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

In CQ, reporter Ben Weyl quotes from the joint AFR/CFA/NCLC letter to Senators: “Fighting re payment fraudulence really should not be controversial. Everybody advantages of efforts to end unlawful activity that depends on the re re re re payment system.” As Weyl continues on to notice, “Conservative activists and GOP lawmakers have actually accused the federal government of pursuing law-abiding companies that cross the management’s agenda, including weapon vendors.” However 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 buyer Financial Protection Bureau’s report that is latest on payday financing reaffirms exactly exactly exactly what the Bureau’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 charges, numerous borrowers find yourself “owing as payday loans Derby much or higher to their really loan that is last the complete quantity that they had lent initially,” CFPB Director Richard Cordray stated.

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

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

Great news for Consumers: areas Bank Bows from the Payday Loan company

Areas Bank announced today it will not be triple-digit-interest that is offering loans. That’s really 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 kind of financing that isn’t any less destructive when it is practiced with a bank as opposed to a storefront.

FDIC and OCC Crack Down on Abusive Lending Methods; 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 follow along with the OCC’s and FDIC’s lead because of the organizations it regulates.”

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 legal rights teams necessitate more powerful measures to avoid banking institutions and re payment processors from assisting internet and tribal payday lenders gather unlawful re re re payments from consumers’ bank reports.

CFPB Report Makes the Case to use it on payday advances

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 fundamental cost of living for months at a time.

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 realm of customer finance ended up being the main topic of 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 aid your legislation to guard customers from high-risk financing on the net and offline. The Stopping Abuse and