauren Saunders @lsaundersnclc]

.@CFPB sues fintech payday loan platform for using "tips" and other fees to obscure 300% to 100% APR loans. https://t.co/mtKWiBbXni #ProtectConsumers

[Lauren Saunders @lsaundersnclc]

The @cfpb can now resume fighting predatory lenders that ripped off servicemembers, illegal student debt relief schemes, and auto loans designed to fail. But we need to keep defending our consumer watchdog. #ProtectConsumers

[NCLC @NCLC4consumers]

The @CFPB's effective regulation has made it a lightning rod for lawsuits and judicial challenges, said @ChiChiWu8. "The battle to defend the Bureau’s strong protections for consumers is far from over.” #ProtectConsumers #DefendCFPB https://t.co/7vadyjbJVF

[Lauren Saunders @lsaundersnclc]

Economist @HalSinger explains why sound economics support the @cfpb overdraft fee rule, and banks' will not automatically raise front end prices if they can't gouge people with back-end overdraft fees. #ProtectConsumers

[Institute for New Economic Thinking @INETeconomics]

New rules will limit how much banks can charge for overdraft fees. @HalSinger explains why this should not lead to banks raising prices in other areas through the Lump of Profit Fallacy. Learn more at: https://t.co/isq8ftXJap

[Lauren Saunders @lsaundersnclc]

I agree @RepFrenchHill ! Your bills don't take the weekend off, ane people should be able to send and receive payments 365 days a year. #ProtectConsumers @federalreserve

[French Hill @RepFrenchHill]

I am encouraged to see the @FederalReserve finally take steps to expand the operating days and times of Fedwire and the NSS in 2027. This has been delayed for years but would give families the flexibility to pay their bills at night and over the weekend, and help businesses better manage their cash flow and payroll.