Tag Archives: Payday Lending

In The News: How to Buy a Regulation in Six Short Months (The American Prospect)

Under the rule, a borrower would have to sign a notice authorizing the lender to withdraw from the account after those two consecutive failures. “If I was smart, I would only sign that if there was money in there,” says Linda Jun, a policy counsel with Americans for Financial Reform, a regulatory and consumer protection coalition. “Aside from getting charged more for a negative balance, banks close bank accounts over this stuff, you could lose access to banking entirely.”

News Release: Payday Lenders Openly Brag That Their Contributions Lead to Regulation Rollbacks

A video obtained by consumer watchdog groups Allied Progress and Americans for Financial Reform shows payday industry executives bluntly discussing how campaign contributions to the Trump campaign has bought them access to his administration. In a recent webinar, predatory lenders reveal their plan for using campaign cash to lock in a final CFPB payday rule that enriches them at consumers’ expense.

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News Release: Mulvaney Plan to Gut Payday Lending Rule Defies Common Sense

The rule, which was years in the making, created vital protections for consumers of payday, car title, and some longer-term loans to ensure that predatory lenders don’t trap customers in unaffordable loans. Underlying the rule is the common-sense principle that lenders should consider whether borrowers have the ability to repay a loan before they risk their financial well-being.

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AFR/CRL Poll Shows Wide Discontent With Mulvaney Path at CFPB

Voters of all political parties overwhelmingly oppose the actions taken by Mick Mulvaney to undermine the mission of the Consumer Financial Protection Bureau and feel a strong connection between lax enforcement of the rules on Wall Street and their daily welfare. Ten years after the 2008 financial crisis brought on a searing recession, the survey revealed enduring, strong, and bipartisan support for tougher regulation of Wall Street and predatory lenders.