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 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
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, 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
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
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
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
This week’s protests are making the airwaves. Folks around the country are turning up to protest abusive financial products like usurious payday loans. This story from ABC News Springfield IL is an example. Click here to find a protest in your area!