Community, Consumer, Civil Rights, Faith and Small Business Organizations Strongly Oppose the FDIC’s Proposed Rule on Federal Interest Rates

Download the full letter. February 4, 2020 The Honorable Jelena McWilliams Chairman Federal Deposit Insurance Corporation 1776 F Street, NW Washington, DC 20006 Delivered electronically via email Re: Comments on FDIC Notice of Proposed Rulemaking, Federal Interest Rate Authority, 12 CFR Part 331, RIN-3064-AF21 Dear Chairman McWilliams, The undersigned community, consumer, civil rights, faith and small business organizations write to …

As Congress Shines Light on Rent-a-bank Schemes, 100+ Groups Urge FDIC to Rescind Plan that Facilitates their Spread

For Immediate Release: February 5, 2020 Contact: Jessinia Brooks, 212-574-3415, jessinia.brooks@berlinrosen.com As Congress Shines Light on Rent-a-bank Schemes, 100+ Groups Urge FDIC to Rescind Plan that Facilitates their Spread Watch hearing on the topic in the House Financial Services Committee Banking agency that currently allows “rent-a-bank” schemes with triple digit interest loans that evade state laws poised to make them …

OCC Proposal Could Greenlight Predatory Lending Schemes

Broad coalition strongly rebukes proposed rule that would facilitate triple-digit interest “rent-a-bank” loans that evade state usury laws Washington, DC – A coalition of more than 100 organizations, including civil rights, consumer, faith, and small business groups, yesterday submitted a public comment in opposition to a proposed rule from the Office of the Comptroller of the Currency (OCC) that would …

Bipartisan 36 Percent Interest Rate Cap Bill Introduced in Congress Earns Praise from Stop The Debt Trap Coalition

The “Veterans and Consumers Fair Credit Act of 2019” would protect all Americans from predatory lending Washington, DC – The Stop the Debt Trap coalition today applauded Reps. Jesús “Chuy” García (D-IL) and Glenn Grothman (R-WI) and Sens. Sherrod Brown (D-OH), Jeff Merkley (D-OR), Jack Reed (D-RI) and Chris Van Hollen (D-MD) for introducing the Veterans and Consumers Fair Credit …

Stop The Debt Trap Launches Debt Trap Tracker Showing Harm from Payday Loans

Today is the day a Consumer Bureau rule was scheduled to go into effect and to begin protecting consumers from payday loan debt traps Washington, DC – Today, the Stop the Debt Trap coalition launched the Payday Loan Debt Trap Tracker, an online tool visualizing the fees paid by American consumers to payday and car-title lenders. The debt trap – …

Advocates Across the Country Fight to Preserve Strong Consumer Protections on Predatory Payday and Car-title Loans

For the last 90 days, we have been fighting to retain the protections afforded by the 2017 payday rule which required lenders to assess a borrower’s ability to repay prior to granting a loan. Now, the Consumer Financial Protection Bureau (CFPB) is proposing to overturn his common-sense provision under the administration’s new Bureau director, Kathy Kraninger.   Keeping Up the …

Trump’s CFPB Appointees Face Backlash for Siding with Payday Lenders

President Trump’s appointees at the Consumer Financial Protection Bureau (CFPB) are facing heat in news outlets across the country for siding with predatory payday lenders. Just in the past few days, Military and Veteran Service Organizations called out Director Kraninger for ending CFPB supervision that ensures military servicemembers aren’t fleeced by lenders, a CFPB political appointee admitted to Congress that …

400+ Organizations Urge CFPB: Stop Attack on Payday Lending Protections

Stop the Debt Trap Coalition Letter Opposes the CFPB’s Proposal to Gut Consumer Protections on Predatory Payday Loans Washington, DC – Over 420 civil rights, consumer, labor, faith, veterans, elder, business, and community organizations from 46 states, plus the District of Columbia, in an official comment letter registered strong opposition to the Consumer Financial Protection Bureau’s (CFPB) proposal to gut …