Statements and Press Releases Archives - Page 46 of 84

AFR Statement: A Major Step Toward Financial Industry Accountability

“’These clauses rob people not only of their constitutional right to go to court, but of the right to band together with others who have been damaged by the same corporate misconduct,’ said Lisa Donner, Executive Director of Americans for Financial Reform. ‘Each victim is compelled to go it alone, even if the cost of taking action far exceeds the damages in any individual case. Because the process often bars the parties from going public with their stories, forced arbitration serves as a way for companies to keep evidence of wrongdoing under wraps.'”

Joint Statement: Consumer Advocates Applaud CFPB Arbitration Proposal

“Consumer advocates commend the CFPB for taking this crucial step to limit big banks’ and other financial companies’ efforts to escape accountability for breaking the law, and urge the agency to use the full force of its authority to restore consumers’ right to choose how to resolve disputes with financial institutions in this, and every, context in the final rule.”

Joint Letter: AFR, 163 Groups Call for Strong CFPB Action Against Forced Arbitration

“Yesterday, 164 organizations that advocate on behalf of consumers, students, civil rights, labor, small business, and more, sent a letter to the Consumer Financial Protection Bureau (CFPB), urging the agency to use its Congressional authority to restrict forced arbitration – the abusive practice in which corporations bury “ripoff clauses” in the fine print of take-it-or-leave-it contracts to block consumers from challenging hidden fees, fraud, and other illegal behavior in court.”

AFR Statement: Online and Storefront Payday Lenders are More Alike than Different, CFPB Report Shows

“About half of all online payday loan customers end up paying fees ($185 is the average amount) triggered by failed debit attempts. Some lenders keep on trying to collect in even when there is likely to be no effect other than to increase the cost to the borrower. Some companies will even break a payment into multiple smaller amounts, submitting three $100 requests, for example, instead of one $300 request. A third of the customers hit with such penalties end up having their bank accounts closed involuntarily.”

AFR Statement: AFR Statement on FHFA Announcement on Distressed Mortgages

“AFR welcomes FHFA’s announcement that it will take additional steps to limit the negative effects of underwater mortgages on homeowners and their communities. Principal reduction on underwater mortgages has been a priority for AFR and many of our members, and we have long urged FHFA to adopt this position. “

AFR Statement: Five Bank Resolution Plans Found “Not Credible”

“These regulatory assessments add yet more weight to the case for aggressive action to realize the promise made in the Dodd-Frank Act that ‘too big to fail’ will be ended. The findings open the door to such action by authorizing regulators to place additional controls on the five banks whose plans were officially found to be ‘not credible’ if these banks do not meet the October 1st deadline for remediating the issues identified in the resolution plans. The regulators’ action also starts the two year clock in Dodd-Frank on the potential breakup or restructuring of these banks.”

AFR Statement: A Huge Victory for American Workers and Retirees

“After years of effort, and against massive opposition by some industry players, the Department of Labor has come out with a rule requiring retirement investment advisers to give honest advice – the kind that puts the best interests of their clients first. Today’s announcement is a huge victory for American workers and retirees. “

AFR Statement: AFR Statement for the Record on the Senate Banking Committee Hearing “Assessing the Effects of Consumer Finance Regulations”

“It is less than five years since the Consumer Financial Protection Bureau (CFPB) was established. Since then, the CFPB has fulfilled Congress’s vision of a federal agency with “the authority and accountability to ensure that existing consumer protection laws and regulations are comprehensive, fair, and vigorously enforced.”

AFR Statement: AFR Statement on Metlife Decision

“We are disappointed that a single Federal district court judge has overturned the decision of the Financial Stability Oversight Council (FSOC), which voted 9-1 to designate Metlife for additional Federal Reserve oversight. “

AFR Statement: Department of Education must expedite and broaden relief to Corinthian students

“We join with the advocates, lawmakers, and law enforcement officials who have all called on the Department use its legal authority to discharge debts of students covered by the Department’s enforcement actions without further delay and without requiring each borrower to make an individual application.”