Statement by Hillary Clinton

January 28, 2008 

I enthusiastically endorse the AFFIL Principles of Fairness in Lending. The principles embody a bold and prudent standard of consumer protection for all Americans. As President, I will look to the Principles to guide a strong agenda to protect consumers and end abusive lending practices.  Moreover, I will champion reforms that will empower consumers to make informed decisions about their finances and avoid the traps, hidden fees and unscrupulous practices that ensnare far too many families in crippling debt. 

Statement by Barack Obama

September 25, 2007

I am proud to support the important efforts of Americans for Fairness in Lending (AFFIL) to empower more Americans in the fight against consumer fraud and abusive lending practices.  As a community organizer, civil rights lawyer and elected official, I have spent my career advocating for working Americans.  As president, I will stand firm against the corporate special interests and work on behalf of the national interest for affordable health care, responsible consumer practices and increased government transparency and accountability.  I encourage AFFIL members to join me in this movement to reform Washington.  Together, we can rally Americans around a common destiny and transform our nation to meet the challenges ahead.

Statement by Bill Richardson

September 14, 2007

Responsibility, justice, and equality. These are basic American principles that we can all agree to. Yet, too many in the lending industry have made a living violating these principles. It’s got to stop.

Together we can make sure that these great American values guide the conduct of lending in this country.

I am proud to endorse AFFIL’s Principles of Fairness in Lending. I am proud to stand with you on behalf of consumers and against predatory lending.

Statement by John Edwards

September 13, 2007

The cause of fairness in lending is at the heart of my campaign for presidency.  I believe that together we can build One America where everyone has a fair shot at the American Dream, but it will take a leader who is not afraid to tell Washington to stop siding with unscrupulous lenders and their lobbyists, and start standing up for hard-working families.

I am proud to have made fighting irresponsible lending a presidential campaign issue back in 2004, and to have again the most aggressive platform for ending the usury game in the financial services industry.  I am the only candidate who will put a new federal agency on the side of working families to help them get a fair deal from lenders and finance companies.  As the tireless advocates of AFFIL know, decades of deregulation have turned the lending industry into the Wild West.  States cannot effectively regulate lenders operating within their borders, and the crazy quilt of federal regulators is more interested in bank profitability than consumer protection. 

My new Family Savings and Credit Commission will focus exclusively on consumer protection, empowered to review all financial products – credit cards, mortgages, car loans, check-cashing, payday loans, investment accounts and more – before they reach the market.  I will pass strong national laws protecting families against the worst abuses in the credit card and mortgage lending markets, as well as a 36 percent national rate cap for payday loans that will put the existing industry out of business.  I will create alternatives to irresponsible lenders, helping working families build up a cushion by matching their savings and bringing affordable bank accounts to the 28 million without them.  And I will support non-profit groups offering affordable, short-term loans.  We need a new era of responsible lenders who see families as long-term investments, not quick bucks. 

For too long, on Capitol Hill and in state legislatures around the country, the advocate members of AFFIL have been lone voices for consumer protection.  For too long, politicians have ignored your voices, listening instead to the wishes of lenders and their lobbyists. Today I am proud to lend my voice in support of AFFIL’s principles for fairness in lending, and to let you know that when I am president, I will listen – and together, we will end the game.