“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 …
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: …
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% …
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 …