Americans for Financial Reform is a nonpartisan, nonprofit coalition working to lay the foundation for a strong, stable, and ethical financial system.

News Release: CFPB Fails to Protect Consumers from Abusive Collection of Time-Barred Debt (Again)

The supplemental rule states that debt collectors must provide consumers with specific disclosures when collecting debt that is beyond the statute of limitations (time-barred debt). The proposed disclosures would be in addition to the CFPB’s proposal announced in May to prohibit collectors from filing or threatening a lawsuit on a time-barred debt, but only if the collector “knows or should know” that the legal time limit to sue has expired.

Letter to Regulators: AFREF-EFF Letter to FTC on Private Equity takeover of .ORG

“PIR LLC will have to generate substantial additional revenue to service the debt which could force PIR LLC to take advantage of its monopoly position to raise prices to unsustainable levels, impose new service charges, reduce technical upkeep that could impair web connectivity or non-profit email traffic, or pursue other business strategies that could undermine the independence of non-profits including suspending or transferring domain names, in effect a censorship-for-profit strategy that has been used by other domain registries and internet companies.”

Take Action: Fight the payday Debt Trap by supporting H.R. 5050

Right now, your member of Congress is considering a bill that would make sure that payday loan sharks can’t charge sky-high, triple-digit interest rates on their deceptive loans. Passage would be a big victory in the fight against the predatory payday Debt Trap. Use our online tool to send an email to your members of Congress, telling them to support H.R. 5050 to fight the payday Debt Trap!

Fact Sheet: Kraninger Lets Industry “Drive the Agenda” at CFPB

Kathleen Kraninger, the current director of the Consumer Financial Protection Bureau, told an audience of bankers at a November 2019 industry gathering that “you are really helping drive the agenda.” Unfortunately for the public and for consumer financial protection, the Kraninger agenda and the Wall Street lobby’s agenda are indeed all too similar. Since the Senate confirmed Kraninger on a party-line vote, she has steered the CFPB in an anti-consumer direction, making it easier for Wall Street and predatory lenders to rip people off and to discriminate against people of color.