AFR within the News: Liberal Groups right right straight Back вЂOperation Choke PointвЂ™
In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: вЂњFighting re re re payment fraudulence shouldn’t be controversial. Every person advantages from efforts to quit unlawful activity that hinges on the re payment system.вЂќ As Weyl continues on 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 customer Financial Protection BureauвЂ™s latest report on payday financing reaffirms just just just what the BureauвЂ™s initial research revealed last year: these ultra-high-cost loans, while promoted as a kind of crisis credit, regularly result in a period of financial obligation. Even with having to pay significant charges, numerous borrowers find yourself вЂњowing as much or maybe more to their extremely final loan as the complete quantity they’d lent initially,вЂќ CFPB Director Richard Cordray described.
Lawmakers Straight Straight Straight Back DOJ Crackdown on Prohibited Utilization Of Bank Payment Techniques
вЂњDepartment enforcement plays a crucial part in 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 show the severity regarding the effects whenever those responsibilities aren’t met. Correctly, we urge the Department to enforce vigorously relevant legislation with respect to payment fraudulence, money-laundering, along with other illegal re re re re paymentsвЂ¦вЂќ
Very good news for Consumers: Regions 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 extremely great news for customers within the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action to the end of a type of financing that is not any less destructive when it is practiced by way of 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 check out 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 America, the middle for Responsible Lending, and 26 other customer and rights that are civil necessitate more powerful measures to avoid banking institutions and 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 pay day loans
As brand brand new information confirms, they generally act as debt traps, with borrowers not able to repay, taking out fully duplicated loans, and struggling to pay for fundamental cost of living for months at a stretch.
Feedback on Wells Fargo CRA Exam: Payday Lending Issues
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 as well as its effect on the global realm of customer finance ended up being 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 consumer that is undersigned community businesses, compose to aid your legislation to safeguard customers from high-risk financing on the net and offline. The Stopping Abuse and