In much of America, owning a car is necessary to participate in the economy, and to live a full and vibrant life. However, this ticket to opportunity comes at an increasingly steep price – as of 2021, Americans owe $1.42 trillion in auto loan debt.
Letters to Regulators: Letter in Response to CFPB NPRM Regarding the Prohibition on Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking
AFREF joined a letter in response to the CFPB’s Notice of Proposed Rulemaking regarding the Prohibition on Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking.
In this statement, AFR focuses in particular on the CFPB’s recent enforcement successes, the need to retain its authority, and some of the CFPB’s existing and future priorities.
WASHINGTON – In response to the Consumer Financial Protection Bureau’s (CFPB) call for public input on how to save Americans billions in junk fees charged by financial companies, leading consumer advocacy organizations submitted an extensive comment letter detailing junk fees across a wide range of consumer financial products and services. The letter was submitted by Americans for Financial Reform (AFR), the Center for Responsible Lending (CRL), Consumer Federation of America (CFA), the National Community Reinvestment Coalition (NCRC), and National Consumer Law Center (NCLC) (on behalf of its low-income clients).
AFR joined CRL, CFA and NCLC in sending a comment letter to the CFPB in response to their request for information on junk fees.
AFREF joined a letter to the CFPB in response to their inquiry into Buy Now, Pay Later (BNPL) credit products that are proliferating across market areas.
News Release: Groups Urge CFPB to Treat “Buy Now Pay Later” Products Like Credit Cards and Protect Consumers from Harmful Practices
WASHINGTON – More than 75 consumer, housing, civil rights, legal services, faith, community, small business, student borrower, and public interest organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) concerning Buy Now, Pay Later (BNPL) credit products. The groups are alarmed by the lack of regulation of this credit product, which is exploding in use, and urge the CFPB to view BNPL products as credit cards covered by the Truth in Lending Act (TILA), to start supervision of this market, and to look out for practices that harm consumers.
Letters to Regulators: Letter Urging the FDIC to Stop Permitting its Supervised Institutions to Front for Predatory Lenders Evading State Interest Rate Limits
AFREF and 14 allies sent a letter urging the FDIC to stop permitting its supervised institutions to front for predatory lenders evading state interest rate limits.
AFREF joined a letter in response to the CFPB’s request for comment on Home Mortgage Disclosure Act (HMDA) data.
Letters to Regulators: Letters to Agencies on Pausing Foreclosures When There is a HAF Application in Progress
AFREF joined two letters, one to the CFPB and one to HUD, FHFA, VA and USDA, both calling on the agencies to halt foreclosure for 60 days when a homeowner has submitted an application for HAF funds and the servicer has been notified by the HAF administrator.