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

In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: “Fighting re re re payment fraudulence really should not be controversial. Everyone else advantages from efforts to cease activity that is illegal hinges on the re re re re payment system.” As Weyl continues on to notice, “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.” Nevertheless the known investigations established 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 buyer Financial Protection Bureau’s report that is latest on payday financing reaffirms just exactly just what the Bureau’s initial research revealed this past 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 find yourself “owing as much or maybe more to their extremely loan that is last the complete quantity that they had lent initially,” CFPB Director Richard Cordray described.

Lawmakers Right Right Right Back DOJ Crackdown on Prohibited Utilization Of Bank Payment Techniques

“Department enforcement plays a role that is critical ensuring banking institutions and re re payment processors meet their appropriate obligations,” the lawmakers state in a page to Attorney General Eric Holder. “Unfortunately, current instances display the severity for the effects whenever those responsibilities aren’t met. Properly, we urge the Department to enforce vigorously relevant legislation with respect to payment fraudulence, money-laundering, along with other unlawful re re re re payments…”

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. That’s extremely very good news for customers when you look at the 16 southern and midwestern states where Regions runs. It’s an additional action to the final end of a form of financing that is not any less destructive when it is practiced with a bank in the place of a storefront.

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

“The OCC and FDIC first got it right in standing for borrowers who’ve been taken benefit of,” said Lisa Donner, AFR’s Executive Director. “Now it’s as much as the Federal Reserve to check out the OCC’s and FDIC’s lead with all 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 rights that are civil necessitate more powerful measures to avoid banking institutions and re re payment processors from assisting internet and tribal payday lenders gather unlawful re payments from consumers’ bank reports.

CFPB Report Makes the Case to use it on payday advances

As brand brand best online payday loans Bartonville 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 cost of living for months at a time.

Responses 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 when you look at the Financial Market

Mandatory arbitration as well as its effect on the global world 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 Dangerous On The Web Payday Lending

Download PDF July 24, 2012 The Honorable Jeff Merkley United States Senate Washington, DC 20510 Dear Senator Merkley: We, the consumer that is undersigned community businesses, compose to guide your legislation to guard customers from high-risk financing on the net and offline. The Stopping Abuse and