CUNA, NAFCU Support Bill to Exclude Many Financial Institutions From CFPB Rules

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David Baumann | Credit Union Times
Some consumer groups disagree. “Considering the success the CFPB has had in fighting for consumers, it is troubling that H.R. 1264 would essentially exempt a large part of the banking industry from the CFPB’s supervision,” Scott Astrada, director of federal advocacy for the Center for Responsible Lending, told a House subcommittee last week, in testimony opposing the bill.

Trump Appointee Can Stay In Charge of CFPB For Now

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Fred O. Williams | CreditCards.com
“Another area where there could be a big change is the consumer complaint database,” said Melissa Stegman, senior policy counsel at the Center for Responsible Lending. Nearly 1 million complaints processed by the agency are published on its website – minus people’s names and identifying information – as a resource for consumers and researchers on corporate practices.

Dems Blast Trump for Overriding Consumer Bureau with Temporary Pick

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Sylvan Lane | The Hill
Mike Calhoun, president of the Center for Responsible Lending, called Mulvaney’s appointment “unlawful.” “Leandra English is the rightful Acting Director of the Bureau,” Calhoun said. “Naming Mick Mulvaney — someone who’s adamantly anti-consumer — rewards financial predators and fails to put consumers first.”

No Protection for Protectors

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Gary Rivlin | The Intercept
Even without Cordray at the helm, the problem that confronts Hunt and his frenemies running other financial industry trade associations is that the CFPB is simply too popular to eliminate. A 2017 poll by Americans for Financial Reform and the Center for Responsible Lending showed that 78 percent of likely voters believe we need tough rules and enforcement to prevent another financial crisis.

The GOP Believes Businesses -- But Not Consumers -- Are Entitled to Their Day in Court

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Melissa Stegman | The Center for Responsible Lending
While taxes and Russia were dominating the headlines, President Trump quietly signed a bill into law that severely weakens America’s consumers—all 325 million of us. This law lets financial companies block consumers from going to court when those companies illegally take money away from them. Instead, consumers are forced into arbitration, a process rigged against them with little chance for compensation. Big banks, credit card companies, and payday lenders received a “get-out-of-jail-free” card.

Payday Lenders, with Major Business before Trump, to Hold Conference at Trump Doral

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Alex Daugherty | The Miami Herald
“Payday loans are debt traps by design with interest rates averaging 300 percent,” Standaert said. “These small loans cause big problems for low-income people all across the country.” The CFSAA did not immediately respond to a request for comment. A Trump Organization spokeswoman did not immediately respond to a request for comment.

As OCC Steps Backward on Payday Lending Oversight, Banks Shouldn’t Follow

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Rebecca Borné | Center for Responsible Lending
With deceitful practices like opening unauthorized bank accounts, reordering debit card transitions to maximize overdraft fees and forced arbitrations clauses, what we need now more than ever are safeguards in place that stop banks from taking advantage of those who entrust banks with their hard-earned money. The OCC announcement to roll back the bank payday guidance moves us backward instead of forward.

Trump Officially Kills CFPB Arbitration Rule

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Brena Swanson | HousingWire
On the other side, Center for Responsible Lending Senior Policy Counsel Melissa Stegman said, “President Trump just handed a get-out-of-jail-free card to financial fraudsters. This unjust law enables companies to block group lawsuits by consumers, thus removing an indispensable check on corporate misconduct. Instead, this law lets companies force consumers into a secret arbitration system rigged against them – discouraging claims and allowing companies like Wells Fargo and Equifax to hide widespread consumer abuse,” said Stegman. “Despite this setback, CRL will continue to fight for the right

Vice President Pence Casts Tie-breaking Vote To Kill Cfpb Arbitration Rule

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Kelsey Ramírez | HousingWire
“Companies, like Wells Fargo and Equifax, frequently bury forced arbitration clauses in the fine print of agreements, giving them the ability to cheat consumers with impunity,” said Melissa Stegman, Center for Responsible Lending senior policy counsel. “These rip-off clauses deny Americans the freedom to seek justice through our court system – a right embodied by the Constitution's Seventh Amendment.”