Latest News
Showing the Latest Consumer Financial Protection Bureau (CFPB) Results
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CFPB Must Closely Scrutinize Comments Opposing Proposed Payday Lending Rule
After payday lenders put spotlight on consumers with remarkably similar “personal” stories, Allied Progress calls for greater scrutiny.
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Huffington Post: Hundreds Of Suspiciously Similar Letters Praise The Payday Loan Industry Ahead Of Crackdown
Hundreds of individually submitted comments to a federal regulator praising the payday loan industry contain identical phrases, like “It was a very efficient process and definitely the most reasonable option for me.”
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Tampa Bay Times: Now We Know What Was Fueling Push to Expand Florida’s Disastrous Payday Lending Model
The push to spread Florida’s disastrous model of payday lending nationally died when two of its chief backers — Reps. Debbie Wasserman Schultz and Patrick Murphy — pulled the plug and instead endorsed the Consumer Financial Protection Bureau’s plan to rein in this predatory industry.
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Groups Praise CFPB on its 5th Anniversary for Making Life “Better for American Families”
Groups say life is better for American families because the CFPB is at work fighting predatory lending and financial abuse.
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“Ability to Repay” Is Key to CFPB’s Proposed Payday Lending Reforms
Broad coalition of groups underscore importance of “ability to repay” requirement in CFPB’s proposed payday lending rule.
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Washington Post: What Regulating Payday Loans Is All About
Suggesting that the Consumer Financial Protection Bureau should bend over backwards to make sure people can get loans that will leave them unable to pay rent or put food on the table fundamentally misunderstands the purpose of regulating payday loans in the first place: to prevent financial devastation.
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American Banker: Who’s Behind the Campaign Attacking CFPB Chief Cordray?
There is some evidence that executives at Lincoln attempted to confront Cordray directly. During a May 5 field hearing on the arbitration proposal in Albuquerque, an audience member identified as Chuck Bowman asked Cordray if the plan was tied to his political ambitions. Consumer advocates, including Karl Frisch, an executive director at the progressive group Allied Progress, say Bowman is, in fact, Chuck Coolidge, a principal of Lincoln Strategy Group. Judging from a review of video of the hearing and Coolidge’s social media accounts, Coolidge bears a striking resemblance to Bowman.
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Tens of Thousands Spoke Out Supporting the CFPB on Payday Lending Reform — They Listened
Full page ad in the Sun Sentinel thanking Reps. Debbie Wasserman Schultz and Patrick Murphy for supporting the CFPB’s proposed rule to rein in payday lenders.
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Texas Rep. Henry Cuellar: The Payday ‘Lone’ Democrat
Texas Congressman was lone democrat on Appropriations Committee to support delaying CFPB payday lending rules.
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Corporate Crime Reporter: New Report Details Revolving Door Between House Financial Services Committee and Industry
On the heels of House Financial Services Committee Chairman Jeb Hensarling unveiling his proposal to dismantle critical consumer financial protections enacted in 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act, Allied Progress is out with a new report detailing the revolving door between Hensarling’s committee and the financial industry and how key members of his committee staff have invested in and taken junkets from the very industry they’re paid to oversee.