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Endorse Fairness in Lending

Abusive lending practices are hurting Americans. The lending industry continues to encourage and profit from our debt, and our government is not doing enough to stop the abuses and regulate the industry. We need to raise our voices together and make our outrage heard.

Here's your chance to make your commitment to fair lending official, by endorsing AFFIL's Principles of Fairness in Lending: Responsibility, Justice, Equality, Information, Accountability and Law/Enforcement. These Principles were co-authored by our Partners and other leading consumer advocacy groups, and describe the safeguards we need to be safe from the tricks and traps of the lending trade.

The Pledge I agree with and endorse the Six Principles of Fairness set forth by Americans for Fairness in Lending. These Principles are the foundation of a safe consumer financial services market. They are central to protecting Americans from abusive and dangerous consumer financial products and services. AFFIL's Principles of Fairness in Lending: RESPONSIBILITY: Lenders must gauge ability to repay and offer borrowers the most affordable and well-suited products for which they qualify. Lenders should demonstrate commitment to the building of personal assets. JUSTICE: All participants in the making, collecting, holding and buying of debt have a duty to deal fairly with the borrower. It is unjust to prey upon anyone, particularly on those who are vulnerable due to age, health, language, education or other socioeconomic circumstances. It is unjust to charge exorbitant interest rates and fees, to change terms once agreed, and to deny anyone their day in court. EQUALITY: We all must have equal access to appropriate and fair products and services regardless of race, gender, language, national origin, physical/mental well-being, education, lifestyle or socioeconomic status. All discriminatory lending practices must be abolished.
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INFORMATION: We require full disclosure of all costs, fees, loan terms, penalties and collection practices in language that is clearly understood by the borrower. Although information is a necessary component to a fair marketplace, it is not a substitute for fair terms, fair treatment and effective regulation. ACCOUNTABILITY: Lenders must track and report their lending activity. Only with comprehensive reporting can we ensure that the marketplace is free from illegal and unethical practices and that consumers are safe to shop for credit products without risk of being overcharged or directed to inappropriate loans. LAW & ENFORCEMENT: Our government must establish essential consumer safeguards in the lending marketplace with laws that hold all members of the lending industry liable for activities throughout the life of the loan and its collection. There must be mechanisms for reporting abusers, and compensation for victims of lending abuse.

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