CFPB Archives - Page 11 of 82 - Americans for Financial Reform

NEWS RELEASE: Rollback of Payday Protections Enables Predator Profiteering Amid Health Crisis

The director of the Consumer Financial Protection Bureau, Kathleen Kraninger, today announced the agency will strip out the core of a rule written and finalized under previous leadership that would shield consumers from debt trap payday and car-title loans. The decision will leave millions of people vulnerable to grave financial abuses at a time of economic crisis, and will harm people of color who are suffering higher rates of illness and of unemployment, and whom this industry targeted even before the pandemic.

NEWS RELEASE: Supreme Court Sides With Industry Seeking to Weaken CFPB

In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm.

Letters to Congress: AFR Letter in Support of the Senior Investor Pandemic and Fraud Protection Act.

AFR sent a letter in support of the Senior Investor Pandemic and Fraud Protection Act.

A book titled "Consumer Protection" on a desk with a gavel resting on top

Letters to Regulators: AFREF Comment Letter on CFPB Task Force RFI

AFREF comment letter opposing the formation and work of the CFPB Task Force on Federal Financial Law.

Joint Letter: Letter to CFPB Asking for Suspension of All Regulatory Activity Unrelated to COVID-19 and Greater Consumer Protections During the Pandemic

Letter from over 90 groups calling on the CFPB to stop all regulatory activity unrelated to COVID-19 and take greater steps to protect consumers during the pandemic.

Polling Memo: Strong Support for Capping Interest Rates Amid Pandemic

Americans of all partisan identities, and across all regions of the United States, strongly support enacting new consumer protections on high-interest lending during the coronavirus crisis. Americans are highly supportive of prohibiting all high-interest loans during the crisis and of capping interest rates for consumer loans, according to a new bipartisan poll from Lake Research Partners and Chesapeake Beach Consulting.

Scary Shark in pitch black waters - Photo by Wai Siew on Unsplash

Letter to Regulators: Suspend CFPB Rollback of Payday Loan Protections

[T]he process of rolling back the mandatory underwriting requirement provisions of the 2017 small-dollar lending rule was, at best, highly improper. We urge you to suspend the finalization of the rule pending a full investigation of the facts. There is a strong case to be made that the CFPB needs to restart the regulatory process entirely.

In The News: Trump Appointees Manipulated Agency’s Payday Lending Research, Ex-Staffer Claims (The New York Times)

Linda Jun, a senior policy counsel for Americans for Financial Reform, a consumer advocacy group: “To this day, despite many people asking, they haven’t provided anything about the basis for changing this rule beyond some vague references to new research. It’s hard to see the reversal as anything other than political.”

Joint Letter: Public Interest Groups Call for Financial Regulation Moratorium

Every federal agency must dedicate all regulatory resources to addressing COVID-19 and the enforcement of rules meant to protect public health, consumers, investors and retirees, and the integrity and stability of the markets. The pursuit of any non-crisis-related rulemaking would be a misallocation of limited resources that distracts needed focus from U.S. public health and welfare, and financial stability.

News Release: Supreme Court should uphold CFPB structure to protect consumers

The U.S. Supreme Court is preparing to hear oral arguments on Tuesday, March 3, on Seila Law v. Consumer Financial Protection Bureau (CFPB). The case is about whether the authority of this independent agency, led by a single director who can be removed only for cause, violates the separation of powers.