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Joint Letter: 62 Orgs Urge ED to Reject Changes that Weaken Accountability
September 13, 2018 – 4:47 pm | Comments Off on Joint Letter: 62 Orgs Urge ED to Reject Changes that Weaken Accountability

Americans for Financial Reform Education Fund joined with 61 other organizations to tell the Department of Education that we are closely monitoring their ongoing efforts to recklessly deregulate higher education.
As 62 organizations and advocates for …

Joint Letter: 68 Orgs Call on Dept of ED to Preserve Gainful Employment Rule
September 13, 2018 – 4:39 pm | Comments Off on Joint Letter: 68 Orgs Call on Dept of ED to Preserve Gainful Employment Rule

Americans for Financial Reform Education Fund joined with 67 other organizations working on behalf of students, consumers, vets, servicemembers, civil rights, & college access to urder Education Secretary Betsy Devos not to eliminate the gainful employment …

Letter to the Regulators: AFR Submits Comment on Borrower Defense NPRM
August 24, 2018 – 6:21 pm | Comments Off on Letter to the Regulators: AFR Submits Comment on Borrower Defense NPRM

“The Proposed Rule is a brazen attempt to dismantle more than 20 years of borrowers’ rights to a defense to repayment on their loans when schools break the law. This dismantling will do nothing more than unleash a new wave of waste, fraud and abuse. This country teaches people that education is a path to a better life. For far too many years, allowing Title IV funds to flow to institutions engaging in fraud has turned this dream into a nightmare for their students. If the Department continues down this path of dismantling the right to a borrower defense, its legacy will be condemning students to lives full of poverty, while allowing executives of predatory proprietary institutions to become wealthy at their expense.”

They took a broker’s self-serving advice. It cost them about $30,000 in retirement savings.
August 22, 2018 – 11:37 am | Comments Off on They took a broker’s self-serving advice. It cost them about $30,000 in retirement savings.
They took a broker’s self-serving advice.  It cost them about $30,000 in retirement savings.
Joint Letter: Dozens of Civil Rights & Consumer Advocates Urge “NO” Vote on Kraninger for CFPB Director
August 22, 2018 – 10:37 am | Comments Off on Joint Letter: Dozens of Civil Rights & Consumer Advocates Urge “NO” Vote on Kraninger for CFPB Director

“In fulfilling its vital mission to protect consumers from deceptive and unfair financial practices, the Bureau needs a Director who is a champion of consumer protection and an advocate for the rights of ordinary Americans against the predations of big banks and unscrupulous market actors. Ms. Kraninger has shown no track record and given no indication in her confirmation hearing or public statements that she would defend the interests of consumers. For that reason we cannot support her nomination.”

AFR in the News: Trump Asks SEC to Study Quarterly Earnings Requirements for Public Firms (NY Times)
August 20, 2018 – 4:20 pm | Comments Off on AFR in the News: Trump Asks SEC to Study Quarterly Earnings Requirements for Public Firms (NY Times)

“’Quarterly disclosures are very important. A lot can happen in six months, and it’s just not appropriate to reduce disclosures,’ said Marcus Stanley, the policy director for Americans for Financial Reform, a coalition of foundations, unions and public interest groups that pushes for stronger financial regulation. ‘It’s just going to advantage insiders further.’”

StoptheDebtTrap Statement: 49 Senators Tell the CFPB to Protect Service Members
August 20, 2018 – 4:14 pm | Comments Off on StoptheDebtTrap Statement: 49 Senators Tell the CFPB to Protect Service Members

“’We commend Senator Reed and his fellow senators for their leadership in protecting service members from abusive predatory lenders. Financial distress continues to be a leading factor that contributes to a lack of combat readiness and family stability for our men and women in uniform,’ said José Alcoff, payday campaign manager at Americans for Financial Reform. ‘Families and service members rely on the Consumer Bureau to ensure lenders comply with the law, and are caught if they target service members with debt trap loans.’”

AFR in the News: The Gang of Three draw the wrong conclusions from the 2008 bailout—and may set us up for a repeat (The American Prospect)
August 10, 2018 – 12:03 pm | Comments Off on AFR in the News: The Gang of Three draw the wrong conclusions from the 2008 bailout—and may set us up for a repeat (The American Prospect)

Geithner, Bernanke, and Paulson were the most powerful regulators of the financial system during the disastrous crisis of a decade ago. Yet they devote only a few words to their own failures to predict or prevent the last crisis and the lessons that might hold for today. Just a brief paragraph is devoted to the state of post-crisis regulations.