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Statements and Press Releases

Stop the Debt Trap Statement: Mulvaney Continues to Let Payday Lenders Off the Hook
March 26, 2018 – 4:48 pm

“‘The temporary head of the consumer bureau is taking a wrecking ball to consumer protections,’ said José Alcoff, Payday Campaign Manager at Americans for Financial Reform. ‘Mulvaney should let the bureau do its job to enforce the law and win back tens of millions in refunds for consumers scammed by this company, instead of shamelessly using his role at the consumer bureau to help payday lenders.'”

AFR Statement: Omnibus Contains Yet More Gifts to Wall Street
March 22, 2018 – 2:27 pm

“The Omnibus budget package contains several policy riders designed to benefit Wall Street investment funds and big banks at the expense of the public. One provision in the omnibus allows Business Development Companies (BDCs), a type of private equity fund sold directly to retail customers, to double their permitted fund leverage from the current 1-1 level (one dollar of borrowed money for each dollar of investor equity) to 2-1. BDCs are already the beneficiary of regulatory exemptions since conventional closed-end mutual funds can only leverage 1-2, or borrow one dollar per two dollars of investor equity…”

Press Advisory: FRIDAY DC Activists Take on Trump and the Carlyle Group to Close the Carried Interest Loophole
March 22, 2018 – 1:42 pm

Washington, DC – Friday at noon, DC activists will rally to close the egregious carried interest loophole outside private equity firm The Carlyle Group.

AFR Statement: Administration Seeks Sabotage of CFPB Via Budget, ‘Strategic Plan’
February 13, 2018 – 1:56 pm

“The administration’s budget and Mick Mulvaney’s ‘strategic plan’ for the CFPB are transparent attempts to stop the agency from doing what it was designed to do: actually protect consumers.”said Lisa Donner, executive director, Americans for Financial Reform.

Joint Statement: Sen. Jeff Merkley, Rev. Willie Gable Jr. Condemn Ongoing Sabotage of CFPB, Demand Pres. Trump Nominate Consumer Advocate as Director
February 7, 2018 – 5:14 pm

“Under the Trump administration, the Consumer Financial Protection Bureau has become the Payday Predator Protection Bureau,” said Sen. Jeff Merkley (D-Oregon). “Trump and his allies are blatantly trying to dismantle the bureau from the inside. If this isn’t a crystal clear example of the Trump administration governing of, by, and for the powerful rather than of, by, and for the people, then I don’t know what is.”

TOWS Statement: Wall Street Makes Bank on Trump: 2017 in Review
January 30, 2018 – 3:07 pm

The report includes facts about lobbying spending that hit $2 billion in the last election cycle, and continues unabated, Wall Street executives in the Trump administration and regulatory agencies, tax cut windfalls for the finance industry, and a deregulatory free-for-all. It also includes a case study of how Wells Fargo’s outrageous conduct somehow earned it the distinction of being the biggest winner from the Trump-Republican tax bill.

Stop the Debt Trap Statement: Mulvaney Ends CFPB Investigation into Campaign Contributor
January 24, 2018 – 10:35 am

““When Mick Mulvaney was a member of Congress, the World Acceptance Corporation gave more campaign contributions to him than any other member of the U.S. House of Representatives. Today, as acting director of the Consumer Bureau, Mulvaney showed his gratitude by dismissing a four-year investigation into deceptive practices the company has used to trap consumers into debt. Mulvaney’s actions leave no doubt where his priorities lie – campaign friends over consumers.”

Stop the Debt Trap Statement: Mulvaney Drops Lawsuit Against Payday Lenders Charging More Than 950% Interest
January 19, 2018 – 1:01 pm

“This abrupt and reckless decision by Mick Mulvaney shows the level of disdain he has toward working families. He’s giving a free pass to his past campaign contributors, and he is enabling payday lenders to get away with charging obscene triple digit interest rates in violation of state law, to people who are already struggling to make ends meet.”