“The OCC proposal is nothing more than a plan for unleashing predatory lenders to peddle dangerous financial products nationwide by eviscerating the power of state usury laws.”
The following organizations have made this important information available in Spanish, Korean, Chinese, Vietnamese, Bangla and English: AFR Language Access Task Force, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Action, Empire Justice Center, National CAPACD, National Consumer Law Center, National Fair Housing Alliance, and UnidosUS.
The director of the Consumer Financial Protection Bureau, Kathleen Kraninger, today announced the agency will strip out the core of a rule written and finalized under previous leadership that would shield consumers from debt trap payday and car-title loans. The decision will leave millions of people vulnerable to grave financial abuses at a time of economic crisis, and will harm people of color who are suffering higher rates of illness and of unemployment, and whom this industry targeted even before the pandemic.
NEWS RELEASE: AFR Applauds Bill Expanding Local Government, Municipality Access to Pandemic Relief Funding
Uplifting Our Local Communities Act would expand access to CARES Act funding to state and local governments
In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm.
NEWS RELEASE: Federal Reserve Stress Test Results Highlight Failures of the Stress Testing Framework
Instead of providing a realistic assessment of the solvency and capital position of individual banks, today’s release highlights the failures and politicization of the stress testing program and its inability to ensure capital adequacy.
NEWS RELEASE: On Partisan Vote, Financial Regulators Move to Tear Down Critical Controls on Bank Risks
Five regulators finalized changes to the Volcker Rule dramatically weakening limits on bank investments in hedge funds, private equity funds, and other “external funds”. The vote was partisan, with not a single Democratic appointee voting for the change.
NEWS RELEASE: AFR Education Fund and Demand Progress EF Reject Recent Changes to the Libra Association’s White Paper as Insufficient
Americans for Financial Reform Education Fund and Demand Progress Education Fund released a joint report, making the case for policymakers to take action to prevent the Geneva-based Libra project from evading regulation and going into effect as proposed.
JOINT STATEMENT: Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit
Consumer advocates criticized the Federal Deposit Insurance Corp. (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder their loans through banks so the non-bank lenders can charge triple-digit interest rates in states where high rates are illegal.
NEWS RELEASE: Advocates for Workers and Investors Call on Labor Department to Withdraw Policy that Lets Private Equity Loot Retirement Plans
Nineteen organizations and individuals that advocate on behalf of consumers, workers, investors and retirees have called on the Department of Labor to withdraw its controversial policy statement opening the door to private equity investments in 401(k) plans.