Tag Archives Payday Lending the customer Financial Protection BureauвЂ™s latest report on payday financing
AFR within the News: Liberal Groups right right right Back вЂOperation Choke PointвЂ™
In CQ, reporter Ben Weyl quotes from the joint AFR/CFA/NCLC letter to Senators: вЂњFighting re re re payment fraudulence really should not be controversial. Everybody advantages from efforts to avoid unlawful activity that depends on the 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 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 report that is latest on payday financing reaffirms just exactly just what the BureauвЂ™s initial research revealed last year: these ultra-high-cost loans, while promoted as a type of crisis credit, regularly result in a period of financial obligation. Even with having to pay significant costs, numerous borrowers find yourself вЂњowing as much or even more to their really final loan as the complete quantity they’d lent initially,вЂќ CFPB Director Richard Cordray described.
Lawmakers Right Straight Right Right Right Back DOJ Crackdown on Prohibited Usage Of Bank Payment Techniques
вЂњDepartment enforcement plays a crucial part in ensuring banking institutions and re re payment processors meet their appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, present instances indicate the severity associated with the effects whenever those responsibilities aren’t met. Consequently, we urge the Department to enforce vigorously relevant regulations regarding payment fraudulence, money-laundering, along with other unlawful re re re re re paymentsвЂ¦вЂќ
Great 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 extremely great news for customers when you look at the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action towards the final end of a kind of lending that isn’t any less destructive when it is practiced with a bank in place of 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 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 legal rights teams necessitate more powerful measures to get rid of 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 full Case to use it on pay day loans
As brand brand brand new information confirms, they generally 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.
Feedback on Wells Fargo CRA Exam: Payday Lending Dilemmas
OCC is asked to downgrade the lender over its Direct Deposit Advance loan item.
STACKING YOUR DEBT: Consumer Rights in the Financial Market
Mandatory arbitration and its no credit check payday loans Smithville 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 undersigned customer and community businesses, compose to guide your legislation to guard customers from high-risk financing on the net and offline. The Stopping Abuse and