Joint Statement: Nation’s Top Student Loan Watchdog Post Remains Vacant 150 Days After CFPB Director Promised to “Quickly” Fill the Role
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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.

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News Release: Mulvaney Plan to Gut Payday Lending Rule Defies Common Sense
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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.

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StoptheDebtTrap Statement: 49 Senators Tell the CFPB to Protect Service Members
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Today, Senator Reed (D-RI), Senator Brown (D-OH), and forty-seven other senators sent a letter to acting Consumer Financial Protection Bureau Director Mick Mulvaney, calling on the bureau to continue supervision of lending made to active duty service members and their families to ensure that lenders are complying with the Military Lending Act.

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Joint Letter: 8 Organizations Warn Regulators Against Bank Payday Loans and Rent-a-Bank Arrangements
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“Deposit advance” loans are payday loans, pure and simple, and data clearly show they create the same debt trap caused by non-bank payday loans. High-cost longer-term loans facilitated by banks and credit unions would also cause customers substantial harm. We also urge you to ensure that all financial institutions engaged in small dollar lending (1) limit interest rates to 36% or less, and (2) determine borrowers’ ability to repay their loans by assessing both income and expenses rather than engaging in collateral-based income-only underwriting.”

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