A group of 80 consumer, civil rights, legal services, labor, environmental, and community groups today expressed their strong opposition to the proposed changes to the Consumer Financial Protection Bureau’s no-action letter policy and its proposed product sandbox.
This puts a vital consumer protection on the chopping block at the behest of predatory payday lenders, inviting them to continue profiting from trapping borrowers in a cycle of debt. We urge the Director to change course and not finalize such a rule.
FOR IMMEDIATE RELEASE Feb. 6, 2019 CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700 Kraninger Allows Payday Lenders To Drive Policy With Proposed Rulemaking Statement From Linda Jun, senior policy counsel of Americans for Financial Reform: “In proposing to undo the rule against abuses in payday and car title lending that the CFPB crafted after five years of careful
Letter to CRAs urging credit relief for consumers affected by natural disasters
In Mick Mulvaney’s final hours as acting director, the Consumer Financial Protection Bureau (CFPB) proposed two policies that put consumers at gravely increased risk of the very harm the CFPB is supposed to prevent.
Given the evidence that, after being provided a summary relationship disclosure, investors still cannot fully understand, and in some cases misunderstand, fundamental differences in the nature of the brokerage and advisory relationships and the respective duties they are owed, the different fees they would pay, or how various conflicts of interest can influence the recommendations they receive, a regulatory regime that relies on disclosure for investors to make an informed decision about what type of financial professional to work with and what type of account to use is certain to fail.