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Articles tagged with: OCC

AFR Statement: OCC Headed in Wrong Direction with Plan on Community Reinvestment Act
August 28, 2018 – 7:59 pm

The OCC proposal would dramatically limit the CRA’s effectiveness by distilling the complexity of the different credit needs of varied American communities to one numerical ratio and quantitative benchmarks, and would reduce public participation in the process that is fundamental to moving banks towards greater responsiveness to the needs of diverse customers and communities.

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.”

Letter to Congress: AFR Opposes A Dozen Deregulatory Bills in House Financial Services Committee Markup
November 14, 2017 – 7:55 am

AFR sent a letter opposing a dozen different deregulatory bills being marked up by the House Financial Services Committee.
AFR Letter Re HFSC 11-14 Markup

Letter to Congress: Oppose HR 2148 — Don’t Put Loopholes In Bank Risk Protections
November 7, 2017 – 2:50 pm

AFR sent an opposition letter to HR 2148, which would have put loopholes in new rules designed to ensure that banks did not make excessively risky commercial real estate loans.
HR 2148 Oppo letter

Letter to Congress: AFR Urges House Financial Services Committee To Reject 19 Deregulatory Bills
October 11, 2017 – 1:34 pm

AFR sent the letter below to the House Financial Services Committee urging them to reject nineteen deregulatory bills.
AFR Letter Re HFSC 10-11 Markup

Open Letter to Banks (and OCC): Don’t Make Debt Trap Payday Loans
October 7, 2017 – 10:01 am

“In 2013, the FDIC and OCC issued guidance aimed at curbing the harms of these debt trap loans. At the same time, the Federal Reserve issued a supervisory statement to the same end… But today, banks are attacking the FDIC and OCC protections that have prevented banks from trapping people in unaffordable payday loans.”
We write to ask for the bank’s pledge that it will not begin making payday loans, and that it will oppose the
rollback of the regulatory guidance, which would make it easier for other banks to do so.

AFR Statement: Oppose Quarles and Otting Nominations as Bank Regulators
September 7, 2017 – 11:37 am

The Senate should reject the Trump nominees for vice-chair of the Federal Reserve Board, Randal Quarles, and the Comptroller of the Currency, Joseph Otting.

Letter to Congress: AFR opposes nomination of Joseph Otting for Comptroller of the Currency
July 26, 2017 – 6:00 pm

“Mr. Otting previously served as the CEO of OneWest from 2010 to 2015. During that time, the bank had a well-documented record of consumer complaints, a questionable response to regulatory inquiries, and executed tens of thousands of foreclosures. “