Americans for Financial Reform and the Center for Responsible Lending hosted a press call today with leading experts to discuss two ongoing lawsuits concerning the CFPB director and the administration’s attempts to destroy the CFPB’s independence.
Fighting to preserve the mission of the Consumer Financial Protection Bureau resonates strongly with an American public that is still feeling the effects of the Wall Street-induced recession and its continuing ripoffs of its own customers, according to a new polling memo.
By overwhelming majorities, across party lines and geographies, the American public supports the mission of the Consumer Financial Protection Bureau, and rejects standard arguments against it.
Private equity moguls have invested heavily in the payday and installment lending. The development puts private equity firms in the position to profit from efforts by payday lenders to roll back an important new rule by the Consumer Financial Protection Bureau.
New report offers details on over 20 cases of private equity investment in payday lending, and how the new owners or investors seek greater rewards from this predatory business.
The notion that this administration is or will be tough on Wall Street doesn’t pass the laugh test, and that fact is evident in deeds, not tweets. Trump has put Goldman Sachs executives in the most senior positions in the government, and pushed for a giant tax cut for Wall Street.
Americans for Financial Reform joined a group of public interest advocates in support of Leandra English’s lawsuit to be recognized as the sole lawful Acting Director of the Consumer Financial Protection Bureau.
AFR sent a letter urging Senators to reject S 2155, which contains some two dozen deregulatory gifts to bank lobbyists and only minimal consumer benefits AFR Opposition Letter to S 2155
“Attempts to roll back this protection for consumers are nothing more than a sellout to the predatory payday lenders who want to continue to enrich themselves by trapping people in a painful cycle of debt. Congress should reject this and other attempts by payday lenders to undo a common sense rule based on the common sense principle of ability to repay.”
In the meantime, the CFPB still has work to do holding Wall Street to account on behalf of American consumers, and Ms. English and the CFPB staff can continue its successful run. Now, the president should nominate someone with a track record of fighting for consumers who will enjoy bipartisan support in the Senate.