AFR into the News: Liberal Groups right straight Back вЂOperation Choke Point’
In CQ, reporter Ben Weyl quotes best cash advance in New Jersey from a joint AFR/CFA/NCLC letter to Senators: “Fighting re re re payment fraudulence shouldn’t be controversial. Everyone else advantages of efforts to end unlawful activity that depends on the re re re re payment system.” As Weyl continues to notice, “Conservative activists and GOP lawmakers have actually accused the national government of pursuing law-abiding companies that cross the management’s agenda, including weapon vendors.” 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 Bureau’s latest report on payday financing reaffirms just just just what the Bureau’s initial research revealed this past year: these ultra-high-cost loans, while promoted as a kind of crisis credit, regularly induce a period of financial obligation. Even with spending significant costs, numerous borrowers wind up “owing as much or maybe more to their really loan that is last the whole quantity that they had lent initially,” CFPB Director Richard Cordray revealed.
Lawmakers Right Straight Right Back DOJ Crackdown on Prohibited Usage Of Bank Payment Techniques
“Department enforcement plays a crucial part in ensuring banking institutions and re re re payment processors meet their legal obligations,” the lawmakers state in a page to Attorney General Eric Holder. “Unfortunately, current instances display the severity associated with effects whenever those responsibilities aren’t met. Properly, we urge the Department to enforce vigorously relevant regulations with respect to payment fraudulence, money-laundering, as well as other unlawful re re re payments…”
Very good news for Consumers: Regions Bank Bows from the Payday Loan company
Areas Bank announced today so it will not be triple-digit-interest that is offering loans. That’s really very good news for customers when you look at the 16 southern and midwestern states where Regions runs. It’s an additional action towards the final end of a form of financing that isn’t any less destructive when it is practiced with a bank rather than a storefront.
FDIC and OCC Crack Down on Abusive Lending Methods; Fed Should Follow
“The OCC and FDIC first got it right in standing for borrowers who’ve been taken benefit of,” said Lisa Donner, AFR’s Executive Director. “Now it’s as much as the Federal Reserve to check out the OCC’s and FDIC’s lead with all the organizations it regulates.”
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 demand more powerful measures to cease banking institutions and re re payment processors from assisting internet and tribal payday lenders gather unlawful re re re payments from consumers’ bank reports.
CFPB Report Makes the Case to use it on pay day loans
As brand brand brand brand new information confirms, they generally act as financial obligation traps, with borrowers struggling to repay, taking out fully duplicated loans, and struggling to pay for fundamental cost of living for months at a time.
Reviews 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 when you look at the Financial Market
Mandatory arbitration and its particular effect on the realm of customer finance had been 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 consumer that is undersigned community businesses, compose to aid your legislation to guard consumers from high-risk financing online and offline. The Stopping Abuse and