AFR into the News: Liberal Groups right right 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 shouldn’t be controversial. Every person advantages from efforts to prevent unlawful activity that depends on the re re re payment system.вЂќ As Weyl continues 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 Nevertheless the investigations that are known in the title of procedure 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 latest report on payday financing reaffirms just exactly exactly what the BureauвЂ™s initial research revealed a 12 months ago: these ultra-high-cost loans, while promoted as a kind of crisis credit, regularly result in a period of financial obligation. Even with spending significant costs, numerous borrowers wind up вЂњowing as much or higher on their extremely last loan as the complete quantity they’d lent initially,вЂќ CFPB Director Richard Cordray described.
Lawmakers Right Straight Straight Straight Straight Back DOJ Crackdown on Prohibited Usage Of Bank Payment Techniques
вЂњDepartment enforcement plays a crucial part in ensuring banking institutions and re payment processors meet their appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, current situations display the severity regarding the effects whenever those responsibilities aren’t met. Properly, we urge the Department to enforce vigorously relevant laws and regulations related to payment fraudulence, money-laundering, along with other unlawful 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 when you look at the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action to the final end of a kind of financing that isn’t any less destructive when it is practiced with a bank in the place of 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 check out the OCCвЂ™s and FDICвЂ™s lead because of the organizations no credit check payday loans Merrillville 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 rights that are civil demand more powerful measures to end banking institutions and re payment processors from assisting internet and tribal payday lenders gather unlawful re re re payments from consumersвЂ™ bank reports.
CFPB Report Makes the full Case to use it on pay day loans
As 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 stretch.
Reviews on Wells Fargo CRA Exam: Payday Lending Dilemmas
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 own effect on the global realm of customer finance ended up being the main topics a Capitol Hill briefing sponsored by AFR, Public Citizen & the nationwide Association of Consumer Advocates.
AFR Letter: Protect People from Risky On The Web 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 businesses, compose to aid your legislation to guard customers from high-risk financing on the net and offline. The Stopping Abuse and