Joint Statement: Nation’s Top Student Loan Watchdog Post Remains Vacant 150 Days After CFPB Director Promised to “Quickly” Fill the Role
Joint Letter: Letter to CRAs urging credit relief for federal contractors and small businesses affected by the shutdown
Tomorrow marks one hundred fifty days since Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger committed to quickly filling the nation’s top student loan watchdog position—a role that has been vacant for almost a year. As student debt nears $1.6 trillion and predatory practices plague the market, the Student Borrower Protection Center (SBPC) and Americans for Financial Reform Education Fund (AFREF) are releasing a roundup of failures by the current CFPB Director to stand up for student loan borrowers.
Joint Letter: Letter to CRAs urging credit relief for consumers affected by natural disasters
letter to CRAs urging credit relief for federal contractors and small businesses affected by shutdown
Joint Letter: Letter to CRAs urging credit relief for federal workers impacted by government shutdown
Letter to CRAs urging credit relief for consumers affected by natural disasters
News Release: Mulvaney Plan to Gut Payday Lending Rule Defies Common Sense
Letter to CRAs urging them to take steps to protect the credit reports of federal workers affected by the government shutdown
News Release: Court Sides with Students Over DeVos’s Pro-Corporate Agenda
The rule, which was years in the making, created vital protections for consumers of payday, car title, and some longer-term loans to ensure that predatory lenders don’t trap customers in unaffordable loans. Underlying the rule is the common-sense principle that lenders should consider whether borrowers have the ability to repay a loan before they risk their financial well-being.
AFR Statement: Department of Education’s Proposed New Borrower Defense Rule Sacrifices Students to For-Profit Industry Greed
Americans for Financial Reform Education Fund applauds the news that a court has rejected the for-profit college industry’s attempt to stop the 2016 Borrower Defense rule. Today, the United States District Court for the District of Columbia sided with students over Betsy Devos’s attempts to let abusive for profit schools rip them off with impunity.
AFR Statement: Statement on Appointment of Andrew Smith as Head of FTC Bureau of Consumer Protection
“The proposed Borrower Defense rule sacrifices students’ rights in order to line the pockets of executives at for-profit colleges, an industry that has shown time and again that it will use taxpayer dollars to deceive and defraud its own students.” said Alexis Goldstein, AFR’s Senior Policy Analyst. “With this rule and its extreme and absurd barriers to relief, Devos effectively tells students that if a school scams them, they’re on their own.”
AFR Statement: AFR Criticizes Mulvaney Move to Manipulate Research, Curb Student Advocacy
For its Head of Consumer Protection, the FTC chose a lawyer, Andrew Smith, who worked for both payday lenders and Equifax. The FTC needs a someone with a record of consumer protection, not yet another industry lawyer
AFR Statement: Closing the CFPB’s Office for Students is like shuttering the fire department in the middle of a fire
“What Mulvaney is really interested in is not serious research, but information that advances the interests of the Wall Street banks and predatory lenders he serves.”
“America is facing an ongoing student debt crisis, with outstanding student debt surpassing $1.5 trillion and over 8 million borrowers in default on their student loans. Closing the Office for Students is like shuttering the fire department in the middle of a three-alarm fire,” said Alexis Goldstein, senior policy analyst at Americans for Financial Reform.