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Articles tagged with: CFPB

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

“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

“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.”

Take On Wall Street Poll: Voters Support Efforts to Fight Lending Discrimination
May 11, 2018 – 2:34 pm

Across parties and regions, American voters believe the government should fight discrimination by financial firms against African-Americans and Latinos in lending.

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

“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

“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

“‘“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.’”

AFR Statement: AFR Condemns House Vote to Abandon CFPB Auto Lending Guidance
May 8, 2018 – 4:57 pm

In the era of mass incarceration, racial profiling and unaccountable police brutality, every member of Congress who voted for this bill has to explain why they do not believe people of color deserve the full protection of the federal government, especially given the long documented history of racial discrimination in auto lending.

AFR Statement: Preserve Public Access to CFPB Complaint Database
May 1, 2018 – 11:49 am

Making the database public makes it more useful and more visible, which in turn makes it more likely to be used, and to provide more valuable information to the Bureau and the public about consumer financial services.