AFR into the News: Liberal Groups straight right 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. Everyone else advantages of efforts to end unlawful activity that hinges on the re re re re payment system.вЂќ As Weyl continues on to see, вЂњConservative activists and GOP lawmakers have actually accused the national government of pursuing law-abiding companies that cross the managementвЂ™s agenda, including gun vendors.вЂќ Nevertheless the known investigations established in the title of procedure Choke Point have got all been directed at out-and-out-fraud.
AFR Calls for Strong Guidelines on Payday Lending
The customer Financial Protection BureauвЂ™s report that is latest on payday financing reaffirms just just exactly 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 charges, numerous borrowers become вЂњowing as much or higher to their extremely final loan as the payday loan companies in Madisonville KY whole quantity that they had lent initially,вЂќ CFPB Director Richard Cordray revealed.
Lawmakers Straight Straight Back DOJ Crackdown on Prohibited Usage Of Bank Payment Techniques
вЂњDepartment enforcement plays a role that is critical ensuring banking institutions and re re payment processors meet their appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, present instances prove the severity regarding the effects whenever those responsibilities aren’t met. Consequently, we urge the Department to enforce vigorously relevant rules regarding payment fraudulence, money-laundering, as well as other unlawful 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 triple-digit-interest that is offering loans. ThatвЂ™s extremely very good news for customers when you look at the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action to the final end of a type of financing that is not any less destructive when it is practiced with a bank as opposed to 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 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 customer and civil legal rights teams necessitate more powerful measures to get rid of banking institutions and re re re payment processors from assisting internet and tribal payday lenders gather unlawful re re re payments from consumersвЂ™ bank reports.
CFPB Report Makes the full Case to use it on payday advances
As brand brand brand brand brand new information confirms, they often times act as debt 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.
Remarks 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 in the Financial Market
Mandatory arbitration as well as its 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 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 businesses, compose to aid your legislation to guard customers from high-risk financing on the web and offline. The Stopping Abuse and