Statements and Press Releases Archives - Page 29 of 84

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.

News Release: Internet, Federal Authorities Must Seek Answers Before Any Sale of Dot-Org

Americans for Financial Reform Education Fund and the Electronic Frontier Foundation said the Internet Corporation for Assigned Names and Numbers, which coordinates the operation and maintenance of the internet’s domain name system, should make sure that the transaction will “not imperil the future operation of .ORG” before allowing it to proceed.

News Release: AFR Applauds House Passage of Comprehensive CREDIT Act

Yesterday, the House passed the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (Comprehensive CREDIT Act), H.R. 3621, in a 221-189 vote.

Joint Letter: OCC Proposal Could Greenlight Predatory Lending Schemes

A coalition of more than 100 organizations yesterday submitted a public comment in opposition to a proposed rule from the Office of the Comptroller of the Currency (OCC) that would make it easier for payday and other high-cost lenders to use banks as a fig leaf to offer predatory loans at interest rates of 100 percent APR or higher that are prohibited under state rate cap laws.

a corporate boad room full of empty chairs - Photo by Drew Beamer on Unsplash

News Release: Statement from Diverse Coalition on Proposed Changes to Community Reinvestment Act

The proposed rules weaken a compliance system that needs to be strengthened, introduce new loopholes and add confusion and inconsistency, all while failing to address the real changes needed to modernize CRA to respond to changes in our country’s demographics and changes in the structure of the banking industry.

News Release: AFR Education Fund Statement: FDIC/OCC Proposal Would Weaken the Community Reinvestment Act

Contrary to the mission of CRA, the FDIC/OCC proposal makes it easier for banks to ignore the variety of credit needs in the communities they serve, and leave them further behind.

Congressional Testimony: America for Sale? An Examination of the Practices of Private Funds

We urge Congress to stand up for working people and for communities, patients and consumers, and enact the Stop Wall Street Looting Act.

News Release: FDIC/OCC Proposal Would Encourage Rent-a-Bank High-Cost Predatory Lending

Advocates reacted with outrage to a new proposal from two federal bank regulators that could make it easier for payday and other high-cost lenders to use banks as a fig leaf so that online lenders can offer predatory loans at interest rates that are prohibited under state law.

News Release: AFR Applauds Introduction of Veterans and Consumers Fair Credit Act

Americans for Financial Reform today applauded the introduction ofthe Veterans and Consumers Fair Credit Act of 2019, legislation that would extend the 36 percent APR interest rate cap on payday and car-title lenders in the Military Lending Act (MLA) to cover all Americans.

News Release: Advocates Urge FDIC, OCC, Federal Reserve to Stop Banks from Helping Payday Lenders Evade State Interest Rate Limits

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.