Announcements
AFFIL Partners say Rules Take Positive First Step to Rein in Unjust Interest Rate Hikes and Billing Practices; Call on Congress to Provide Additional Consumer Protections
Date:
2008-05-02
(May 2, 2008) Representatives
AFFIL Staff join Caveat Emptor Blog as Associate Editors
Date:
2008-04-30
Jim Campen and Sarah Byrnes have joined Caveat Emptor,
Ohio Treasurer Richard Cordray Endorses the AFFIL Principles
Date:
2008-04-18
Treasurer Cordray's Statement of Endorsement (April 11,2008): As Ohio’s Treasurer I believe strongly that all Ohioans must
AFFIL Partners critical of the Department of the Treasury’s Blueprint for a Modernized Financial Regulatory Structure
Date:
2008-04-01
Ed Mierzwinski from US PIRG comments, "Today's 212-page blueprint
Survey finds that students support fair campus credit card marketing principles
Date:
2008-03-27
Students
Free "Maxed Out" screening in Boston
Date:
2008-03-12
Wednesday, March 19, "Red carpet" event starting at 7 pm, 505 Commonwealth Avenue, Boston University If you're in Boston, check out a free screening of Maxed Out
Study finds that Student Loans made outside of federal programs have higher prices, lack borrower protections
Date:
2008-03-03
(March
Study finds minorities paid more for loans in Massachusetts
Date:
2008-02-28
AFFIL Partners support Senator Reid's "Foreclosure Prevention Act of 2008"
Date:
2008-02-27
(February 27, 2008) The Senate will vote soon on S. 2636, a new bill that would prevent unnecessary
Send a "Valentine's Day" postcard to Congress
Date:
2008-01-31
Kiss Credit Card Abuses Goodbye!
AFFIL and its Partners warn consumers to avoid Refund Anticipation Loans
Date:
2008-01-18
United for a Fair Economy reports that the Subprime Mortgage Crisis is Causing African-Americans to Experience Greatest Loss of Wealth in Modern US History
Date:
2008-01-15
AFFIL
AFFIL Board Member Kathleen Engel appointed to Federal Reserve Board’s Consumer Advisory Council
Date:
2008-01-11
(January 11, 2008) AFFIL congratulates
President Bush Signs H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007
Date:
2007-12-20
This Act will create a three-year window for
AFFIL Executive Director Jim Campen responds to the Federal Reserve's proposed rules on mortgage lending practices
Date:
2007-12-19
The first thing
Center for Responsible Lending finds that 36% Cap on Payday Loans "Springs the Trap"
Date:
2007-12-13
Measures short of an interest rate cap fail to fix payday lending problem: The debt trap of payday lending persists even in states that have put restrictions on payday loans while exempting them from interest rate caps. In "Springing the Debt Trap," CRL finds that high numbers of borrowers are still caught in payday loans for long periods of time, even in states
AFFIL Executive Director Jim Campen Responds to President Bush's Plan to help Homeowners
Date:
2007-12-07
"We applaud any effort to help homeowners keep their homes; however, the President’s plan would only help a fairly small share of the borrowers who are in danger of losing their homes through foreclosure. None of the borrowers who have already fallen behind on their payments would be eligible for help under this plan. "President Bush’s plan consists of allowing borrowers who are now paying “starter rates” that average 8.5% to continue to pay these already high rates for five more years, rather than to face increases to 11.5% or more when their interest rates are scheduled to "reset." "The loans that the plan would affect are loans that never should have been allowed in the first place. The brokers who pushed these irresponsible loans on borrowers, the lenders who originated them, and the Wall Street firms that packaged them into investment securities all earned much higher fees from making these toxic loans than they would have earned by lending more responsibly. Congress and the Bush Administration bear responsibility for failing to enact appropriate legislation and demand effective regulatory oversight. AFFIL will continue to fight to regulate the industry to protect vulnerable homebuyers and homeowners from predatory mortgage lenders."
New Web Site offers help for Struggling Student Loan Borrowers
Date:
2007-11-20
Student Loan Borrower Assistance launches at http://www.studentloanborrowerassistance.org (November
AFFIL Partner US PIRG Launches "FEESA: Free Gifts Now; Huge Fees Later"
Date:
2007-10-12
The project will educate students about credit card practices and will urge colleges to adopt principles for responsible credit card marketing. Credit card companies are targeting college students with enticing teaser offers for low-cost credit cards that turn into a credit card “trap” with high fees and penalty interest rates. Often, the card companies set up tables right on campus and hand out free gifts to applicants. The students, already facing high and increasing costs of education, may be misled into taking on high-cost credit card debt. For more information, visit http://www.truthaboutcredit.org.
AFFIL Executive Director Jim Campen to Present New Data on Massachusetts Mortgages to U.S. House Financial Services Committee
Date:
2007-10-12
Testimony to Highlight the Declining Role of Massachusetts
"Canadians for Fairness in Lending"
Date:
2007-10-03
Predatory lending knows no borders. Our neighbor to the north has a candidate running for Parliament mandated by a petition of 1000 signatures to investigate predatory lending practices, improve consumer safeguards and establish Ontario’s own “Responsible Lending Act." Candidate Tony Crawford is the author of books and games that raise awareness of predatory lending issues. His advocacy campaign is aptly titled "Canadians for Fairness in Lending." Visit www.tonycrawford.com for more information.
Mandatory Arbitration Stacks Deck Against Credit Cardholders, Data Show
Date:
2007-09-27
Major Arbitration Firm in California Rules Against Consumers 95 Percent of the Time, Uses Arbitration as Debt Collection Mechanism, New Report Shows: Consumers who seek justice in disputes with their credit card companies shouldn’t expect to find it in binding mandatory arbitration (BMA); in cases decided in California by a major arbitration firm over a four-year period, consumers lost 95 percent of the time, a new Public Citizen report shows. The report, “The Arbitration Trap: How Credit Card Companies Ensnare Consumers,” was released at a press conference today with lawmakers who have introduced legislation to protect consumers from arbitration, and a victim of unfair arbitration proceedings.
Military Lending Act to Take Effect October 1
Date:
2007-09-27
Federal law will protect troops and their families from some predatory loans: As U.S. soldiers face continuing demands in the call to protect their country, starting October 1 they gain an extra measure of protection from a lingering financial threat to their own families. The federal Military Lending Act will take effect Monday, and will bar predatory lenders from gouging military families with payday loans that trap borrowers in debt and typically carry 400 percent annual interest rates.
AFFIL Partners Support Overdraft Lending Reform
Date:
2007-09-19
Act today to help end banks' abusive overdraft lending practices: Our nation's major financial institutions are making unsolicited, high-cost loans to their checking account holders when their account balance dips below zero, generating enormous fees for the banks and frequently driving their customers deeper into the negative. Consumers are now paying $17.5 billion per year in fees for these abusive overdraft loans. Visit the Center for Responsible Lending and take action.
AFFIL Partner CFED Releases State-by-state report on predatory lending and other "core policies"
Date:
2007-09-14
Predatory or abusive mortgage lending refers to a range of practices, including deception, fraud or manipulation, that a mortgage broker or lender may use to make a loan with terms that are disadvantageous to the borrower. Predatory lending occurs primarily in the subprime market (which makes higher-interest loans to consumers with poor credit histories). To curb these practices, states can restrict the terms or provisions of high-cost loans, strengthen regulation and licensing of mortgage lenders and brokers, and require lenders and brokers to ensure that the borrower is able to repay the loan before approving a borrower for credit. Click here for more.
AFFIL Signs Statement of Concern about Rising ATM Fees
Date:
2007-09-12
We are deeply concerned by Bank of America’s plan to raise fees for non-customers at many of its ATMs to $3 per transaction—the highest in the country. In its emerging role as the largest banking institution in the United States, Bank of America’s planned ATM fee hike from $2 to $3 has already been reported as an opportunity for other banks to drive their fees even higher (“Rising ATM fees on horizon,” Charlotte Observer, September 2, 2007; “Higher Bank of America Fees To Raise Rivals’ Costs,” American Banker, August 3, 2007) and we fear the ultimate consequence would be an unconscionable squeeze on low- and middle-income bank consumers.
New Study Shows BofA purchase of LaSalle Bank Likely to Cost More Than 10,500 Chicago Jobs
Date:
2007-08-22
$780 Million Expected to Vanish from Area Economy, Neighborhoods: CHICAGO – More than 10,500 Chicago jobs are expected to disappear in just two years if Bank of America follows through with promised cuts of 50% of LaSalle Bank’s costs, shows a new study released today conducted by Anderson Economic Group. The report, entitled “Economic and Fiscal Impact of LaSalle Bank Acquisition,” predicts job losses from an impending merger of locally-based LaSalle Bank with America’s largest bank would drain more than $780 million from Chicago’s economy during the same time period. More than 6,000 jobs alone will likely be lost from companies other than LaSalle due to a spillover effect to other area businesses resulting from the merger.
Demos Report: "Who Pays? The Winners and Losers of Credit Card Deregulation"
Date:
2007-08-01
This groundbreaking new report from Demos reveals how low-income families, African Americans, Latinos and single females bear a disproportionate amount of the cost to subsidize "competitive" credit card offers by paying excessive fees and high interest rates.
Bush Threatens to Veto Senate Student Loan Bill
Date:
2007-07-20
(Congress Daily 7/20 am) The White House is threatening to veto the student loan bill currently on the Senate floor, but says it is willing to work with Congress on objectionable provisions. The Senate bill would cut subsidies to lenders by $18 billion and increase grants to students. A similar bill that passed the House last week also drew a veto threat. "The administration supports reducing excess subsidies in the student loan programs and increasing aid to the neediest students," said a Statement of Administration Policy issued Wednesday.
National Association of Consumer Advocates Launch Anti-Arbitration Campaign
Date:
2007-07-20
The Arbitration Fairness Act of 2007, introduced in the Senate by Sen. Russ Feingold (D-WI) and in the House by Rep. Hank Johnson (D-GA), reflects the FAA's original intent by requiring that agreements to arbitrate employment, consumer, franchise, or civil rights disputes be made after the dispute has arisen. The Act does not prohibit arbitration, but it will prevent a party with greater bargaining power from forcing individuals into arbitration through a contractual provision. It will ensure that citizens have a true choice between arbitration and the traditional civil court system. Send a letter to your representatives through NACA!
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