New report offers details on over 20 cases of private equity investment in payday lending, and how the new owners or investors seek greater rewards from this predatory business.
A bipartisan majority of lawmakers on the Senate Banking Committee last week rejected a series of public interest amendments in order to advance a bill full of gifts to banks.
The notion that this administration is or will be tough on Wall Street doesn’t pass the laugh test, and that fact is evident in deeds, not tweets. Trump has put Goldman Sachs executives in the most senior positions in the government, and pushed for a giant tax cut for Wall Street.
AFR Statement: Public Interest Groups File Amicus Brief In Support of Leandra English as CFPB Director
Americans for Financial Reform joined a group of public interest advocates in support of Leandra English’s lawsuit to be recognized as the sole lawful Acting Director of the Consumer Financial Protection Bureau.
H.R. 2570 would open the door to predatory mortgage lending by making it easier for lenders to steer homeowners into high-cost, abusive deals on certain mortgages, especially on home equity lines of credit and construction loans
Letter to Congress: AFR Opposes HR 477 — the misleadingly labeled “Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017″
Disguised as a regulatory relief for small businesses, this legislation would exempt from registration requirements merger and acquisition brokers of transactions involving quite large privately held companies, while opening a deregulatory window of opportunity for private equity firms to exploit.
On Friday, Senate Republicans passed a bill with some $1.5 trillion in tax cuts, overwhelmingly weighted to the wealthiest Americans. The bill lavishes tax cuts on Wall Street banks, on executives who can manipulate their legal status to obtain a lower tax rate, and on operations in foreign tax havens. In contrast, ordinary Americans earning wages and salaries receive very limited benefits, and in many cases will see their taxes increased.
In the meantime, the CFPB still has work to do holding Wall Street to account on behalf of American consumers, and Ms. English and the CFPB staff can continue its successful run. Now, the president should nominate someone with a track record of fighting for consumers who will enjoy bipartisan support in the Senate.
Mulvaney has said he is opposed to the very existence of the CFPB, and as a member of Congress he voted in favor of Wall Street banks and predatory lenders — his largest donors — again and again. The CFPB has recovered $12 billion in ill-gotten gains on behalf people around this country. It is this work that the administration apparently wants to destroy
Congress should abandon budget rider proposal that would eliminate independent funding for the CFPB and other poison pills.