“According to the advocacy group Americans for Financial Reform, payday and title lenders spent more than $15 million on campaign contributions during the 2014 election cycle. The top recipient, with nearly $224,000 in donations from the industry, was the National Republican Congressional Committee. The largest individual recipient, with $210,500 in payday and title loan cash, was — you guessed it — Hensarling.”
“The [Hensarling] bill ‘would make it easier for Wall Street megabanks – plus other mortgage lenders, payday lenders, credit card companies and debt collectors . . . to make windfall profits by cheating people or putting the stability of the financial system at risk.’ That’s… from an email blast [the National Consumer Law Center] sent out in conjunction with Americans for Financial Reform.”
“When the CFPB was created in 2010 under the Dodd Frank Act, the appointment of an independent director was meant to help shield the agency from lobbying forces and powerful groups on Wall Street, says Brian Simmonds Marshall, policy counsel for Americans for Financial Reform…”
“‘Without exception, the proposals we’ve seen to de-fund or restructure the Consumer Financial Protection Bureau are about making it less effective at doing its job,’ says Carter Dougherty, spokesman for Americans for Financial Reform… ‘All these proposed changes to the CFPB would do is make it easier for Wall Street and assorted predatory lenders to rip people off.'”
“Alexis Goldstein, a senior policy analyst at Americans for Financial Reform… described the idea of eliminating the program as ‘horrifying,’ noting that… borrowers are struggling to manage their student debt, pushing them to put off home-buying and other financial milestones. Eliminating a forgiveness program would only make that worse, she said. ‘It seems both ill-conceived from a policy perspective and just cruel.’”
“At a closed-door meeting in Washington on Monday, Treasury Secretary Steven Mnuchin directed five key agencies to re-examine what’s permitted under the Volcker Rule… Marcus Stanley, policy director at Americans for Financial Reform, said he’s dubious that Volcker is handcuffing lenders. ‘You’re talking about banks that are making tens of billions a year on trading activity,” said Stanley, whose group supports aggressive oversight of Wall Street. “It doesn’t seem to me that they’ve exited the markets.’”
