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AFR Statement: Statement on Appointment of Andrew Smith as Head of FTC Bureau of Consumer Protection
May 17, 2018 – 2:29 pm | Comments Off on AFR Statement: Statement on Appointment of Andrew Smith as Head of FTC Bureau of Consumer Protection

“The least likely candidate to run the FTC’s consumer protection unit ought to be the former lawyer for a notorious payday lender that the FTC itself pursued for a billion-dollar settlement and who is now in prison on a racketeering conviction,” said José Alcoff, Payday Campaign Manager at Americans for Financial Reform.

AFR Statement: Statement on Passing of Deadline to Roll Back CFPB Payday Rule
May 17, 2018 – 11:12 am | Comments Off on AFR Statement: Statement on Passing of Deadline to Roll Back CFPB Payday Rule

“Congress has done the right thing in allowing the rule to stand. Now the spotlight is on Mick Mulvaney. Will he move ahead on his plans to unravel it, and continue to cater to the payday lenders who gave generously to his campaigns?” said Lisa Donner, executive director at AFR.

Joint Letter: 8 Organizations Warn Regulators Against Bank Payday Loans and Rent-a-Bank Arrangements
May 15, 2018 – 6:25 pm | Comments Off on Joint Letter: 8 Organizations Warn Regulators Against Bank Payday Loans and Rent-a-Bank Arrangements

“Deposit advance” loans are payday loans, pure and simple, and data clearly show they create the same debt trap caused by non-bank payday loans. High-cost longer-term loans facilitated by banks and credit unions would also cause customers substantial harm. We also urge you to ensure that all financial institutions engaged in small dollar lending (1) limit interest rates to 36% or less, and (2) determine borrowers’ ability to repay their loans by assessing both income and expenses rather than engaging in collateral-based income-only underwriting.”

AFR in the news: Student debt hurts the whole economy. So why is Trump making the problem worse? (NBC THINK)
May 10, 2018 – 4:35 pm | Comments Off on AFR in the news: Student debt hurts the whole economy. So why is Trump making the problem worse? (NBC THINK)

“Mulvaney dismantling the Office for Students is a move that deliberately makes life harder for America’s 44 million student loan borrowers. At a time when student borrowers need allies in government more than ever, Mick Mulvaney and the Trump Administration have left them out in the cold.”

AFR Policy Brief: The Toys R’ Us Bankruptcy And Private Equity Predation
May 10, 2018 – 3:54 pm | Comments Off on AFR Policy Brief: The Toys R’ Us Bankruptcy And Private Equity Predation

AFR released the policy brief linked below concerning the role of private equity in the Toys R’ Us bankruptcy and the importance of taking action to limit private equity predation on the businesses they own.
Toys …

AFR Statement: AFR Criticizes Mulvaney Move to Manipulate Research, Curb Student Advocacy
May 9, 2018 – 1:04 pm | Comments Off on AFR Statement: AFR Criticizes Mulvaney Move to Manipulate Research, Curb Student Advocacy

“What Mulvaney is really interested in is not serious research, but information that advances the interests of the Wall Street banks and predatory lenders he serves.”

AFR Statement: Closing the CFPB’s Office for Students is like shuttering the fire department in the middle of a fire
May 9, 2018 – 12:10 pm | Comments Off on AFR Statement: Closing the CFPB’s Office for Students is like shuttering the fire department in the middle of a fire

“America is facing an ongoing student debt crisis, with outstanding student debt surpassing $1.5 trillion and over 8 million borrowers in default on their student loans. Closing the Office for Students is like shuttering the fire department in the middle of a three-alarm fire,” said Alexis Goldstein, senior policy analyst at Americans for Financial Reform.

AFR in the News: House Votes to Dismantle Bias Rule in Auto Lending (NY Times)
May 9, 2018 – 10:24 am | Comments Off on AFR in the News: House Votes to Dismantle Bias Rule in Auto Lending (NY Times)

“‘“Companies will put millions of people into more expensive car loans simply because of the color of their skin,, said Rion Dennis, an advocate of financial overhaul at Americans for Financial Reform. ‘By using the Congressional Review Act to wipe out straightforward regulatory guidance, the congressional majority has also opened the door to challenging longstanding efforts to protect workers, consumers, civil rights, the environment and the economy.’”