A coalition of 61 consumer, civil rights, and community groups today sent letters to three federal bank regulators urging them not to allow their banks to help payday lenders evade state interest rate limits.
Americans for Financial Reform welcomes the introduction of The Students Not Profits Act, let by Representative Pramila Jayapal, and Senators Sherrod Brown and Elizabeth Warren. The for-profit college industry is plagued with bad outcomes for students, has a record of law breaking and abuse, and is responsible for 34% of student loan defaults, despite only enrolling 9% of post-secondary students. The Students Not Profits Act is a welcome and bold step to ensure that public dollars are not supporting and enabling malfeasance.
AFR Ed Fund and 230 consumer, civil and human rights, labor, community and legal services organizations from all 50 states and the District of Columbia submitted comment on the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed debt collection rules.
Strong majorities across parties oppose the Consumer Financial Protection Bureau’s (CFPB) proposed debt collection rule including medical debt, according to a new poll released by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The poll was conducted by the bipartisan team of Lake Research Partners and Chesapeake Beach Consulting.
On September 10, 2019, 17 civil rights, consumer and housing advocacy organizations sent a letter to the CFPB addressing QM and urging the Bureau to take additional steps to preserve access to affordable homeownership with adequate consumer protections in place.
Tomorrow marks one hundred fifty days since Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger committed to quickly filling the nation’s top student loan watchdog position—a role that has been vacant for almost a year. As student debt nears $1.6 trillion and predatory practices plague the market, the Student Borrower Protection Center (SBPC) and Americans for Financial Reform Education Fund (AFREF) are releasing a roundup of failures by the current CFPB Director to stand up for student loan borrowers.
“Income-share agreements are nothing more than student debt with a fancy name,” said Alexis Goldstein, Senior Policy Analyst at Americans for Financial Reform. “Financial investors hungry for yield are using ISAs to put student debt in an elaborate and confusing package, while forcing students to waive key rights and seeking to withhold the already too limited consumer protections federal student loans provide.”