CFPB Archives - Page 37 of 89 - Americans for Financial Reform

Joint Press Release: Google Takes Down Over Five Million Payday Loan Ads

“Along with fake prescription drug peddlers, scam weight loss regimes, and sneaky malware spreaders, Google has taken down 5 million attempts to trap Americans in predatory loans since mid-July… ‘While Google’s actions are helpful and important, an internet company cannot be the main barrier to abuse by these predators. The Consumer Financial Protection Bureau is working on smart, fair and flexible rules that, if finalized, will protect Americans from the worst abuses of payday lending. .. [I]t must not be undermined or weakened by the payday industry and their allies who want to keep getting away with debt trap 300% loans.’”

AFR in the News: Democrats are spoiling for a fight over the CFPB (American Banker)

“Democrats and progressive groups have drawn a line in the sand over Consumer Financial Protection Bureau Director Richard Cordray, hoping to capitalize on the successful march on Washington this past weekend to rally support for him and his agency… Roughly 500 advocacy groups across the U.S. are poised to rally their supporters if Trump fires Cordray, said Gynnie Robnett, a campaign director at Americans for Financial Reform.”

Joint Press Release: Consumer Advocates Join Fight to Protect CFPB in Court

“‘We are committed to protecting the CFPB’s independence, which is essential to stopping Wall Street and predatory lenders from fleecing American consumers. Director Cordray has been an effective and tireless leader of the CFPB and should serve his full five-year term without the threat of removal by Trump at the behest of industry lobbyists,’ said Lisa Donner, Executive Director of Americans for Financial Reform.”

AFR Statement: Navient attempts to evade responsibility for breaking the law

Navient’s CEO Jack Remondi lashed out at the Consumer Financial Protection Bureau for daring to do its job to protect student loan borrowers from up to $4 billion in unnecessary interest charges caused by Navient’s illegal servicing practices. Remondi’s complaints are a deceptive and self-interested attempt to evade responsibility for breaking the law.

Letter to Congress: Oppose HR 238 The Commodity End User Relief Act

“By freezing the CFTC’s funding at its current inadequate level for the next five years, this legislation exacerbates the agency’s most fundamental problem – a lack of resources to accomplish its mission. After the 2008 financial crisis, the CFTC became newly responsible for hundreds of trillions of dollars in previously unregulated swaps markets. …Even as it fails to address the pressing problem of funding, HR 238 would also load down the CFTC with additional mandates that would drain resources and act as a roadblock to necessary oversight and enforcement.

Press Release: More than 25% of consumers contacted by debt collectors feel threatened, CFPB reports

“In tens of millions of cases, debt collectors reportedly engaged in conduct barred by the Federal Debt Collections Practices Act. Nearly 40 percent of consumers reported that a debt collector had attempted contact four or more times a week. More than one third of consumers reported being contacted between 9 pm and 8 am. Three in four consumers said that debt collectors had failed to honor a request to cease contact.”

Joint Letter to Regulators: More Than 250 Groups Urge OCC Not to Offer Fintech Charters

“State laws often operate as the primary line of defense for consumers and small businesses; thus, the proposal puts them at great risk. The OCC must not undermine state rate caps. Interest rate caps are the simplest, most effective way to protect borrowers from unaffordable, high-rate loans and to align the interests of lenders and borrowers.”

AFR Press Release: Senator Warren Calls for a Mass Mobilization

“‘It’s time to send a message to big banks, payday loan lobbyists, and their Republican friends in Congress: the American people are watching,’ Senator Elizabeth Warren (D-Mass.) told a telephone audience of nearly 3,000 fired-up activists last night. ‘We’re going to fight back against any efforts to gut financial reform and to allow big banks and shady financial institutions to once again cheat consumers and put our economy at risk.’”

Joint Press Release: CFPB Taps Former Pentagon Legal Official to Head Office of Servicemember Affairs

“Mr. Kantwill’s appointment, along with the retirement of Holly Petraeus, who has led the Servicemember Affairs office for the past five years, highlights the CFPB’s extensive work on behalf of military personnel, veterans, and their families, long a favorite target demographic for financial predators.”

AFR in the News: Wall Street Critics on High Alert After Trump Victory (American Banker)

“[The] question is whether Dodd-Frank will be replaced or just torn down. If Republicans create a regulatory vacuum or simply allow the banks to write their own rules, [AFR’s Marcus Stanley] said, they will have gone too far. ‘It’s obvious that Dodd-Frank is going to come under severe attack both in Congress and the regulatory agencies,’ Stanley said… [T]he first question is going to be, What do you plan to do to actually address these Wall Street abuses? If the answer is, We’re not going to do anything … then that is something we are going to fight really hard on.”