AFR within the News: Liberal Groups straight right straight Back ‘Operation Choke Point’

In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: “Fighting re payment fraudulence shouldn’t be controversial. Everybody advantages of efforts to prevent activity that is illegal depends on the re re payment system.” As Weyl continues on to see, “Conservative activists and GOP lawmakers have actually accused the national government of pursuing law-abiding organizations that cross the management’s agenda, including weapon vendors.” However 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 Bureau’s latest report on payday financing reaffirms exactly exactly exactly what the Bureau’s initial research revealed a 12 months ago: these ultra-high-cost loans, while promoted as a type of crisis credit, regularly result in a period of financial obligation. Even with spending significant charges, numerous borrowers find yourself “owing as much or maybe more to their extremely final loan as the complete quantity they’d lent initially,” CFPB Director Richard Cordray described.

Lawmakers Straight Straight Right Back DOJ Crackdown on Prohibited Usage Of Bank Payment Techniques

“Department enforcement plays a crucial part in ensuring banking institutions and re re re re payment processors meet their appropriate obligations,” the lawmakers state in a letter to Attorney General Eric Holder. “Unfortunately, present situations prove the severity for the effects whenever those responsibilities aren’t met. Properly, we urge the Department to enforce vigorously relevant regulations with respect to payment fraudulence, money-laundering, as well as other unlawful re re re payments…”

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. That’s extremely news that is good customers within the 16 southern and midwestern states where Regions runs. It’s an additional step to the end of a form of financing that is not any less destructive when it is www.cashnetusaapplynow.com practiced by a bank as opposed to a storefront.

FDIC and OCC Crack Down on Abusive Lending Techniques; Fed Should Follow

“The OCC and FDIC started using it right in standing for borrowers who’ve been taken advantageous asset of,” said Lisa Donner, AFR’s Executive Director. “Now it’s as much as the Federal Reserve to adhere to the OCC’s and FDIC’s lead because of the organizations it regulates.”

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 groups demand more powerful measures to get rid of banking institutions and re re re payment processors from assisting internet and tribal payday lenders gather unlawful re payments from consumers’ bank reports.

CFPB Report Makes the full Case to use it on pay day loans

As brand brand new information confirms, they often times 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 Issues

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 and its particular 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 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 businesses, compose to guide your legislation to guard customers from high-risk financing online and offline. The Stopping Abuse and