CFPB Archives - Page 45 of 90 - Americans for Financial Reform

AFR/CRL Poll: National Survey Finds Bipartisan Opposition to Forced Arbitration as the Issue Heads for a Vote in the House

With the Consumer Financial Protection Bureau now in a position to regulate the practice, a new poll shows strong public sentiment against the use of forced-arbitration clauses in consumer finance contracts. The poll demonstrates wide, bipartisan opposition to forced arbitration as the House of Representatives prepares to vote on a multi-agency appropriations bill that would put roadblocks in the way of CFPB action.

AFR Statement: A Breakthrough for Financial Consumers

“The Consumer Financial Protection Bureau went live today with an important new feature of its complaint database. For the first time, the public now has access to accounts of actual consumer experiences. We applaud the CFPB for taking this step, which will vastly expand the value of its complaint system.”

Joint Statement: 78,000 Consumers Urge CFPB to End Forced Arbitration

In petitions gathered by AFR and five allied organizations, more than 78,000 consumers urge the Consumer Financial Protection Bureau to take swift action against the use of forced arbitration clauses in financial services and products. The CFPB is empowered by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to ban or limit this anti-consumer device in products under its jurisdiction.

Joint Statement: 58 Lawmakers Call for a Strong CFPB Rule on Forced Arbitration

In a letter to Director Richard Cordray, 58 lawmakers urge the Consumer Financial Protection Bureau to use its Dodd-Frank authority to prohibit financial services companies from forcing consumers to resolve disputes in private arbitration instead of court. The CFPB should heed their call, four public-interest groups, including AFR, said today.

Letter to Congress: AFR Urges Senate to Reject Toomey Amendment

“On behalf of Americans for Financial Reform we are writing to express our opposition to Senator Toomey’s Amendment 8, offered by Senator Toomey to Senator Shelby’s regulatory reform bill scheduled for mark-up on May 21.”

Letter to Congress: AFR, 53 Organizations Urge Congress to Reject Legislation that Would Weaken the CFPB

“The undersigned organizations write to urge the Appropriations Committees to reject all proposals to weaken the powers and funding of the Consumer Financial Protection Bureau (CFPB or bureau). In particular, the Committee must oppose any proposals that would limit, delay or remove the authority of the CFPB to take action on the use of pre-dispute binding mandatory (or forced) arbitration in consumer financial contracts under its jurisdiction. “

AFR Statement at CFPB Field Hearing on Student Loan Servicing

“The CFPB should use the authority that it has to make sure that borrowers are treated fairly, and that they get the information they need to take advantage of any repayment plans available to them. This means that abusive, profit-increasing practices that are banned in other consumer debt industries, but are still used by companies that collect payments on private student loans, must be curbed.”

AFR Statement: Rep. Tammy Duckworth and Bipartisan Allies Beat Back Attack on the Military Lending Act

“Late last night, a bipartisan group of Armed Services Committee members, led by Rep. Tammy Duckworth (Ill.), a veteran, upheld the Defense Department’s efforts to close loopholes and add new protections to the Military Lending Act (MLA), a 2007 law that was meant to declare servicemembers off-limits to payday and other debt-trap consumer loans.”

Letter to Congress: AFR, 10 Consumer Advocacy Organizations Urge Congress to Reject HR 347

“The undersigned national consumer organizations would like to express our strong opposition to H.R. 347 (Royce and Hinojosa), the misleadingly-named “Facilitating Access to Credit Act of 2015.” This bill would unnecessarily allow credit bureaus to be exempt from coverage by the Credit Repair Organizations Act (CROA).”

Letter to Congress: Do Not Hamstring the CFPB, Oppose Budget-Cutting Provision of HR 1195

“…we are writing in strong opposition to the addition of language to H.R. 1195 that would pay for new procedural requirements on the CFPB by cutting or capping its budget, thereby reducing its ability to carry out its important consumer protection mission.”