Message to Congress: The CFPB Has Our Back!
April 11, 2016 – 4:21 pm | Comments Off on Message to Congress: The CFPB Has Our Back!

What made the latest congressional hearings on the Consumer Financial Protection Bureau different from other hearings? A delegation of consumer advocates from around the country wearing lime-green t-shirts that said “Stand Up for the CFPB” and “The CFPB Has My Back.” They were there to remind lawmakers that the great majority of Americans, across party lines, don’t just like the idea of such an agency; they also support the major steps it has taken to bring a sense of fair play to the financial marketplace.

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AFR in the News: Trump administration calls for rollback of financial regulations (Washington Post)
October 9, 2017 – 9:23 pm

“Marcus Stanley, policy director for Americans for Financial Reform, expressed concern about the report’s guidance. ‘The recommendations are “almost uniformly deregulatory.’ he said. ‘It is written pretty technically, but what they are saying is that a lot of things that were done after the crisis to try increase our safety margins and improve our risk control on derivatives they want to cut back on.’”

Open Letter to Banks (and OCC): Don’t Make Debt Trap Payday Loans
October 7, 2017 – 10:01 am

“In 2013, the FDIC and OCC issued guidance aimed at curbing the harms of these debt trap loans. At the same time, the Federal Reserve issued a supervisory statement to the same end… But today, banks are attacking the FDIC and OCC protections that have prevented banks from trapping people in unaffordable payday loans.”
We write to ask for the bank’s pledge that it will not begin making payday loans, and that it will oppose the
rollback of the regulatory guidance, which would make it easier for other banks to do so.

AFR in the News: Consumer Watchdog Cracks Down on Payday Lenders, Bucking Trump (Bloomberg)
October 6, 2017 – 12:51 pm

“Consumer advocates say tougher rules are needed because lenders often prey on desperate borrowers who are living paycheck to paycheck by trapping them in debt. ‘Payday and car title lenders profit from repeatedly dragging hard-pressed people deeper and deeper into debt, and taking advantage of families when they are financially vulnerable,’ Lisa Donner, the Americans for Financial Reform’s executive director, said in a statement. ‘Curbing the ability to push loans that borrowers clearly cannot repay is a key protection.’”

AFR in the News: Federal regulator clamps down on payday lending industry (Chicago Tribune)
October 6, 2017 – 12:46 pm

“A federal regulator announced new restrictions Thursday on the payday lending industry, a move that is likely to face resistance in Congress. The Consumer Financial Protection Bureau’s finalized rules largely reflect what the agency proposed last year. They are the first nationwide regulation of the industry, which had largely been left to the states.”

AFR in the News: ‘Monopoly man’ sits behind Equifax CEO at Senate hearing (Fox News)
October 5, 2017 – 9:15 pm

“A person dressed as the Monopoly Man (aka ‘Uncle Pennybags’) landed some prime real estate at a Senate banking committee hearing, seated behind Equifax CEO Richard Smith in a live-action photobombing… Amanda Werner [of Americans for Financial Reform and Public Citizen] walked into the committee hearing with a giant ‘Get Out Of Jail Free’ card for Equifax and Wells Fargo, with the statement ‘forced arbitration lets financial institutions escape accountability for wrongdoing.’”

AFR in the News: How Monopoly Man Won the Internet (NPR)
October 5, 2017 – 9:11 pm

“Monopoly Man became the Internet crush of the day on Wednesday, after upstaging former Equifax CEO Richard Smith at a Senate hearing on the company’s massive data breach. The board game character, whose name is Rich Uncle Pennybags, was brought to life by Amanda Werner, an arbitration campaign manager for Public Citizen and Americans for Financial Reform, groups that advocate for consumer rights and protections.”

Joint Statement: CFPB Payday Lending Rule Will Disrupt Abusive Lending, Protect Families
October 5, 2017 – 1:34 pm
Joint Statement: CFPB Payday Lending Rule Will Disrupt Abusive Lending, Protect Families

“At the heart of the rule is the common sense principle that lenders check a borrower’s ability to repay before lending money. While praising the CFPB for pushing to stop the debt trap, the coalition calls on the Bureau to build on this progress by quickly working to develop regulations to protect consumers from abusive long-term, high-cost loans. Also, strong state laws, such as rate caps, must continue to be defended and enacted.”

Joint Letters: Key Consumer, Labor, and Financial Reform Groups Push Regulators to Revoke Wells Fargo’s Charter and Deposit Insurance
October 4, 2017 – 4:01 pm

“Courts and multiple agencies have found – and Wells Fargo has admitted – that the bank has repeatedly ‘violat[ed] laws or regulations.’ In addition, Wells Fargo’s prudential regulator, the Office of the Comptroller of the Currency (OCC), has found the bank’s violations constitute ‘unsafe or unsound practices.’ By statute, either of these criteria is sufficient grounds for termination of a bank’s deposit insurance.”