Dear Americans, Any efforts to weaken financial regulation will have severe impacts on our economy and working families

February 28, 2017

As Congress and the Trump Administration consider undermining important consumer protections within the Dodd-Frank Wall Street Reform and Consumer Protection Act, it’s important to keep making your voices heard on this important issue. Any efforts to weaken financial regulation will have severe impacts on our economy and working families.

We must also keep urging the Consumer Financial Protection Bureau (CFPB) to move forward on issuing a strong payday lending rule that reins in abusive 300% APR payday loans, fight payday lenders who want to trap borrowers in abusive longer-term loan products, and stop forced arbitration. The Center for Responsible Lending (CRL) will continue to work alongside you to address these issues and bring much needed financial reform.

Lastly, we would like to thank everyone who joined CRL in celebrating Black History Month. Throughout February, our social media posts, interviews, and opinion columns highlighted the need to continue building on progress to bring financial freedom to the African-American community.

Please continue to follow us now on Twitter and Facebook.

Consumer Finance

CRL and other consumer and civil rights advocates lauded the D.C. Court of Appeals’ decision to grant the CFPB’s petition for the full court to rehear PHH Corporation vs. CFPB en banc. This means that the CFPB can continue to operate as Congress intended during the pendency of the en banc proceeding, and is an important first step toward a decision by the full court invalidating the panel’s previous and unprecedented 2-1 ruling. The CFPB had recently challenged the panel’s decision, which undermined the CFPB’s independence to regulate the financial services industry and protect consumers from Wall Street greed.

Consumer Finance

A U.S. Senator recently introduced a resolution that would repeal new rules on prepaid cards finalized by the CFPB last October. The rules were designed to protect low-income families, many of whom have no bank account and use prepaid cards to handle their financial transactions. Rolling back this rule would also allow prepaid cards to carry high-cost, abusive overdraft fees. If approved, the resolution allows lawmakers to undo federal regulation with a simple majority vote in both the House and Senate, and would prohibit a federal agency—like the CFPB—from rolling out a substantially similar rule.

Consumer Finance

With the confirmation of Jeff Sessions as U.S. Attorney General, CRL urges him to fulfill the U.S. Department of Justice’s commitment in service of fairness, justice, and opportunity. The Department of Justice’s Civil Rights Division under the previous administration and the CFPB brought important cases that addressed disparities in lending and evidence that lenders target African-American and Latino borrowers for higher-cost loans. It is crucial that Attorney General Sessions pursue these issues and stop discriminatory lending practices that are at the root of the racial wealth gap and exacerbate wealth inequality between people of color and whites.

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About eslkevin

I am a peace educator who has taken time to teach and work in countries such as the USA, Germany, Japan, Nicaragua, Mexico, the UAE, Kuwait, Oman over the past 4 decades.
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