AFR within the News: Liberal Groups straight 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 payment fraudulence shouldn’t be controversial. Everyone else advantages from efforts to get rid of unlawful activity that depends on the re re 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 sellers.вЂќ Nevertheless 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 report that is latest on payday financing reaffirms 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 costs, numerous borrowers wind up вЂњowing as much or maybe more to their really loan that is last the whole quantity that they had lent initially,вЂќ CFPB Director Richard Cordray stated.
Lawmakers Right Right Straight Straight Back DOJ Crackdown on Prohibited Usage Of Bank Payment Techniques
вЂњDepartment enforcement plays a vital part in 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, current situations prove the severity for the effects whenever those responsibilities aren’t met. Appropriately, we urge the Department to enforce vigorously relevant legislation related to payment fraudulence, money-laundering, along with other unlawful re paymentsвЂ¦вЂќ
Very good news for Consumers: areas Bank Bows from the Payday Loan company
Areas Bank announced today it will not be providing triple-digit-interest payday-style loans. ThatвЂ™s extremely news that is good customers into the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional step to the end of a type of financing that isn’t any less destructive when it is practiced by 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 advantageous asset of,вЂќ said Lisa Donner, AFRвЂ™s Executive Director. вЂњNow itвЂ™s as much as 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 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 demand more powerful measures to avoid banking institutions and re re re payment processors from assisting internet and tribal payday lenders gather illegal re payments from consumersвЂ™ bank reports.
CFPB Report Makes the full Case to use it on payday advances
As brand brand new information confirms, they generally act as financial obligation traps, with borrowers struggling to repay, taking right out duplicated loans, and struggling to pay for fundamental bills for months at a time.
Reviews on Wells Fargo CRA Exam: Payday Lending Dilemmas
OCC is expected payday loan companies in Farmingdale NY to downgrade the financial institution over its Direct Deposit Advance loan item.
STACKING YOUR DEBT: Consumer Rights in the Financial Market
Mandatory arbitration and its own impact on the 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 companies, compose to guide your legislation to safeguard customers from high-risk financing on the net and offline. The Stopping Abuse and