Credit cannot make up for a fundamental lack of income or consistent incapacity to meet expenses, particularly for the borrowers with damaged credit for whom high-cost bank products tend to be designed. Irresponsible loan products merely put these consumers in a cycle of debt, exacerbating, not helping their situation.
January 22, 2019 Americans for Financial Reform Education Fund submitted a letter to banking regulators regarding the relaxation of enhanced prudential standards for large banking institutions. Read or download a PDF version of the letter by following this link.
Letter to FHA urging stay on foreclosures during government shutdown
Letter to CRAs urging credit relief for consumers affected by natural disasters
Letter to CRAs urging them to take steps to protect the credit reports of federal workers affected by the government shutdown
Advocate etter to USDA urging stop to foreclosures during government shutdown
AFR Education Fund was among the 18 organizations that submitted these comments responding to the CFPB’s RFI on data collection on December 27, 2018. You can view or download pdf of the letter here.
“The failure of Mulvaney’s CFPB to properly carry out the law, whether by failing to supervise companies or dropping cases that were underway is a green light for direct and immediate harm to ordinary Americans,” Carter Dougherty, communications director for Americans for Financial Reform, told TPM via email.
Advocates from 74 national and state advocacy groups sent a letter yesterday afternoon to new Consumer Financial Protection Bureau Director Kathy Kraninger urging the bureau to focus on protecting consumers from abusive debt collection practices in anticipation of a proposed debt collection rule expected in March 2019.