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 …
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 …
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+ …
Coalition of Community/Consumer groups Comments on Notice of Proposed Rulemaking (PAL II)
We urge NCUA to make no changes to the payday alternative loan (PAL) program that would increase the likelihood that credit union members end up in cycles of high-cost, short-term loans that resemble payday loan debt. Most critically, we strongly oppose permitting more than six application fees in twelve months as proposed for PAL II. We also oppose permitting 28% …
Congressman Beyer, Consumer Advocates Denounce CFPB ‘Head’ Mulvaney for Supporting Predatory Payday Loans
Congressman Beyer, Consumer Advocates Denounce CFPB ‘Head’ Mulvaney for Supporting Predatory Payday Loans Outside the CFPB today, consumer advocates posing as loan sharks “celebrated” Mulvaney, and then held a press conference with Congressman Don Beyer (D-Alexandria, Va.) to denounce Mulvaney’s anti-consumer actions. Watch the video. Standing Outside the CFPB, Group Calls for an End to Mulvaney Era of Taking “Wrecking …
Tomorrow: Press Conference with Rep. Beyer at CFPB Opposing Mulvaney & Predatory Lending
***ADVISORY FOR TOMORROW, THURSDAY, MARCH 29*** Contact: Anjali Cadambi Anjali.Cadambi@berlinrosen.com 503-984-4020 For Immediate Release March 28, 2018 WASHINGTON, D.C. – Tomorrow at 9:30 AM ET, outside the Consumer Financial Protection Bureau’s (CFPB) headquarters, Congressman Don Beyer (D-Alexandria, Va.) and consumer advocates will hold a press conference calling for CFPB’s acting “head” Mick Mulvaney to end practices that benefit predatory payday …
Bank Payday Loans Are an Abusive Product
The undersigned consumer, civil rights and faith groups write in strong opposition to HR 4861 (Hollingsworth), the Ensuring Quality Unbiased Access to Loans Act of 2018 (EQUAL Act). The bill exempts bank payday loans (also called “deposit advance products”) from the Consumer Financial Protection Bureau’s (CFPB) payday loan rule and also nullifies the Federal Deposit Insurance Corp.’s (FDIC) deposit advance …
Testing a Borrower’s Ability to Afford a Consumer Loan
A limit on loan payment size of 5% of income will not prevent borrower harm As federal and state lawmakers and regulators work to rein in harmful debt-trap payday lending, a few parties have recommended a solution that the overwhelming majority of consumer advocates and research organizations find to be unhelpful. Basing reform of abusive consumer lending on limiting the …