AFR into the News: Liberal Groups straight straight straight Back вЂOperation Choke PointвЂ™
In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: вЂњFighting re re re re payment fraudulence really should not be controversial. Everyone else advantages from efforts to cease activity that is illegal utilizes the 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 gun vendors.вЂќ However the investigations that are known in the title of procedure 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 latest report on payday financing reaffirms just exactly just exactly what the BureauвЂ™s initial research revealed this past year: these ultra-high-cost loans, while promoted as a kind of crisis credit, regularly cause a period of financial obligation. Even with having to pay significant costs, numerous borrowers wind up вЂњowing as much or higher on their really final loan as the whole quantity that they had lent initially,вЂќ CFPB Director Richard Cordray revealed.
Lawmakers Right Right Straight Right Back DOJ Crackdown on Prohibited Utilization Of Bank Payment Techniques
вЂњDepartment enforcement plays a crucial part in 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, present situations show the severity of this effects whenever those responsibilities aren’t met. Correctly, 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 payday loans Chelsea direct payday loans the Payday Loan company
Areas Bank announced today so it will not be triple-digit-interest that is offering loans. ThatвЂ™s extremely very good news for customers within 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 with a bank rather than a storefront.
FDIC and OCC Crack Down on Abusive Lending Techniques; 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 check out 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 groups demand stronger measures to prevent banking institutions and re re 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 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 bills for months at a time.
Remarks on Wells Fargo CRA Exam: Payday Lending Dilemmas
OCC is expected to downgrade the lender over its Direct Deposit Advance loan item.
STACKING YOUR DEBT: Consumer Rights in the Financial Market
Mandatory arbitration as well as its 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 safeguard customers from high-risk financing on the net and offline. The Stopping Abuse and