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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Letter to Regulators: AFR, 21 organizations call on FHFA to include language preference on mortgage applications
June 24, 2016 – 12:43 pm

“We are writing in response to the letter you received recently from a number of industry trade groups opposing the inclusion of preferred language data fields in the redesigned Uniform Residential Loan Application (URLA)… The URLA redesign presents a unique and unprecedented opportunity to take an important first step towards addressing equitable access to the mortgage market for LEP consumers and we strongly urge you to include preferred language data fields.”

Letter to Congress: AFR Opposes HR 5485, the FSGG Act of 2017 Due to Financial Policy Riders
June 22, 2016 – 11:11 am

“On behalf of Americans for Financial Reform (AFR), we are writing to ask for your opposition to ideological policy riders in the current draft of – and proposed amendments to – the Financial Services and General Government Appropriations Act of 2017 (H.R. 5485) and for your support for amendments to remove such riders.”

AFR in the News: Hillary Clinton’s plan to take on a Wall Street perk (Washington Post)
June 21, 2016 – 12:55 pm

“[W]ith populist anger aimed at Wall Street during this presidential election season rising, the ‘carried interest loophole,’ which allows the managers of private-equity firms to pay a lower tax rate, is back in the spotlight. ‘This year is just different. There has been a populist surge politically in both parties,’ said Marcus Stanley, policy director for Americans for Financial Reform. ‘Having the wealthiest people in the financial system paying a lower rate than everyone else is even harder to swallow. People realize that it doesn’t have to be like this.'”

Letter to Congress: AFR, 51 organizations Oppose Riders to Weaken Student Protections
June 21, 2016 – 12:27 pm

“AFR joined 51 other organizations to oppose any appropriations provision that would delay or block implementation of the Education Department’s gainful employment regulation or otherwise weaken or stall student protections from unscrupulous actors in the 2017 Commerce, Justice, Science Appropriations bill”

Letter to Congress: AFR, 48 Organizations Support DoL Retirement Rule, Oppose Veto Override to Dismantle Implementation
June 21, 2016 – 11:14 am

“As organizations that support the Department of Labor’s (DoL) rule to update and strengthen protections for retirement savers, we are writing to thank you for standing up for your hardworking constituents saving for retirement and opposing HJ Res 88, the Resolution of Disapproval that would block the rule’s implementation, when it was considered on the House floor in April. The House of Representatives is expected to vote tomorrow on whether to override President Obama’s veto of the Resolution and we ask you to again stand with your constituents and oppose the veto override. This rule is a tremendous accomplishment in the fight to improve our nation’s retirement income security and should be supported.”

AFR Statement: House committee votes to undermine Investor safeguards
June 16, 2016 – 10:58 am

“If these measures became law, long and painful experience suggests they would cause capital to move from sound and regulated investments into dangerous and unregulated investments. The net effect would be to weaken regulatory oversight, reduce transparency, and generally undermine the regulatory framework that helped make America’s financial markets the deepest, most vibrant markets in the world.”

Letter to Regulator: AFR Comments to Basel Committee On Bank Transparency
June 15, 2016 – 1:12 pm

“Given the complexity of the regulations now applying to global banks, a comprehensive new set of disclosures is absolutely necessary in order to help both investors and civil society organizations such as ourselves understand bank activities. A clear and consistent set of public disclosures should also be helpful for financial regulators, who under the U.S. system do not always have access to bank supervisory data that may be relevant to the markets they oversee.”

AFR Statement: Financial deregulation is House majority’s answer to all problems
June 14, 2016 – 3:24 pm

“Speaker Ryan’s plan to ‘Grow the Economy’ would roll back consumer protections affecting everything from subprime mortgages to payday loans, empower Wall Street lawyers to overturn financial regulatory rules in dozens of new ways, and eliminate post-crisis regulatory powers to control risks at the giant ‘too big to fail’ institutions that dominate Wall Street.”