AFR within the News: Liberal Groups straight 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. Everyone else advantages of efforts to avoid unlawful activity that utilizes the re 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 vendors.вЂќ 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 BureauвЂ™s report that is latest on payday financing reaffirms just just exactly what the BureauвЂ™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 вЂњowing as much or higher on their extremely final loan as the whole quantity that they had lent initially,вЂќ CFPB Director Richard Cordray stated.
Lawmakers Right Straight Straight Right Back DOJ Crackdown on Prohibited Utilization Of Bank Payment Techniques
вЂњDepartment enforcement plays a vital part in ensuring banking institutions and re re re re payment processors meet their appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, 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 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 best online payday loans Belvidere loans. ThatвЂ™s extremely great news for customers into the 16 southern and midwestern states where Regions runs. ItвЂ™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
вЂњThe OCC and FDIC started using 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 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 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 consumersвЂ™ 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