AFR within the News: Liberal Groups straight straight straight straight Back вЂOperation Choke PointвЂ™
In CQ, reporter Ben Weyl quotes from the joint AFR/CFA/NCLC letter to Senators: вЂњFighting re re payment fraudulence shouldn’t be controversial. Everybody advantages of efforts to end activity that is illegal hinges on the re re re re re payment system.вЂќ As Weyl continues on to notice, вЂњConservative activists and GOP lawmakers have actually accused the federal government of pursuing law-abiding companies that cross the managementвЂ™s agenda, including weapon vendors.вЂќ However the known investigations established in the title of procedure Choke Point have all been directed at out-and-out-fraud.
AFR Calls for Strong Guidelines on Payday Lending
The buyer Financial Protection BureauвЂ™s latest report on payday financing reaffirms just exactly just exactly just what the BureauвЂ™s initial research revealed a 12 months ago: these ultra-high-cost loans, while promoted as a type of crisis credit, regularly result in a period of financial obligation. Even with having to pay significant costs, numerous borrowers wind up вЂњowing as much or even more on their extremely final loan as the complete quantity that they had lent initially,вЂќ CFPB Director Richard Cordray stated.
Lawmakers Right Straight Straight Back DOJ Crackdown on Prohibited Utilization Of Bank Payment Techniques
вЂњDepartment enforcement plays a role that is critical ensuring banking institutions and re re re re payment processors meet their appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, present situations indicate the severity regarding the effects whenever those responsibilities aren’t met. Appropriately, we urge the Department to enforce vigorously relevant rules regarding payment fraudulence, money-laundering, as well as other unlawful re re re re paymentsвЂ¦вЂќ
Great news for Consumers: areas Bank Bows from the Payday Loan company
Areas Bank announced today so it will not be providing triple-digit-interest payday-style loans. ThatвЂ™s really news that is good customers when you look at the 16 southern and midwestern states where Regions runs. https://approved-cash.com/payday-loans-sc/great-falls/ ItвЂ™s an additional action towards the final end of a form of financing that isn’t any less destructive when it is practiced by a bank as opposed to a storefront.
FDIC and OCC Crack Down on Abusive Lending Methods; Fed Should Follow
вЂњThe OCC and FDIC first got it right in standing for borrowers who’ve been taken benefit of,вЂќ said Lisa Donner, AFRвЂ™s Executive Director. вЂњNow itвЂ™s up to the Federal Reserve to check out the OCCвЂ™s and FDICвЂ™s lead with all the organizations it regulates.вЂќ
Federal Regulators Urged to Crack Down on Bank Complicity in Illegal pay day loans
AFR joined up with the nationwide customer Law Center, customer Federation of America, the middle for Responsible Lending, and 26 other consumer and civil legal rights teams necessitate more powerful measures to get rid of banking institutions and re re payment processors from assisting internet and tribal payday lenders gather unlawful re re payments from consumersвЂ™ bank reports.
CFPB Report Makes the Case to use it on pay day loans
As brand brand brand brand new information confirms, they often times act as financial obligation traps, with borrowers not able to repay, taking right out duplicated loans, and struggling to pay for fundamental cost of living for months at a time.
Commentary on Wells Fargo CRA Exam: Payday Lending Dilemmas
OCC is expected to downgrade the financial institution over its Direct Deposit Advance loan item.
STACKING YOUR DEBT: Consumer Rights when you look at the Financial Market
Mandatory arbitration and its own effect on the global realm of customer finance ended up being the main topics a Capitol Hill briefing sponsored by AFR, Public Citizen & the nationwide Association of Consumer Advocates.
AFR Letter: Protect People from Dangerous On Line Payday Lending
Download PDF July 24, 2012 The Honorable Jeff Merkley us senate Washington, DC 20510 Dear Senator Merkley: We, the consumer that is undersigned community companies, compose to guide your legislation to guard customers from high-risk financing on the net and offline. The Stopping Abuse and