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: There Are Real Reasons to Bring Back Glass-Steagall (American Banker)
August 30, 2016 – 11:57 am

“The 2008 crisis was catastrophic for the global economy not simply because nonbank financial institutions failed, but because the problems in nonbanks spread throughout the financial system and threatened to bring down giant megabanks that combined commercial and investment banking, such as Citigroup, JPMorgan Chase and Bank of America. Glass-Steagall firewalls between Wall Street trading markets and ordinary commercial banking are directly relevant to stopping this kind of contagion.”

Letter to Regulators: AFR Urges the CFPB to Restrict Forced Arbitration
August 23, 2016 – 9:53 am

“Americans for Financial Reform (“AFR”) appreciates this opportunity to comment on the above referenced proposed rule (the “Rule”) by the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) to restrict the use of forced arbitration clauses in consumer finance contracts. Forced arbitration is a system designed to leave consumers with no practical ability to enforce their most basic rights and protections.”

Joint Letter: AFR and 280 Allies Strongly Support CFPB Action Against Forced Arbitration
August 22, 2016 – 6:16 pm

“The undersigned… organizations strongly support the Consumer Financial Protection Bureau (CFPB)’s proposed rule to limit pre-dispute binding mandatory (or forced) arbitration clauses in consumer finance contracts. The CFPB rule, which will restore consumers’ ability to band together in court to pursue claims, is a significant step forward in the ongoing fight to curb predatory practices in consumer financial products and services and to make these markets fairer and safer. “

AFR in the News: How Predatory Payday Lenders Plot to Fight Government Regulation
August 20, 2016 – 2:15 pm

“VICE has obtained exclusive transcripts of this year’s annual meeting of the Community Financial Services Association of America… at the Atlantis Paradise Island Resort. That’s where lenders were taught exactly what it might take to beat back an existential threat to their business. Trapping people in unaffordable debt is ‘their business model,’ said Gynnie Robnett [of] Americans for Financial Reform… ‘And they seem determined to preserve it, any weasel-y way they can.'”

Letter to Regulators: Over 18,000 AFR Members call on the CFPB to Rein in Forced Arbitration Ripoff Clauses
August 18, 2016 – 5:27 pm

Over 18,000 members of Americans for Financial Reform signed a petition calling on the Consumer Financial Protection Bureau to ensure that consumers aren’t deprived of their day in court.

Letter to Regulators: AFR Comments to SEC on Corporate and Financial Disclosures
August 11, 2016 – 3:56 pm

“This extensive concept release poses many questions concerning technical and detailed issues of disclosure. It is also part of a larger set of efforts relevant to financial disclosures, including the Disclosure Effectiveness Initiative, the Reg S-K study mandated by the JOBS Act, the recent proposed changes to materiality standards by the Financial Accounting Standards Board (FASB), and the lengthy and highly technical proposed rule on Disclosure Update and Simplification released on July 13th.”

AFR Statement: Trump economic plan would block progress on financial reform
August 9, 2016 – 12:50 pm

Speaking in Detroit on August 8, Donald Trump outlined the very broad brushstrokes of an economic plan that included a “temporary moratorium on new agency regulations.” Such a moratorium would block the implementation of crucial Dodd-Frank rules that have yet to be written or put into final effect. It would also slam the brakes on many ongoing efforts to protect American consumers. Proceeding with these much-needed financial regulations is vital not just to the economic security of American families, but also to the economic stability of the country as a whole.

Representative DeFazio Reintroduces A Financial Transaction Tax to Put Main Street FIRST
August 5, 2016 – 1:16 pm
Representative DeFazio Reintroduces A Financial Transaction Tax to Put Main Street FIRST

Tapping into the strong anti-Wall Street sentiment, on July 13th, Representative DeFazio reintroduced his financial transaction tax legislation as the “Putting Main Street FIRST Act: Finish Irresponsible Reckless Speculative Trading Act.” The reintroduction of this …