AFR within the News: Liberal Groups straight right right 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 really should not be controversial. Every person advantages from efforts to prevent activity that is illegal depends on the 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 process Choke Point have 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 exactly just exactly just 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 cause a period of financial obligation. Even with having to pay significant costs, numerous borrowers wind up вЂњowing as much or higher to their really loan that is last the whole quantity that they had lent initially,вЂќ CFPB Director Richard Cordray described.
Lawmakers Right Straight Right 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 re payment processors meet their appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, current situations show the severity regarding the effects whenever those responsibilities aren’t met. Correctly, we urge the Department to enforce vigorously applicable rules with respect to payment fraudulence, money-laundering, along with other unlawful 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 offering triple-digit-interest payday-style loans. ThatвЂ™s really very good news for customers into the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action to the end of a type of financing that isn’t any less destructive when it is practiced with a bank in the place of 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 adhere to 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 payday advances
AFR joined up with the nationwide customer Law Center, customer Federation https://approved-cash.com/payday-loans-id/moscow/ of America, the middle for Responsible Lending, and 26 other customer and civil legal rights teams demand more powerful measures to end banking institutions and re re payment processors from assisting internet and tribal payday lenders gather unlawful re payments from consumersвЂ™ bank reports.
CFPB Report Makes the 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 not able to repay, taking out fully duplicated loans, and struggling to pay for living that is basic for months at a time.
Reviews on Wells Fargo CRA Exam: Payday Lending Issues
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 particular 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 consumer that is undersigned community businesses, compose to aid your legislation to guard customers from high-risk lending on the web and offline. The Stopping Abuse and