Tag Archives Payday Lending the customer Financial Protection Bureau’s latest report on payday financing

AFR within the News: Liberal Groups straight right Back ‘Operation Choke Point’

In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: “Fighting re re re payment fraudulence really should not be controversial. Everyone else advantages of efforts to avoid unlawful activity that utilizes the re re re re payment system.” As Weyl continues on to see, “Conservative activists and GOP lawmakers have actually accused the federal 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 customer Financial Protection Bureau’s report that is latest on payday financing reaffirms just just exactly what the Bureau’s initial research revealed last year: 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 costs, numerous borrowers wind up “owing as much or higher on their extremely final loan as the whole quantity that they had lent initially,” CFPB Director Richard Cordray stated.

Lawmakers Right Straight Straight Right Back DOJ Crackdown on Prohibited Utilization Of Bank Payment Techniques

“Department enforcement plays a vital part in ensuring banking institutions and re re re re payment processors meet their appropriate obligations,” the lawmakers state in a page to Attorney General Eric Holder. “Unfortunately, present instances show the severity associated with effects whenever those responsibilities aren’t met. Consequently, we urge the Department to enforce vigorously relevant regulations related to payment fraudulence, money-laundering, as well as other unlawful re re re re re payments…”

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 best online payday loans Belvidere loans. That’s extremely great news for customers into the 16 southern and midwestern states where Regions runs. It’s an additional action to the final end of a type of financing that isn’t 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 Methods; Fed Should Follow

“The OCC and FDIC started using 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 adhere to the OCC’s and FDIC’s lead because of the organizations it regulates.”

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 necessitate more powerful measures to quit 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 payday advances

As 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 stretch.

Commentary 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 Line Payday Lending

Download PDF July 24, 2012 The Honorable Jeff Merkley us senate Washington, DC 20510 Dear Senator Merkley: We, the undersigned customer and community companies, compose to guide your legislation to safeguard customers from high-risk financing on the net and offline. The Stopping Abuse and