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Articles tagged with: CFPB

Joint Letters: More than 300 national, state and local organizations urge opposition to bringing CFPB funding under the Appropriations process
March 1, 2018 – 9:52 am

AFR and more than 300 organizations urge members of Congress to oppose any poison pill financial reform policy riders, whether to put the CFPB under the normal Appropriations process, otherwise weaken the authority, structure or independence of the CFPB.

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.”

AFR in the News: Trump-appointed CFPB head eases up on Equifax probe (New York Post)
February 6, 2018 – 10:23 am

“This isn’t the first drastic turnaround for the CFPB under Mulvaney. Last month, the agency canned rules that made it harder for payday lenders to make high-interest loans — and automatically pull funds — from borrowers. ‘Mick Mulvaney wants to let Equifax off the hook for its reckless abuse and negligence that may have a lasting impact on millions of Americans,’ [said] Lisa Donner, executive director of Americans for Financial Reform.”

AFR Statement: Report Mulvaney Backing Away from Equifax Probe Shows Need for Credible CFPB Director
February 5, 2018 – 1:36 pm

It’s one more reason why it’s so important to have someone with a track record of protecting consumers running the CFPB, not someone who wants to destroy its work.

AFR in the News: Payday Rules Relax on Trump’s Watch After Lobbying by Lenders (New York Times)
February 3, 2018 – 10:12 am

“‘Payday lenders are clearly watching this with bated breath,’ said José Alcoff, manager of the Stop the Debt Trap campaign at Americans for Financial Reform. ‘I think this is clearly a case where the system is getting more and more rigged, where they have, as they say, the fox in charge of the henhouse.’”

AFR in the News: Trump administration strips consumer watchdog office of powers over lending discrimination (Washington Post)
February 2, 2018 – 1:26 pm

“The Trump administration has stripped enforcement powers from a [CFPB] unit responsible for pursuing discrimination cases, part of a broader effort to reshape an agency it criticized as acting too aggressively… ‘These changes . . . threaten effective enforcement of civil rights laws, and increase the likelihood that people will continue to face discriminatory access and pricing as they navigate their economic lives,’ Lisa Donner, executive director of Americans for Financial Reform, said in a statement.”

Joint Statement: Transfer of CFPB Consumer Response Unit Offers No Clear Benefit
February 1, 2018 – 2:37 pm

Consumer Response has essentially been an independent office housed in the Operations Division. As such, its research on consumer complaint trends has been equally available to all divisions and offices, including, for example, Supervision, Enforcement and Fair Lending; Research, Markets and Regulations; and Consumer Education and Engagement. Is this transfer designed to diminish the Consumer Response unit’s important role in helping all units of the agency collect and understand the ongoing complaints that consumers raise? What benefit does this transfer provide consumers and will this relocation affect the Complaint unit’s budget?