CFPB Archives - Page 48 of 88 - Americans for Financial Reform

AFR and Consumer Organizations Call on CFPB to Address and Prevent Debt Collection Abuses

AFR and more than 15 consumer organizations submitted a letter to the CFPB calling for stronger obligations on debt collectors and creditors, including in particular requirements that they actually have and maintain accurate records of debts, and that they cannot collect without real documentation that people owe and how much, limits on contacts with borrowers, and an end to harassment threatening conduct, including manipulation of credit reporting.

Who Do They Represent, Anyway?

The House of Representatives plans to vote this week on the so-called “Consumer Financial Protection and Soundness Improvement Act” (HR 3193). This bill is a gift to the worst elements of Wall Street and the financial industry, whose tricks and traps cost American families tens of billions of dollars a year. If enacted into law, HR 3193 would invite a resurgence of the abusive and deceptive lending that was one of the leading causes of the financial crisis that nearly capsized the U.S. economy five-and-a-half years ago.

AFR and 115 Organizations Defend CFPB, Strongly Oppose HR 3193

115 organizations joined AFR in sending a letter to members of Congress urging them to reject HR 3193. This legislation would weaken the Consumer Bureau, prevent it from doing its job and instead serve the interests of the worst elements of the financial industry.

AFR in the News: ‘Unaccountable Bureaucracy’ Wins High Marks From Public

Despite broad popular support for the CFPB, the House Financial Services Committee depicts it as “a bogeyman that’s menacing borrowers and homebuyers,” says Susan Antilla (The Street, 2/13).

“’Eventually, the legislators who have acted this way are going to realize how wildly out of touch they are with their own constituents,” AFR’s Jim Lardner told Antilla. “They’re running the risk of being seen as pawns of Wall Street and slippery lenders.”

AFR and More Than 75 Organizations Defend CFPB, Strongly Oppose HR 3193

More than 75 organizations joined AFR in sending a letter to members of Congress urging them to reject HR 3193. This legislation would weaken the Consumer Bureau, prevent it from doing its job and instead serve the interests of the worst elements of the financial industry.

The Financial Service Committee’s Skewed “Survey”

“An overwhelming majority of Americans strongly supports the work of the Consumer Financial Protection Bureau (CFPB), which has been busy returning money to defrauded consumers and bringing commonsense rules to a market that desperately needed them. By contrast, the leaders of the House Financial Services Committee have relentlessly attacked the bureau in terms that echo the arguments of the worst elements of the financial services industry.”

Dawn of a New Day for Homeowners, Home Buyers, and Mortgage Lenders

The financial and economic crisis of 2008 was in no small part the result of an out-of-control mortgage lending industry. New rules for that industry – rules developed by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank financial reform law of 2010 – are now in effect. Their arrival is extremely good news for homeowners, aspiring homeowners, and the country as a whole.

CFPB Study Highlights Some of the Many Problems With Forced Arbitration

“In arbitration, there is no publicly accountable judge, jury, or right to an appeal. The arbitrators do not have to follow the facts or the law, and there is no public review of decisions to ensure the arbitrator got it right. Moreover, contracts typically name the arbitration firm that must be used—the one preferred by the company.”

AFR One of Dozens of Groups Supporting Equal Employment for All Act

Joint letter urges Senators to cosponsor Sen. Elizabeth Warren’s bill, which would bar employers from using credit checks in hiring and promotion decisions. “Not only does this practice discriminate against the long-term unemployed, it has a disparate impact on communities of color and people with disabilities and constitutes an unwarranted invasion into job seekers’ personal lives.”

FDIC and OCC Crack Down on Abusive Lending Practices; Fed Should Follow

“The OCC and FDIC got it right in standing up for borrowers who have been taken advantage of,” said Lisa Donner, AFR’s Executive Director. “Now it’s up to the Federal Reserve to follow the OCC’s and FDIC’s lead with the institutions it regulates.”