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Articles tagged with: CFPB

AFR Statement: Mulvaney Plan to Gut Payday Lending Rule Defies Common Sense
October 26, 2018 – 1:14 pm

The rule, which was years in the making, created vital protections for consumers of payday, car title, and some longer-term loans to ensure that predatory lenders don’t trap customers in unaffordable loans. Underlying the rule is the common-sense principle that lenders should consider whether borrowers have the ability to repay a loan before they risk their financial well-being.

AFR and NCLC Statement: CFPB Sandbox Proposal Would Deny Consumers Key Information
October 11, 2018 – 6:01 am

The CFPB is exceeding its authority under the law that created the agency and would set a dangerous precedent with its “disclosure sandbox” policy, its label for granting companies exemptions from disclosure rules. The CFPB would allow firms to obfuscate or eliminate important information in the name of “financial innovation,” a label often applied to defend practices in mortgage lending that led to the 2008 crisis.

AFR Letter: Civil Rights, Consumer Groups Seek Blankenstein Ouster from CFPB
October 5, 2018 – 6:00 am

We, the undersigned organizations, call on you to abandon your proposed reorganization of the
Office of Fair Lending and Equal Opportunity, and to remove Mr. Eric Blankenstein from having
any involvement in the Bureau’s oversight and enforcement of antidiscrimination laws. We have
long voiced strong concerns about your plans to relocate the Office of Fair Lending, and our
concerns have grown even stronger in light of the shocking revelations about Mr. Blankenstein’s
writings on issues of race.

AFR Statement: Blankenstein Views Part of Mulvaney Agenda of Enabling Discrimination
September 27, 2018 – 11:00 am

Mulvaney chose Blankenstein as the policy associate director for supervision, enforcement, and fair lending. Under Mulvaney the CFPB has restructured the main office for fair lending, expressed interest in moving away from a key legal test for fair lending, and curbed enforcement of rules on predatory lenders that often target communities of color.

Letters to Congress: AFR urges Senate Judiciary Committee to oppose Brett Kavanaugh’s nomination to the Supreme Court
September 3, 2018 – 8:30 pm

“Judge Kavanaugh’s confirmation to the Supreme Court would give him ample opportunity to weaken all independent agencies working within their Congressional mandate to protect the public, and thereby leave us all much more vulnerable to predatory practices as well as to actions that put the stability of the entire financial system at risk. We urge you to oppose his nomination.”

AFR Statement: Frotman Resignation from CFPB Highlights Mulvaney Betrayal of Students
August 27, 2018 – 2:19 pm

With regard to student lending, just as in other areas, instead of holding harmful actors accountable, Mulvaney is suppressing exposure of wrongdoing, and undercutting enforcement of the law. AFR thanks Mr. Frotman, and his colleagues, for their good work, and deplores these changes.

AFR Statement: Full Senate Should Reject Kraninger Nomination to Head CFPB
August 23, 2018 – 11:02 am

Kraninger’s job as CFPB director would be to defend consumers against abuse at the hands of Wall Street banks and predatory lenders, but she has shown no sign of being willing to take on this vital role. The full Senate should reject her nomination.