Home » Archive by Tags

Articles tagged with: Payday Lending

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: 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.’”

Stop the Debt Trap Statement: Mulvaney Ends CFPB Investigation into Campaign Contributor
January 24, 2018 – 10:35 am

““When Mick Mulvaney was a member of Congress, the World Acceptance Corporation gave more campaign contributions to him than any other member of the U.S. House of Representatives. Today, as acting director of the Consumer Bureau, Mulvaney showed his gratitude by dismissing a four-year investigation into deceptive practices the company has used to trap consumers into debt. Mulvaney’s actions leave no doubt where his priorities lie – campaign friends over consumers.”

Stop the Debt Trap Statement: Mulvaney Drops Lawsuit Against Payday Lenders Charging More Than 950% Interest
January 19, 2018 – 1:01 pm

“This abrupt and reckless decision by Mick Mulvaney shows the level of disdain he has toward working families. He’s giving a free pass to his past campaign contributors, and he is enabling payday lenders to get away with charging obscene triple digit interest rates in violation of state law, to people who are already struggling to make ends meet.”

Stop the Debt Trap Statement: Mulvaney, Predatory Lenders Signal Plan to Kill Payday Lending Rule
January 16, 2018 – 12:15 pm

“This move shows the level of influence that payday lenders have over Mick Mulvaney, who for years received campaign contributions while a member of Congress. With today’s announcement, Mulvaney is sending an unmistakable signal that he wants to kill this common-sense regulation.” Payday loans “trap borrowers in an unaffordable cycle of debt, causing severe financial harm such as bank penalty fees, delinquency on other bills, or even bankruptcy. There is no reason to reopen the rule, and doing so shows disdain for consumer protection and low-income communities that are targeted by these debt trap loans.”

AFR in the News: Private Equity Cashes In On Payday Lending
December 17, 2017 – 11:04 pm

“[I]t is a telling sign of just how dysfunctional the American economy has become that some of the nation’s biggest private equity firms are now heavily invested in the payday loan business and its slightly more respectable cousin, subprime installment lending. A new report from Americans for Financial Reform and the Private Equity Stakeholder Project details dozens of such arrangements involving some of the biggest names on Wall Street and the scuzziest operations on Main Street.”

AFR Release: New Report Documents Deepening Links Between Payday Lending and Private Equity
December 15, 2017 – 7:43 am

Private equity moguls have invested heavily in the payday and installment lending. The development puts private equity firms in the position to profit from efforts by payday lenders to roll back an important new rule by the Consumer Financial Protection Bureau.

AFR Statement: House Committee Approves a Package of Wall Street Giveaways
November 16, 2017 – 10:55 am

“The package includes legislation that would release the nation’s largest banks from measures to prevent a financial crisis, saving them billions of dollars in expenses,” AFR’s Lisa Donner said. “It would also allow banks and fintech firms to cooperate in new forms of payday lending, and make investment products riskier for mom-and-pop savers. And it’s all happening against the backdrop of a big proposed tax cut for Wall Street.”