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Tag Archives Payday Lending the customer Financial Protection Bureau’s latest report on payday lending

AFR into the News: Liberal Groups right right Back ‘Operation Choke Point’

In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: “Fighting re re re payment fraudulence shouldn’t be controversial. Everyone else advantages from efforts to avoid unlawful activity that utilizes the re re re re payment system.” As Weyl continues to see, “Conservative activists and GOP lawmakers have actually accused the federal government of pursuing law-abiding companies that cross the management’s agenda, including weapon vendors.” Nevertheless the investigations that are known in the name of procedure Choke Point have all been directed at out-and-out-fraud.

AFR Calls for Strong Guidelines on Payday Lending

The customer Financial Protection Bureau’s latest report on payday financing reaffirms just just what the Bureau’s initial research revealed a 12 months ago: these ultra-high-cost loans, while promoted as a type of emergency credit, regularly trigger a period of financial obligation. Even with having to pay significant charges, numerous borrowers find yourself “owing as much or higher to their really final loan as the whole quantity that they had lent initially,” CFPB Director Richard Cordray revealed.

Lawmakers Straight Straight Back DOJ Crackdown on Illegal Utilization Of Bank Payment Techniques

“Department enforcement plays a role that is critical ensuring banking institutions and re re payment processors meet their appropriate obligations,” the lawmakers state in a letter to Attorney General Eric Holder. Continue reading