Comments to Consumer Financial Protection Bureau on Pension Advance Loans (October 13, 2016)

The Consumer Financial Protection Bureau issued a Request for Information on financial products that present consumer protection issues but are not included in the Bureau’s proposed rule on payday loans. The Pension Rights Center submitted comments on pension advances, a type of loan designed to skirt federal and state laws on disclosure and interest rates. […]


The facts about pension advances

This fact sheet describes pension advances, financial transactions in which a company gives a retiree a lump-sum cash payment in return for some or all of the retiree’s monthly pension payments for a specified period of time. Pension advances can have extremely high interest rates and threaten the economic security of the retirees who receive […]


Bill would regulate pension advance schemes marketed to federal and military retirees

On October 23, 2013, Representative Matt Cartwright (D-PA) introduced H.R. 3310, the Annuity Safety and Security Under Reasonable Enforcement Act of 2013 (ASSURE Act). The bill would regulate pension advance loans and any pension-related product offered to military and federal retirees that limit the retiree’s ability to control payments from his or her own pension. […]