Forty Nine Senators Tell The CFPB: Don’t Stop Protecting Service Members!

FOR IMMEDIATE RELEASE: August 15, 2018 CONTACT: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826        Courtney Boland; courtney.boland@berlinrosen.com; 646-757-8755 Forty-Nine Senators Call On The Administration To Reverse Efforts To Erode The Military Lending Act   WASHINGTON, D.C. – Today, Senator Reed (D-RI), Senator Brown (D-OH), and forty-seven other senators sent a letter to acting Consumer Financial Protection Bureau Director Mick Mulvaney, calling on the …

Payday Loan Reform News – August 13

Highlights Mulvaney Looks Weaken Oversight of Military Lending August 10, The New York Times The Trump administration is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which was devised to protect military service members and their families from financial fraud, predatory loans and credit card gouging, according to internal agency documents.   CFPB is …

Proposed Rule on Credit Union Payday Alternative Loans Shouldn’t Permit Cycle of High-Cost Debt

FOR IMMEDIATE RELEASE August 7, 2018 CONTACT: Desmond Lee 646-517-1826 Desmond.lee@berlinrosen.com Courtney Boland 646-757-8755 Courtney.Boland@berlinrosen.com In official comment letter to the National Credit Union Administration, broad coalition opposes changes that would permit an unlimited number of fees on short-term loans, resembling payday loan debt WASHINGTON, D.C. – Today, the Stop The Debt Trap campaign released a comment letter from 100+ …

Payday Loan Reform News – August 6

Highlight A Gallery of Deregulators August 3, Jacobin The Office of the Comptroller of the Currency (OCC), which grants federal charters to banks, began accepting applications on Tuesday from financial technological (or “fintech”) firms like robo-stock advisors such as Betterment or lenders like SoFi or Lending Club. Other News Kristen Gillibrand Has an Ambitious Plan to Take on Payday Lenders: …

Payday Loan Reform News – July 30

    Online Lending Needs More Regulation: New York Regulator July 30, Bloomberg Online lenders should face stricter rules and oversight, according to a recent report from the New York Department of Financial Services (NYDFS). Despite a suspect nominee, CFPB can still protect consumers July 26, The Hill The Senate Banking Committee conducted a confirmation hearing for Consumer Financial Protection …

Payday Loan Reform News – July 23

Highlight Trump’s Pick for CFPB Dodges Senators’ Policy, Budget Questions July 19, Bloomberg President Donald Trump’s nominee to lead the Consumer Financial Protection Bureau dodged most questions about her policy priorities and plans for cutting the bureau’s budget at a contentious July 19 confirmation hearing. Other News The Structural Biases Behind Financial Lending Won’t Stop Until We Start Speaking Out …

Payday Loan Reform News – July 9

Highlight Trump Administration War on CFPB Is Bad News for Communities of Color July 7, Common Dreams Two years into the Trump administration, communities of color — and anyone using financial products, for that matter – are losing hope of finding an independent, dogged champion in Trump’s iteration of the Consumer Financial Protection Bureau. A brain-child of Senator Elizabeth Warren, …

Payday Loan Reform News – July 2

Highlight   AG Joins Effort To Fight Legislation Terminating States’ Ability To Prevent Abusive Lending Practices June 28, Los Alamos Daily Post The coalition of 20 AG’s sent a letter to leadership in the U.S. Senate expressing their opposition to the proposed legislation, which would invalidate the States’ ability to limit interest rates on payday and other high interest loans, …