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

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

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

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

AFR Calls for Strong Guidelines on Payday Lending

The buyer Financial Protection Bureau’s report that is latest on payday financing reaffirms exactly just exactly just what the Bureau’s initial research revealed this past year: these ultra-high-cost loans, while promoted as a type of crisis credit, regularly result in a period of financial obligation. Even with spending significant charges, numerous borrowers wind up “owing as much or higher to their really loan that is last the whole quantity that they had lent initially,” CFPB Director Richard Cordray stated.

Lawmakers Right Straight Back DOJ Crackdown on Prohibited Usage Of Bank Payment Techniques

“Department enforcement plays a crucial part in ensuring banking institutions and re re re payment processors meet their appropriate obligations,” the lawmakers state in a page to Attorney General Eric Holder. “Unfortunately, current situations display the severity regarding the effects whenever those responsibilities aren’t met. Properly, we urge the Department to enforce vigorously relevant laws and regulations with respect to payment fraudulence, money-laundering, as well as other unlawful re re re re payments…”

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