Ten years after the financial crisis, a majority of members of the Congress that wrapped up work in 2018 voted again and again for bills pushed by the bank lobby that endanger financial stability, undermine consumer and investor protections, and enable racial discrimination in lending. The change in control of the House and a heightened awareness of the dangers posed by these actions provide an opportunity to see what changes in the 116th Congress.
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“It is well documented that payday and car title loans create a deliberate debt trap that locks the borrowers into long-term debt because they cannot afford to repay the high-cost loan,” Linda Jun of the Americans for Financial Reform advocacy group said in her written testimony. “The 2019 proposal rests on the false premise that the 2017 rule was not supported by the evidence, when in fact the CFPB has simply chosen to listen to the payday lenders defending their own predatory business model rather than the extensive evidence gathered through its own rulemaking, supervision, and enforcement.”
Washington, DC – The Consumer Financial Protection Bureau (CFPB) has proposed delaying when payday lenders would need to comply with a 2017 rule on predatory payday lenders by 15 months. This would allow the industry …
On March 18, 2019, Americans for Financial Reform Education Fund and a broad coalition of organizations submitted a letter to the Consumer Financial Protection Bureau expressing concern with their proposal to delay the rule on Small …
On March 15, 2019, Americans for Financial Reform Education Fund sent a letter to the Commodity Futures Trading Commission expressing several concerns regarding the agency’s “Swap Execution Facilities and Trade Execution Requirement” proposed rules.
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Committee for Better Banks
MEDIA ADVISORY FOR: March 12, 2019
CONTACT: Courtney Boland, 732-284-7462, CBB@berlinrosen.com
Ahead of Wells Fargo CEO’s testimony before Congress,
BANK WORKERS, MEMBERS OF CONGRESS, CONSUMERS, AND COMMUNITY ADVOCATES WILL HOLD RALLY AND PRESS CONFERENCE ADDRESSING PERSISTENT PREDATORY AND …
On March 7, 2019, AFR Senior Policy Counsel Linda Jun offered testimony at a hearing entitled: “Putting Consumers First: A Semi-Annual Review of the Consumer Financial Protection Bureau” before the House Financial Services Committee.
This decision increases risks to the public. It is just one of numerous current and proposed deregulatory changes, to both the stress tests and other prudential requirements, which are currently in process at banking regulators.
Today, CFPB Director Kathy Kraninger is set to testify in front of the House Financial Services Committee, marking her first oversight hearing since being narrowly confirmed last December. Kraninger will now have to answer to a new chair, Rep. Maxine Waters, and a majority that is demanding answers to why the agency has sided with the industry over consumers.
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