CFPB Archives - Page 35 of 85 - Americans for Financial Reform

AFR Press Release: More than 400,000 Comments Urge CFPB to Adopt a Strong Payday Rule

“Since the release of the Bureau’s proposed rule in June, hundreds of organizations have been gathering comments or borrower stories at faith services, community centers, film screenings, street festivals, concerts, job fairs, and town hall meetings, and through online channels. Major civil rights groups, including the NAACP, the National Council of LaRaza (NCLR), and the League of United Latin American Citizens (LULAC), have been deeply involved in these efforts, along with labor unions, social service providers, consumer and small business groups, and advocates for veterans and seniors.”

AFR in the News: Google Said It Would Ban All Payday Loan Ads. It Didn’t. (Intercept)

“‘While things have improved it looks like some [lead generators] are, predictably, trying to get around the rules,’ said Gynnie Robnett, Campaign Director for Americans for Financial Reform… This is extremely common for the payday lending industry, whose business model is in some part predicated on skirting regulatory barriers to get high-cost loans into customers’ hands.”

PRESS RELEASE: Joint Report Tells Real-Life Stories of Payday Loan Borrowers

“More than 400,000 comments asking for a rule on payday lending to be stronger and smarter have flooded in to the Consumer Financial Protection Bureau (CFPB) since a draft proposal on the rule was unveiled in June… On a press call today, People’s Action Institute and Americans for Financial Reform released Caught in the Debt Trap, a heart wrenching report that tells the real story about what business as usual means to thousands of borrowers around the country “

AFR Statement: The CFPB Expands Protections on Prepaid Cards

“We applaud the Consumer Financial Protection Bureau’s rule expanding consumer protections for prepaid cards. Americans will be better off because of the enhanced rights in case of loss, theft, and unauthorized charges, and the simple, clear fee disclosures the Bureau has put in place.”

AFR in the News: Clinton slams Wells Fargo, says she’ll fight consumer ‘gotchas’

“Democratic presidential nominee Hillary Clinton on Monday said she’ll crack down on increasingly common ‘fine print’ consumer agreements that insulate companies such as Wells Fargo from lawsuits related to consumer abuses… The clauses typically force customers to use the arbitration firm and arbitrator selected by the company, says Amanda Werner, arbitration campaign manager for Americans for Financial Reform.”

AFR Statement: A Victory for Military Families

“New Defense Department rules against predatory consumer lending to military personnel and their families take effect today. With proper enforcement, they should go a long way toward closing the loopholes that for nearly a decade have allowed some high-cost lenders to evade the 36 percent annual interest-rate limit of the Military Lending Act.”

AFR in the News: Warren Grills Wells Fargo CEO – and Clinton Feels Heat (Daily Beast)

“Alexis Goldstein of Americans for Financial Reform said Clinton’s use of the term ‘clawback’ is a good sign and that she thinks it may be an endorsement on Clinton’s part of stricter rules regarding executive pay. ‘The amount of the fine by the three regulators, which is $185 million total, should be paid for out of executive bonuses, specifically Stumpf’s and one executive, Carrie Tolstedt,’ Goldstein added.”

AFR in the News: How to Make Sure Bad Bankers Are Held Accountable (American Banker)

“[P]erhaps the most shocking aspect of this story is that no executive under whose watch it occurred has been forced to return any compensation. While over 5,000 front line, mostly customer service employees have been fired, former consumer banking chief Carrie Tolstedt, who oversaw their work, recently retired with a $125 million compensation package. It is unclear if Wells Fargo plans to take back any of this pay package. There is similarly no clear indication that Wells Fargo CEO John Stumpf will have to return any of the almost $100 million in bonus pay he received for the years in which the violations were occurring.”

AFR in the News: Why Wells Fargo got away with it for so long (The Hill)

“How did Wells Fargo get away with it for so long? A big part of the story: Wells Fargo contract provisions blocked consumers from suing the bank in court. It’s past time to prohibit the “ripoff clauses” that prevent consumers from enforcing their most basic legal rights… The problem isn’t just that aggrieved consumers don’t have access to a remedy. Keeping cases out of court means abuses are kept out of the spotlight. That’s exactly what happened with Wells Fargo, and why the abuses could go on so long.”

AFR in the News: Wells Fargo scandal hurts Wall Street’s bonuses battle (Denver Post)

“If the regulators finish the rule soon, the Wells Fargo incident will be fresh in their minds. Marcus Stanley, policy director for Americans for Financial Reform, is counting on Wells Fargo acting as a shield against bank lobbying. ‘I think it will make it more difficult,’ Stanley said. ‘What I’m hoping is that it’ll make it easier for us to lobby to make it tougher.’”