AFR within the News: Liberal Groups straight straight straight right right Back вЂOperation Choke PointвЂ™
In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: вЂњFighting re re re re re payment fraudulence really should not be controversial. Everybody advantages of efforts to prevent activity that is illegal depends on the re re re re payment system.вЂќ As Weyl continues to notice, 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 process 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 exactly just just just what the BureauвЂ™s initial research revealed last year: 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 maybe more to their extremely loan that is last easy online payday loans in Minnesota the complete quantity that they had lent initially,вЂќ CFPB Director Richard Cordray described.
Lawmakers Straight Straight Straight Right Right Straight 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 re re payment processors meet [their] appropriate obligations,вЂќ the lawmakers state in a page to Attorney General Eric Holder. вЂњUnfortunately, present situations prove the severity for the effects whenever those responsibilities aren’t met. Appropriately, we urge the Department to enforce vigorously relevant guidelines related to payment fraudulence, money-laundering, as well as other unlawful re re re 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 providing triple-digit-interest payday-style loans. ThatвЂ™s really news that is good customers into the 16 southern and midwestern states where Regions runs. ItвЂ™s an additional action towards the final end of a type of financing that is not any less destructive when it is practiced by a bank in the place of a storefront.
FDIC and OCC Crack Down on Abusive Lending Methods; Fed Should Follow
вЂњThe OCC and FDIC first got it right in standing for borrowers who’ve been taken advantageous asset 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 with all the organizations it regulates.вЂќ
Federal Regulators Urged to Crack Down on Bank Complicity in Illegal pay day loans
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 end banking institutions and re re 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 struggling to repay, taking right out duplicated loans, and struggling to pay for living that is basic for months at a stretch.
Reviews on Wells Fargo CRA Exam: Payday Lending Issues
OCC is expected to downgrade the lender over its Direct Deposit Advance loan item.
STACKING YOUR DEBT: Consumer Rights when you look at the Financial Market
Mandatory arbitration as well as its 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.