Home » Archive by Tags

Articles tagged with: CFPB

AFR Statement: Stop Senate Rush to Roll Back Protection from Forced Arbitration
September 25, 2017 – 5:32 pm

This rush toward a vote in the Senate is a cynical attempt to roll back an important consumer protection before anyone gets straight answers from Equifax and Wells Fargo about the damage they’ve done to the financial lives of millions of Americans.

Joint Statement: House Approves Special Protections for Payday Lenders
September 15, 2017 – 2:27 pm

“The vote [came] during the debate over the Financial Services and General Government bill, which funds some basic functions of the federal government, including the Treasury Department… Rep. Keith Ellison (D-Minn.) introduced an amendment to take this language out of the appropriations bill and continue to allow the CFPB to regulate payday lenders as it regulates all financial services businesses. The amendment failed with four Republicans joining Ellison to protect borrowers and three Democrats choosing to side with payday predators.”

Letter to Regulator: AFR, 18 Organizations Call for Comprehensive Data on Small Business Lending
September 14, 2017 – 5:55 pm

We call on the Bureau: to require reporting on the full breadth of small business lending; to capture important data about loans applied for and made; and to complete the rulemaking and begin collection of these data expeditiously.

AFR in the News: Before its massive data breach, Equifax fought to kill a rule allowing victims to sue (LA Times)
September 12, 2017 – 2:14 pm

“The regulation, issued by the Consumer Financial Protection Bureau on July 10 and scheduled to go into effect in mid-January, came under attack by Republicans in Congress ‘before the ink was even dry,’ says Amanda Werner of Americans for Financial Reform, which is fighting to retain the rule… Consumer privacy advocates hope that the Equifax debacle will remind senators of the importance of the rule. ‘We need to look at how consumers are going to be able to hold these firms accountable,’ Werner says.”

AFR Statement: Equifax Data Breach Underscores Need to Curb Forced Arbitration
September 8, 2017 – 5:05 pm

Congress should preserve CFPB’s rule curbing forced arbitration and abandon attempts to lighten regulation of credit bureaus in the wake of massive data breach at Equifax.

AFR Statement: DeVos Decision to stop working with the CFPB is a betrayal of students and a boon to bad actors
September 5, 2017 – 2:53 pm

The Department of Education’s decision to end information sharing with the Consumer Financial Protection Bureau (CFPB) is a betrayal of students and a boon to loan servicers with a history of preying on those students.

AFR in the News: Quick Cordray Action Could Open Payday Rule to Challenge, says Hensarling (Morning Consult)
September 1, 2017 – 9:36 am

“The payday rule is seen as one of the last major Cordray-era regulatory proposals that haven’t been finalized, and consumer advocacy groups and liberal Democrats who support the CFPB have also been supportive of the rule proposal as a key measure to prevent consumers from getting mired in debt. Jose Alcoff, campaign organizer at Americans for Financial Reform, defended the bureau’s approach to the payday loans issue. ‘It’s been 29 months since the proposal was first outlined, and 15 since it was formally put to the public… We do need a rule soon to curb these abuses.’”

AFR Statement: Wells Fargo’s Latest Attempt to Get Away with Fraud
August 24, 2017 – 1:08 pm

“This Wells Fargo case is yet another demonstration of the harm consumers will suffer if Congress chooses to repeal the CFPB arbitration rule and restore banks’ ‘Get out of Jail Free card.,” said Lisa Donner, Executive Director for Americans for Financial Reform. “It is also yet another reminder why lawbreaking banks are pushing for the rule to be overturned: blocking consumers right to go to court makes it easier for them to rip people off.”