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Economists Say Financial System Risks More Bailouts, Big Banks Say Financial System Is Too Safe, Want Less Regulation
SHOT: Bloomberg (Editorial), June 18: “On average, the six largest banks have about $7 in equity for each $100 in assets. That’s less than half what economists at the Minneapolis Fed estimate they need to make bailouts acceptably unlikely.” CHASER: In responses to Questions for the Record from the House Financial Services Committee (see below) the…
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DeVos Still Dragging Feet on Student Loan Disability Discharge Issue
See June 17th MarketWatch story ‘Student-loan borrowers with disabilities will be reimbursed after their Social Security checks were needlessly garnished’. Reaction from Allied Progress spokesman Jeremy Funk: “Where is the sense of urgency from Secretary DeVos? DeVos is dragging her feet to fix a system so broken that disabled student borrowers who qualify for federal…
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Kathy Kraninger Claims Evidence Guides Her Rulemaking … Just Not For Payday Loans
Washington D.C. (June 11th, 2019) –– In CFPB Director Kraninger’s first television interview since taking the post 6 months ago, she laid it on thick about how much evidence and data informs her rulemaking decisions. A curious thing to say on the heels of Kraninger’s final rule delaying protections from the payday loan debt trap that the…
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DeVos Lieutenant Heads Back Through Revolving Door to Lobby On Behalf of For-Profit Colleges and Loan Servicers
Washington D.C. (June 13th, 2019) — In response to reports that James Manning, acting Under Secretary of the DeVos Education Department, is departing for a lobbying gig at Penn Hill Group, which as of 2019, has been registered to lobby for National Council of Higher Education, “the nation’s oldest and largest higher education finance trade…
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Education Secretary DeVos Called Out by State AG Offices, Student Advocates at Congressional Hearing Over Lax Student Loan Servicer Oversight
“We don’t have a partner on the federal level when protecting students, in many ways we have an opponent.”
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How Apt: CFPB Director Kraninger Celebrates Her Six-Month Anniversary of Selling Out Consumers … by Keynoting a Bankers’ Conference
Allied Progress releases a new report, ‘6 Months of Failing Consumers.’
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DeVos Sued by Virginia College Students Over Reckless Reinstatement of Shady For-Profit College Accreditor
See the Washington Post story HERE; reaction from Allied Progress director Derek Martin: “Only a billionaire activist like Betsy DeVos would think it’s a good idea to put a lobbyist in charge of regulating an industry they previously worked for. DeVos’ has already gone to bat for loan servicers, is it any surprise she’d do the accreditors’…
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In Wet Kiss to Trump’s Donors, CFPB Officially Ices Critical Protection from Predatory Payday Lenders
Washington D.C. (June 6, 2019)– In a blow to consumers, the Trump CFPB issued a final rule rewarding the payday industry with a 15 month delay from compliance with the ability-to-repay standard for the CFPB’s short term lending rule established in November 2017. This allows predatory payday lenders to continue approving high-interest loans – some…
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As Betsy DeVos Arrives In Dallas For Conservative Confab, Disabled Veterans Still Wait For Federally Authorized Debt Forgiveness
The Department of Education is skirting the law by making the process of applying for loan forgiveness for “totally and permanently” disabled veterans burdensome.
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As Congress Holds Hearing on High-Risk Leveraged Lending Trend That Threatens Another Financial Crisis, OCC Head Joseph Otting Hasn’t Lifted a Finger To Contain It
Leveraged lending has been called the “New Subprime Boom” and has grown substantially worse on President Trump’s watch.