In an Oct. 9th letter to the CFPB, AFR criticized the bureau’s proposed rule for mortgage servicers, especially a provision allowing servicers to take a “dual-track” approach – considering a loan modification and pursuing foreclosure at the same time. The letter, co-signed by the NAACP,
Americans for Financial Reform, Public Citizen, and the National Association Consumer Advocates held a briefing on the pervasive practice of mandatory binding arbitration in contracts for credit cards, student loans, payday loans, and assorted other financial products.
The Consumer Financial Protection Bureau won’t be on the ballot next month. Just the same, its continued vitality, if not its very existence, could turn out to rest on the election outcome, according to Janna Herron of Fox Business. “The bureau has quickly become the
Commerce Bank hiked the interest rate on Mira Tanna’s credit card to 20 percent – without telling her. Once she figured out what the bank had done, realized what happened, Tanna decided to make use of the Consumer Financial Protection Bureau’s new online complaint database,
AFR joined more than 35 organizations in signing onto a comment letter regarding the CFPB’s servicing standards proposal.
AFR submitted a comment letter to the CFPB regarding their servicing standards proposal.
[Download PDF] July 24, 2012 The Honorable Jeff Merkley United States Senate Washington, DC 20510 Dear Senator Merkley: We, the undersigned consumer and community organizations, write to support your legislation to protect consumers from high-risk lending on the internet and offline. The Stopping Abuse and
AFR submitted a comment letter to the CFPB on their proposed rules implementing Dodd-Frank changes regarding high cost mortgage loans. The letter argues against changing triggers for high cost loans for smaller loans which the statute allows but does not require, and argues that the proposal should be strengthened in various ways, including by making sure that borrowers in revolving lines of credit get the same protections as those in closed end mortgages.
AFR signed onto a letter supporting the CFPB’s overseas remittances rule, which requires remittance transfer providers to provide essential information to consumers about the actual amount of money to be received by their family in the foreign country. The rule makes remittance providers liable for agents acting on their behalf and includes an error resolution procedure to resolve problems.
AFR sponsored an event celebrating the first birthday of the CFPB with Director Richard Cordray. The even was cosponsored by AFL-CIO, Consumer Action, Consumer Federation ofAmerica, Consumers Union, The Leadership Conference on Civil and Human Rights, National Community Reinvestment Coalition, National Fair HousingAlliance, and U.S.PIRG