Message to Congress: The CFPB Has Our Back!
April 11, 2016 – 4:21 pm | Comments Off on Message to Congress: The CFPB Has Our Back!

What made the latest congressional hearings on the Consumer Financial Protection Bureau different from other hearings? A delegation of consumer advocates from around the country wearing lime-green t-shirts that said “Stand Up for the CFPB” and “The CFPB Has My Back.” They were there to remind lawmakers that the great majority of Americans, across party lines, don’t just like the idea of such an agency; they also support the major steps it has taken to bring a sense of fair play to the financial marketplace.

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AFR in the News: Wells Fargo Scandal Helps Consumer Advocates in CFPB Rule Fight (Bloomberg BNA)
August 14, 2017 – 5:39 pm

“Consumer groups are invoking Wells Fargo as they seek to persuade a handful of Republican senators to help defeat a potential September vote on a resolution blocking the arbitration rule. ‘We’ve definitely pointed to Wells Fargo as pretty much the poster child for why we need this rule,’ Amanda Werner, campaign manager at consumer groups Americans for Financial Reform and Public Citizen, told Bloomberg BNA.”

AFR in the News: The Great Escape: How Credit Raters Ducked Reform (Bloomberg)
August 2, 2017 – 4:20 pm

“The issuer-pays model remains an incentive for raters to go easy on clients, says Marcus Stanley, policy director at Americans for Financial Reform… ‘As long as ratings agencies are both central to securities markets and face incentives to inflate ratings and mislead investors, they pose a risk to the financial system…'”

AFR in the News: New U.S. rule on class actions survives first challenge (Reuters)
August 2, 2017 – 4:16 pm

“A new U.S. rule aimed at restoring consumers’ ability to band together to sue financial companies has survived its first challenge, as a top banking regulator on Monday said he would not petition for it to be suspended… ‘The rule is a well thought-out response to the serious consumer harm of forced arbitration,’ said Brian Marshall, policy counsel for advocacy group Americans for Financial Reform.”

Letter to Regulator: AFR asks Fed to protect consumers in check forgery disputes
August 1, 2017 – 4:38 pm

“We support the proposed rule but urge the Board to clarify that the presumption be limited to disputes between banks and recommend the Board require banks to maintain original checks for a specified period of time.”

Letter to Regulator: AFR, 8 organizations provide detailed recommendations to FHFA to improve language access in the mortgage industry
August 1, 2017 – 4:10 pm

“The burden of interpreting financial services jargon and communicating with lenders and servicers should not rest solely on borrowers. . . . Expanding access to language services throughout the mortgage process would begin to equalize a system that currently undermines the ability of LEP borrowers to understand the complexities of their future homeownership prospects and to protect their home after purchasing it.”

Letter to Regulator: AFR, 86 organizations call for FHFA to make mortgages more accessible to people with limited English proficiency
August 1, 2017 – 4:01 pm

“As dominant actors in the mortgage industry with a statutory duty to facilitate underserved communities’ access to homeownership, we welcome the FHFA, Freddie Mac, and Fannie Mae’s consideration of steps to expand access to the mortgage market.”

Letter to Congress: AFR opposes nomination of Joseph Otting for Comptroller of the Currency
July 26, 2017 – 6:00 pm

“Mr. Otting previously served as the CEO of OneWest from 2010 to 2015. During that time, the bank had a well-documented record of consumer complaints, a questionable response to regulatory inquiries, and executed tens of thousands of foreclosures. “

AFR Statement: House Vote on CFPB Forced Arbitration Rule a Victory for Big Banks and Predatory Lenders
July 25, 2017 – 5:25 pm

House vote to roll back CFPB rule limiting forced arbitration aids big banks and predatory lenders while stopping ordinary Americans from getting their day in court.