AFR Statement: Hearing Shows Kraninger is No Champion of Consumers
There was no evidence before her confirmation hearing that Kathy Kraninger would champion the interests of consumers, and there’s no evidence of it afterwards either.
Tag Archives: CFPB
AFR Statement: Kavanaugh on Scotus Would Signal Attack on Wall Street Regulation
Kavanaugh found that the structure of the Consumer Financial Protection Bureau was unconstitutional but was overturned in a thoughtfully reasoned decision that found many faults with his analysis. Independent agencies, which have existed in the United States for nearly a century, are vital institutions for creating a government that does not only serve wealthy interests.
AFR Statement: CFPB Needs a Champion of Consumers, Not an Employee of Mick Mulvaney
The President should have nominated someone with a commitment to that mission months ago, not waited until the last minute to reveal a nomination designed to keep Mick Mulvaney in charge. This nomination is a move to keep the CFPB hobbled and under the thumb of the payday lenders and Wall Street law breakers.
AFR Statement: Mulvaney Makes Common Cause With Payday Lenders to Delay Rule
Mick Mulvaney has been doing the bidding of payday lenders for years, but putting the CFPB’s weight behind a joint legal motion with their lobbyists is a new low, even for him. Mulvaney is now openly making common cause with payday lenders to gut the CFPB’s common-sense protections for borrowers
AFR Statement: Statement on Passing of Deadline to Roll Back CFPB Payday Rule
“Congress has done the right thing in allowing the rule to stand. Now the spotlight is on Mick Mulvaney. Will he move ahead on his plans to unravel it, and continue to cater to the payday lenders who gave generously to his campaigns?” said Lisa Donner, executive director at AFR.
Joint Letter: 8 Organizations Warn Regulators Against Bank Payday Loans and Rent-a-Bank Arrangements
“Deposit advance” loans are payday loans, pure and simple, and data clearly show they create the same debt trap caused by non-bank payday loans. High-cost longer-term loans facilitated by banks and credit unions would also cause customers substantial harm. We also urge you to ensure that all financial institutions engaged in small dollar lending (1) limit interest rates to 36% or less, and (2) determine borrowers’ ability to repay their loans by assessing both income and expenses rather than engaging in collateral-based income-only underwriting.”
Take On Wall Street Poll: Voters Support Efforts to Fight Lending Discrimination
Across parties and regions, American voters believe the government should fight discrimination by financial firms against African-Americans and Latinos in lending.
AFR Statement: AFR Criticizes Mulvaney Move to Manipulate Research, Curb Student Advocacy
“What Mulvaney is really interested in is not serious research, but information that advances the interests of the Wall Street banks and predatory lenders he serves.”
AFR Statement: Closing the CFPB’s Office for Students is like shuttering the fire department in the middle of a fire
“America is facing an ongoing student debt crisis, with outstanding student debt surpassing $1.5 trillion and over 8 million borrowers in default on their student loans. Closing the Office for Students is like shuttering the fire department in the middle of a three-alarm fire,” said Alexis Goldstein, senior policy analyst at Americans for Financial Reform.
AFR in the News: House Votes to Dismantle Bias Rule in Auto Lending (NY Times)
“‘“Companies will put millions of people into more expensive car loans simply because of the color of their skin,, said Rion Dennis, an advocate of financial overhaul at Americans for Financial Reform. ‘By using the Congressional Review Act to wipe out straightforward regulatory guidance, the congressional majority has also opened the door to challenging longstanding efforts to protect workers, consumers, civil rights, the environment and the economy.’”