AFR within the News Liberal Groups straight Straight Straight Back Procedure Choke AimвЂ™
In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: вЂњFighting re re re re re re payment fraudulence shouldn’t be controversial. Everyone else advantages from efforts to cease unlawful activity that depends on the re re payment system.вЂќ As Weyl continues to see, 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 process Choke Point have got 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 just exactly just just exactly what the BureauвЂ™s initial research revealed a 12 months ago: these ultra-high-cost loans, while promoted as a kind of crisis credit, regularly result in a period of financial obligation. Even with spending significant charges, numerous borrowers find yourself вЂњowing as much or higher to their extremely final loan as the complete quantity that they had lent initially,вЂќ CFPB Director Richard Cordray revealed.
Lawmakers Straight Right Right Right 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 re re payment processors meet [their] appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, present situations display the severity associated with effects whenever those responsibilities aren’t met. Consequently, we urge the Department to enforce vigorously relevant guidelines related to payment fraudulence, money-laundering, along with other unlawful re re re re paymentsвЂ¦вЂќ
Very good news for Consumers: areas Bank Bows from the Payday Loan company
Areas Bank announced today so it will not be triple-digit-interest that is offering loans. ThatвЂ™s extremely news that is good customers into the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action to the final end of a type of financing that isn’t any less destructive when it is practiced with a bank in place of a storefront.
FDIC and OCC Crack Down on Abusive Lending Techniques; 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 as much as the Federal Reserve to follow along with the OCCвЂ™s and FDICвЂ™s lead because of 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 payday loans Minnesota America, the middle for Responsible Lending, and 26 other customer and rights that are civil demand more powerful measures to quit banking institutions and re re re re payment processors from assisting internet and tribal payday lenders gather unlawful re re payments from consumersвЂ™ bank reports.
CFPB Report Makes the full Case to use it on payday advances
As brand brand brand brand new information confirms, they often times act as financial obligation traps, with borrowers struggling to repay, taking right out duplicated loans, and struggling to pay for living that is basic for months at a stretch.
Feedback on Wells Fargo CRA Exam: Payday Lending Dilemmas
OCC is expected to downgrade the lender over its Direct Deposit Advance loan item.
STACKING YOUR DEBT: Consumer Rights in the Financial Market
Mandatory arbitration and its own effect on the realm of customer finance had been the main topic of a Capitol Hill briefing sponsored by AFR, Public Citizen & the nationwide Association of Consumer Advocates.
AFR Letter: Protect People from Dangerous On The Web Payday Lending
[Download PDF] July 24, 2012 The Honorable Jeff Merkley us senate Washington, DC 20510 Dear Senator Merkley: We, the undersigned customer and community companies, compose to guide your legislation to safeguard customers from high-risk financing on the net and offline. The Stopping Abuse and