Tag Archives: CFPB

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Joint Brief: AFR Joins Argument Urging Supreme Court to Support CFPB Structure

The amici submitting this brief are consumer organizations with an interest in the constitutional analysis that determines whether the structure of the Consumer Financial Protection Bureau (CFPB) is consistent with separation-of-powers principles … The amici submitting this brief are consumer organizations with an interest in the constitutional analysis that determines whether the structure of the Consumer Financial Protection Bureau (CFPB) is consistent with separation-of-powers principles …

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In The News: The fight to protect consumers, at a crossroads (The New York Daily News)

As Lisa Donner, executive director of Americans for Financial Reform, put it, last year, the CFPB “was constructed really deliberately to protect ordinary people,” and the Trump administration has “taken it apart — dismantled it, piece by piece, brick by brick.” I [Leandra English] am honored to join DFS Superintendent Linda A. Lacewell’s team to ensure that as Washington retreats, New York continues to lead.

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News Release: New CFPB Task Force Runs Counter to Agency Mission

“The CFPB is dropping the ball on enforcing and drafting federal rules to actually protect the public from rip offs and discrimination in lending,” said Linda Jun, senior policy counsel at Americans for Financial Reform Education Fund. “Creating and hiring a new task force stacked with industry representatives and ideological opponents of regulation is one more move that runs directly counter to the CFPB’s basic mission.”

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In The News: This was supposed to be the decade of tougher consumer protections. That didn’t happen. (CNBC)

“The biggest concerns that we see with the CFPB today is they are holding the hands of the payday lenders,” said Linda Jun, senior policy counsel at Americans for Financial Reform. “That means that the debt trap will continue and people will continue to lose their cars and their bank accounts as a result of the continued destruction of payday loans.”

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In The News: How to Buy a Regulation in Six Short Months (The American Prospect)

Under the rule, a borrower would have to sign a notice authorizing the lender to withdraw from the account after those two consecutive failures. “If I was smart, I would only sign that if there was money in there,” says Linda Jun, a policy counsel with Americans for Financial Reform, a regulatory and consumer protection coalition. “Aside from getting charged more for a negative balance, banks close bank accounts over this stuff, you could lose access to banking entirely.”

Payday-Loans

News Release: Payday Lenders Openly Brag That Their Contributions Lead to Regulation Rollbacks

A video obtained by consumer watchdog groups Allied Progress and Americans for Financial Reform shows payday industry executives bluntly discussing how campaign contributions to the Trump campaign has bought them access to his administration. In a recent webinar, predatory lenders reveal their plan for using campaign cash to lock in a final CFPB payday rule that enriches them at consumers’ expense.