Payday Loan Reform News – November 5

Highlight   Editorial: Taking step back on payday lending unwarranted October 30, Herald-Dispatch The Consumer Financial Protection Bureau announced it will revisit a crucial part of its year-old payday-lending industry regulations. This move that will likely make it more difficult for the bureau to protect consumers from potential abuses, if changed. More Coverage: Consumer Financial Protection Bureau to revisit payday-loan …

Payday Loan Reform News – October 29

Highlight   Herring, other AGs, seek continued consumer protection for service members Fairfax News, October 23 In a letter to the CFPB and Director Mulvaney, Herring and a bipartisan coalition of 32 other attorneys general urge the CFPB to reconsider its reported decision to stop examining lenders to ensure they are complying with the MLA. More Coverage: Jackley calls for …

Mulvaney’s Consumer Bureau Signals Plans To Roll Back Consumer Protections Against Payday Debt Traps

FOR IMMEDIATE RELEASE: October 26, 2018 CONTACT: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826                   Carter Dougherty, carter@ourfinancialsecurity.org; (202) 251-6700   MULVANEY’S CONSUMER FINANCIAL PROTECTION BUREAU SIGNALS PLANS TO ROLL BACK CONSUMER PROTECTIONS AGAINST PAYDAY DEBT TRAPS   WASHINGTON, D.C. – Today, the consumer bureau, under acting director Mick Mulvaney and deputy director Brian Johnson, has announced its plans to “reconsider” the “ability-to-repay provisions” of its landmark …

Stop The Debt Trap Campaign Statement on One-Year Anniversary of the CFPB Issuing the Payday Rule

Contact: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826 Courtney Boland; courtney.boland@berlinrosen.com; 646-757-8755 For Immediate Release October 5, 2018 Predatory lenders and now new CFPB leadership have the rule in their cross-hairs WASHINGTON, D.C. – Exactly one year ago today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help stop payday and car-title loans from trapping consumers in debt. Since then, predatory lenders …

Payday Loan Reform News – October 2

Highlight   Protect the Military Lending Act September 20, The Hill Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney has vowed to end proactive oversight of payday lenders and other predatory lenders, accusing his own agency’s supervisors of being “overly aggressive.” The MLA’s protections include clear-cut guidelines for bank and non-bank lenders. Among them, lenders can’t charge service members …

Community, Civil Rights Groups Sound Alarm on Trump Administration Moves to Weaken Consumer Protections for Military Servicemembers and Their Families

FOR IMMEDIATE RELEASE: August 24, 2018 CONTACT: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826 Courtney Boland; courtney.boland@berlinrosen.com; 646-757-8755 In letter to CFPB head and Defense Secretary, diverse cohort presses officials to reverse plan to undermine enforcement of the Military Lending Act WASHINGTON, D.C. – Today, dozens of consumer, civil rights, and community organizations sent a letter to Consumer Financial Protection Bureau (CFPB) head …

Protecting Servicemembers from Abusive Financial Practices

“The undersigned consumer, community, and civil rights organizations write to urge the Consumer Financial Protection Bureau to reverse its recent decision to suspend the supervision of payday, car title, and other lenders for violations of the Military Lending Act (MLA). We also urge the Department of Defense to ensure that the Military Lending Act is vigorously implemented without exemptions or …

Consumer, Civil Rights, Faith, and Community Groups Urge Regulators and Banks to Avoid a Return to Trapping Consumers in Debt

Consumer, civil rights, faith, and community groups are urging the FDIC Chair in this letter to keep in place the agency’s guidance urging banks to not sell these toxic loan products, which are harmful to consumers, banks’ reputation, and its safety and soundness. The coalition’s letter also calls for the FDIC to ensure small dollar installment loans are capped at …

Editorials and other press blast CFPB plan to ignore predatory loans made to military

State/Local News EDITORIAL Greensboro (NC) News and Record: Let’s not drop protections for troops from attacks by predatory lenders “Members of the armed forces and their families make significant sacrifices to keep our country safe. The least our government can do in return is provide them with basic protections that make it possible for them to manage their finances without …