AFR joined more than 15 leaders of public interest groups in releasing a joint statement applauding the FDIC and the OCC for their proposed guidance issued this week directing banks to stop making predatory loans that trap borrowers in a cycle of debt with 300% interest.
As new data confirms, they frequently serve as debt traps, with borrowers unable to repay, taking out repeated loans, and struggling to cover basic living expenses for months on end.
“This is about a minority that doesn’t want a watchdog that will keep an eye on the big banks to make sure they don’t cheat their customers.” – Senator Elizabeth Warren.
On Wednesday, March 27th, a coalition made up of 109 civic groups sent a letter to Mortgage Settlement Monitor Joe Smith and the Executive Monitoring Committee highlighting concerns with the slow pace of change on the ground for hardest-hit communities and the need for greater oversight.
Public Citizen and Americans for Financial Reform today delivered petitions signed by more than 17,000 people calling on the CFTC to stand firm in applying derivative standards to all the dealings of U.S. banks and their overseas subsidiaries.
43 Senators are using the confirmation process to extract major, weakening changes in CFPB governance and funding. “We call on the Senate to reject this outrageous tactic and bring Richard Cordray’s nomination to a swift up-or-down vote.”
“For the economy’s sake as well as the sake of financial consumers – which is all of us – the country needs a fully functioning CFPB, with a confirmed director.”
With too many in Washington once again echoing the “What’s good for us is good for America” mantra of Wall Street, the Senate’s new findings should shred any argument for retreat from key reforms.
AFR released a statement calling for the confirmation of Richard Cordray as Director of the CFPB.
AFR released a statement in support of “The Wall Street Trading and Speculators Tax Act”