AFR into the News: Liberal Groups right straight straight straight straight Back вЂOperation Choke PointвЂ™
In CQ, reporter Ben Weyl quotes from the joint AFR/CFA/NCLC letter to Senators: вЂњFighting re re re re payment fraudulence shouldn’t be controversial. Everyone else advantages of efforts to end activity that is illegal utilizes the re 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 investigations that are known 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 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 type of crisis credit, regularly induce a period of financial obligation. Even with having to pay significant charges, numerous borrowers become вЂњowing as much or even more on their extremely final loan as the whole quantity that they had lent initially,вЂќ CFPB Director Richard Cordray described.
Lawmakers Straight Straight Straight Back DOJ Crackdown on Illegal Usage Of Bank Payment Techniques
вЂњDepartment enforcement plays a role that is critical ensuring banking institutions and re re re re re payment processors meet their appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, current instances prove the severity of this effects whenever those responsibilities aren’t met. Properly, we urge the Department to enforce vigorously relevant rules with respect to payment fraudulence, money-laundering, along with other unlawful re re re re paymentsвЂ¦вЂќ
Very good 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 really news that is good customers within the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action towards the 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 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 of America, the middle for Responsible Lending, and 26 other customer and civil liberties teams demand more powerful measures to prevent banking institutions and re payment processors from assisting internet and tribal payday lenders gather unlawful re re re re payments from consumersвЂ™ bank reports.
CFPB Report Makes the full 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.
Responses on Wells Fargo CRA Exam: Payday Lending Issues
OCC is expected to downgrade the lender over its Direct Deposit Advance loan item.
STACKING THE DEBT: Consumer Rights when you look at the Financial Market
Mandatory arbitration and its own effect on the global 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 payday advance loans in Westwood NJ undersigned customer and community businesses, compose to guide your legislation to safeguard customers from high-risk financing on the net and offline. The Stopping Abuse and