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Articles tagged with: Payday Lending

AFR in the News: Buried deep within GOP bill: ‘free pass’ for payday and car-title lenders (LA Times)
May 30, 2017 – 10:47 am

“According to the advocacy group Americans for Financial Reform, payday and title lenders spent more than $15 million on campaign contributions during the 2014 election cycle. The top recipient, with nearly $224,000 in donations from the industry, was the National Republican Congressional Committee. The largest individual recipient, with $210,500 in payday and title loan cash, was — you guessed it — Hensarling.”

AFR in the News: Fighting Financial Abuse in the Trump Era (Huffington Post)
April 18, 2017 – 12:11 pm

“Amanda Jackson, who takes on powerful financial industry forces every day as the Organizing Manager for Americans for Financial Reform, says she’s drawing strength and inspiration from a surge of activism. ‘Trump is forcing people to be more conscious of problems that certain communities have been facing forever,’ Jackson told Inequality.org. ‘There’s no gray area anymore. Either you turn a blind eye to the problems or you answer the call to action. Fortunately, we’re seeing many people answer that call.’”

AFR Statement: Hensarling Budget Plan Delights Wall Street But Hurts Everyone Else
March 1, 2017 – 9:06 am

The chairman’s opening move in this year’s budget debate might delight Wall Street, but it would make life harder and more dangerous for the rest of us. His plans would make it easier for big banks and predatory lenders to rip off their customers, and easier for Wall Street billionaires to crash the economy — again.

Joint Statement: 104 Organizations Respond to Sen. Carper’s interest in exploring changes to CFPB structure
February 8, 2017 – 1:53 pm

“With a single director at its head the CFPB is doing exactly what it is supposed to do. It has recovered $12 billion for over 29 million people. The only plausible reason to change it, after nearly 6 years of good work, is to stop that good work from happening. The banks and predatory lenders who are pushing this want to be able to abuse consumers with impunity. There is no good reason to enable them.”

Joint Press Release: Google Takes Down Over Five Million Payday Loan Ads
January 30, 2017 – 4:15 pm

“Along with fake prescription drug peddlers, scam weight loss regimes, and sneaky malware spreaders, Google has taken down 5 million attempts to trap Americans in predatory loans since mid-July… ‘While Google’s actions are helpful and important, an internet company cannot be the main barrier to abuse by these predators. The Consumer Financial Protection Bureau is working on smart, fair and flexible rules that, if finalized, will protect Americans from the worst abuses of payday lending. .. [I]t must not be undermined or weakened by the payday industry and their allies who want to keep getting away with debt trap 300% loans.’”

Joint Letter to Regulators: More Than 250 Groups Urge OCC Not to Offer Fintech Charters
January 13, 2017 – 2:11 pm

“State laws often operate as the primary line of defense for consumers and small businesses; thus, the proposal puts them at great risk. The OCC must not undermine state rate caps. Interest rate caps are the simplest, most effective way to protect borrowers from unaffordable, high-rate loans and to align the interests of lenders and borrowers.”

AFR in the News: Dueling Payday-Lending Campaigns Deluge CFPB With Comments (Wall St. Journal)
October 11, 2016 – 12:39 pm

“The Consumer Financial Protection Bureau has received about a million public comments… That figure is the highest in the agency’s five-year history… Consumer groups such as the Center for Responsible Lending and Americans for Financial Reform formed an alliance and ran a Twitter campaign using the hashtag #StopTheDebtTrap and shepherded people to a comment site…”

Joint Press Release: Advocates Deliver a Strong Payday Loan Message from Hundreds of Thousands of Americans
October 7, 2016 – 4:28 pm
Joint Press Release: Advocates Deliver a Strong Payday Loan Message from Hundreds of Thousands of Americans

“More than 700 groups carrying the voices of hundreds of thousands of Americans from every state in the union today called on the nation’s consumer financial watchdog to put forth a strong final rule that will truly end the abuses of payday lending… That message was carried in a letter hand-delivered today to CFPB Director Richard Cordray and signed by national, state and community-based organizations representing seniors, faith denominations and clergy, labor and workers, consumers and veterans among others.”