Black & Blackburn: Loan Shark Defenders

U.S. Representatives Diane Black and Marsha Blackburn today voted for a bill that could override existing state laws that protect consumers from high-interest, short-term loans. Both are seeking statewide office in Tennessee in 2018. More specifically, the U.S. House of Representatives today approved HR 3299 by a vote of 245 to 171. This bill could […]

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A Leash on the Consumer’s Watchdog?

The Trump Administration’s budget is out and it contains a new attack on the Consumer Bureau (CFPB). The plan would shift funding from the Federal Reserve to Congressional Appropriations, effectively allowing industry lobbyists to determine how strong the CFPB is. Our friends at Consumer Federation of America have more: Today, the White House announced a […]

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Survey: Consumer Bureau Gets the Job Done

Results of a recent survey published by our friends at the National Association of Consumer Advocates (NACA) show the Consumer Financial Protection Bureau has been living up to its mission: In its six-year existence, the Consumer Financial Protection Bureau (CFPB) has proved itself integral to curbing predatory lending and other practices that harm American consumers […]

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Sabotage

From a press release: Today, U.S. Senator Jeff Merkley (D-Ore.) and Rev. Willie Gable Jr. of Louisiana joined Yana Miles from the Center for Responsible Lending and José Alcoff from Americans for Financial Reform to highlight how Mick Mulvaney has sought to undermine the Consumer Financial Protection Bureau (CFPB) and the impact Mulvaney’s sabotage is […]

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TNCA Applauds Court Decision Protecting Consumer Bureau

Today, the U.S. Court of Appeals for the D.C. Circuit decided in a 6-3 ruling that the Consumer Financial Protection Bureau’s (CFPB) current structure is constitutional and that the CFPB Director can only be removed by the President for cause.  Andy Spears, executive director of Tennessee Citizen Action, issued the following statement:   “Today’s decision by […]

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Another Bad Move by Mulvaney

As we noted yesterday, acting CFPB Director Mick Mulvaney sided with predators over Tennessee consumers in a long-running investigation of high-cost lender World Acceptance Corporation. Here’s a statement from the Stop the Debt Trap Coalition, of which Tennessee Citizen Action is a member: For the second time in a week, Mick Mulvaney, the acting director […]

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Mulvaney Picks Predators Over People

World Acceptance Corporation, a high-cost installment lender doing business in Tennessee among other states, learned today that the Consumer Financial Protection Bureau (CFPB) is dropping an investigation into the company’s business practices. The announcement comes as Mick Mulvaney, a favorite of the payday lending industry, continues his role as “acting director” of the CFPB. More […]

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Congress Should Oppose Abusive Debt Collection

Our friends at the National Consumer Law Center (NCLC) warn of legislation (HR 4550) that would allow debt collection attorneys to engage in abusive practices. MORE: This week, the House Financial Services Committee will vote on whether to open the floodgates to abusive litigation conduct by debt collection attorneys and debt buyers who work in […]

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Consumer Federation of America on Payday Rule

Tennessee Citizen Action is a proud member of the Consumer Federation of America. Here’s their statement on the Payday Lending Rule: Today, the Consumer Financial Protection Bureau (CFPB) announced plans to initiate a rulemaking that would allow the CFPB to reverse course on the CFPB’s final Payday lending rule. Last October, the CFPB finalized a […]

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Mulvaney Sides with Sharks

Statement from Americans for Financial Reform on today’s announcement from the CFBP concerning payday lending: Today, Mick Mulvaney, who was unlawfully appointed as acting director of the Consumer Financial Protection Bureau (CFPB) in November, announced his plan to reopen the consumer bureau’s rule on payday and car title loans, which are usually 300% annual interest or higher. The […]

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