WASHINGTON, D.C. – Today, 88 organizations from The Stop the Debt Trap campaign, a coalition of state and national consumer, civil rights, faith, seniors’, labor, and other groups, submitted a comment to the Federal Deposit Insurance Corp. (FDIC) urging the agency’s leadership not to support unaffordable bank loans above a 36% annual percentage rate (APR), to require underwriting that considers …
Payday Loan Reform in the News – January 18, 2019
Highlight CFPB to scrap key underwriting portion of payday rule January 14, American Banker Kate Berry The Consumer Financial Protection Bureau is expected to eliminate underwriting requirements in a highly anticipated revamp of its payday lending rule, according to sources familiar with the bureau’s proposal. But sources familiar with the agency’s thinking say the CFPB — now led by Trump …
Kathy Kraninger Should Protect Consumer From Debt Trap Loans
FOR IMMEDIATE RELEASE: December 6, 2018 CONTACT: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826 KATHY KRANINGER SHOULD PROTECT CONSUMERS FROM DEBT TRAP LOANS WASHINGTON, D.C. – Today, the GOP-controlled Senate narrowly voted along party lines to confirm Kathy Kraninger for Director of the Consumer Financial Protection Bureau (CFPB). Kraninger – who currently works as an aide to Mick Mulvaney at the Office …
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 …
Payday Loan Reform News – October 20
Top Stories CFPB Reaffirms Plan to Overhaul Payday Lending Rule Credit Union Times, October 19 The CFPB reaffirmed its plan to issue revised payday lending rules “no later than” early next year”—a proposal that critics say could gut the regulations. CFPB Expected to Cut Payday Repayment Tests in Rule Overhaul October 19, Bloomberg News The CFPB released the …
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 …