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News Release: CFPB’s Proposed Debt Collection Rule Faces Strong Bipartisan Opposition

Strong majorities across parties oppose the Consumer Financial Protection Bureau’s (CFPB) proposed debt collection rule including medical debt, according to a new poll released by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The poll was conducted by the bipartisan team of Lake Research Partners and Chesapeake Beach Consulting.

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In The News: Is The U.S. Economy Strong Enough To Withstand Another Slowdown Or Recession? (NPR)

I spoke with Carter Dougherty of the group Americans for Financial Reform … I asked him whether this kind of tinkering would necessarily lead to another financial crisis. “No. And I would not argue that. Can you argue persuasively that [actions by Trump-appointed regulators] will make the next recession more painful than it should be? That is absolutely the case.”

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News Release: Regulators Deal A Fatal Blow to the Volcker Rule

“This rule would free up hundreds of billions of dollars in securities and derivatives for proprietary trading purposes, completely outside of Volcker Rule coverage and in fact with an explicit exemption from proprietary trading restrictions,” said Marcus Stanley, policy director at Americans for Financial Reform. “By simply designating positions as not explicitly held for trading, banks could easily evade the Volcker Rule. These changes spell the end of meaningful constraints on proprietary trading at taxpayer supported banks, and another step in dismantling financial stability safeguards.”

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Stop The Debt Trap Launches “Debt Trap Tracker” Showing Harm from Payday Loans

“Kathy Kraninger has effectively committed the Bureau to aiding and abetting the debt trap by removing the most important federal consumer protection against it,” said Linda Jun, senior policy counsel of Americans for Financial Reform. “Every moment without federal consumer protections on these loans means more consumers are left unprotected from the devastation caused by this predatory industry. This tracker is a numerical representation of the damage her inaction is causing.”