Private equity has pushed into the high-priced consumer loan industry, offering payday and other consumer loans that profit off trapping borrowers in a cycle of debt. Private equity firms own over 5,000 storefront payday and online lenders that often make loans at 300% annual percentage
Right now, your member of Congress is considering a bill that would make sure that payday loan sharks can’t charge sky-high, triple-digit interest rates on their deceptive loans. Passage would be a big victory in the fight against the predatory payday Debt Trap. Use our online tool to send an email to your members of Congress, telling them to support H.R. 5050 to fight the payday Debt Trap!
Today is the big day! Get the word out to your networks to call your congressional representatives TODAY to ask them to support HR 5050, the Veterans and Consumers Fair Credit Act! The Veterans and Consumers Fair Credit Act is a bipartisan bill that extends the Military
Marcus Stanley, policy director of Americans for Financial Reform, which lobbies for stricter market regulation, put it more simply. Loeffler’s situation, he said, is “super-swampy.”
Kathleen Kraninger, the current director of the Consumer Financial Protection Bureau, told an audience of bankers at a November 2019 industry gathering that “you are really helping drive the agenda.” Unfortunately for the public and for consumer financial protection, the Kraninger agenda and the Wall Street lobby’s agenda are indeed all too similar. Since the Senate confirmed Kraninger on a party-line vote, she has steered the CFPB in an anti-consumer direction, making it easier for Wall Street and predatory lenders to rip people off and to discriminate against people of color.
Read or download the full PDF version of the letter. The AFR Education Fund sent a letter to the Securities and Exchange Commission opposing proposed changes to rules concerning proxy voting advisors and resubmission thresholds for shareholder proposals. Taken together, the changes will dramatically reduce
Letter to HUD opposing the set of deregulatory efforts now under way that are withdrawing crucial commonsense oversight from the housing and financial markets, enabling discrimination, and thereby increasing barriers to affordable housing
In August regulators issued a rule that dramatically weakened the Volcker Rule limits on direct proprietary trading by banks. Today, they have proposed new changes that would greatly weaken restrictions on banks taking risks through ownership of external funds, including venture capital funds and securitization vehicles like collateralized debt obligations.
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.
AFR Education Fund wrote a letter to banking regulators urging them to maintain risk controls for derivatives transactions at large banks Download the letter here. January 23, 2020 RE: Margin and Capital Requirements for Covered Swaps Entities (OCC Docket ID OCC–2019– 0023; Federal Reserve