Comments on Wells Fargo CRA Exam: Payday Lending Problems
OCC is asked to downgrade the bank over its Direct Deposit Advance loan product.
Tag Archives: Payday Lending
STACKING THE DEBT: Consumer Rights in the Financial Marketplace
Mandatory arbitration and its impact on the world of consumer finance was the topic of a Capitol Hill briefing sponsored by AFR, Public Citizen & the National Association of Consumer Advocates.
AFR Letter: Safeguard Consumers from Risky Online Payday Lending
[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: Avoid CFPA Carve Outs
May 6, 2010 The Honorable Harry Reid The Capitol, S-221 Washington, DC 20050 Dear Senator Reid: As members of Americans for Financial Reform, a coalition of more than 250 consumer, labor, investor, community, civil rights and business groups, we write to you today to ask
USA Today: Payday Lenders Lobby for Regulation Exemption
USA Today reports: WASHINGTON — Payday lenders have stepped up their federal lobbying as Congress works on sweeping legislation to regulate banks and protect consumers from the risky financial practices blamed for the economic crisis. The Community Financial Services Association, which represents more than half
CFPB Must Cover Check Cashers and Payday Lenders
This information is courtesy of AFR member Consumer Federation of America. Payday Lending should be covered by the Consumer Financial Protection Bureau! Payday lending is predatory lending. Loans are extremely expensive, made without determination of ability to repay, trap borrowers in debt, and put a
Springfield Says “No” to Payday Loans
[Springfield, MO] – Local advocates and consumers gathered outside Advance America, 1773 S Glenstone today, Wednesday, March 17, to protest financial abuses by payday loan companies. Advance America is the nation’s largest payday lender and is actively opposing reform of its industry. As the Senate takes up
CFPA and Nonbanks: A Snapshot
Our friends at the National Consumer Law Center have put together a great two-page report on the dire need for federal regulation of non-bank lenders. The report focuses on the problems created by the current lack of regulation of debt collectors and debt buyers, credit
National Bank Regulator Lets Unsafe Practices Flourish; Are Banks the New Face of Payday Lending?
From AFR Coalition Member The Center for Responsible Lending A key federal regulator for years has let national banks engage in lending practices that the regulator itself admits harm consumers and lenders, according to two new reports from the Center for Responsible Lending. For the
Progress Illinois: Financial Reforms Clear House, No Thanks to IL Republicans
This week’s actions are being covered by the blogosphere. Folks around the country are turning up to protest abusive financial products like payday loans, and the huge bonuses going to executives at big banks which caused our financial meltdown. This story from Progress Illinois is