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Articles tagged with: Payday Lending

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.”

AFR Press Release: More than 400,000 Comments Urge CFPB to Adopt a Strong Payday Rule
October 7, 2016 – 4:11 pm

“Since the release of the Bureau’s proposed rule in June, hundreds of organizations have been gathering comments or borrower stories at faith services, community centers, film screenings, street festivals, concerts, job fairs, and town hall meetings, and through online channels. Major civil rights groups, including the NAACP, the National Council of LaRaza (NCLR), and the League of United Latin American Citizens (LULAC), have been deeply involved in these efforts, along with labor unions, social service providers, consumer and small business groups, and advocates for veterans and seniors.”

AFR in the News: Google Said It Would Ban All Payday Loan Ads. It Didn’t. (Intercept)
October 7, 2016 – 3:09 pm

“‘While things have improved it looks like some [lead generators] are, predictably, trying to get around the rules,’ said Gynnie Robnett, Campaign Director for Americans for Financial Reform… This is extremely common for the payday lending industry, whose business model is in some part predicated on skirting regulatory barriers to get high-cost loans into customers’ hands.”

PRESS RELEASE: Joint Report Tells Real-Life Stories of Payday Loan Borrowers
October 5, 2016 – 4:55 pm

“More than 400,000 comments asking for a rule on payday lending to be stronger and smarter have flooded in to the Consumer Financial Protection Bureau (CFPB) since a draft proposal on the rule was unveiled in June… On a press call today, People’s Action Institute and Americans for Financial Reform released Caught in the Debt Trap, a heart wrenching report that tells the real story about what business as usual means to thousands of borrowers around the country “