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Letters and Statements

AFR Statement: Consumer Groups Criticize SEC Investor-Protection Proposal During Agency Roundtable in Baltimore
September 20, 2018 – 6:15 pm

The SEC’s proposed “Regulation Best Interest” is anything but, a plan for creating a veneer of investor protection that would fail to chase bad practices out of the industry that cost savers $40 billion per year. Many savers fall victim to brokers who steer them into investments that pay lucrative fees but don’t generate the best possible return for investors.

AFR Statement: Frotman Resignation from CFPB Highlights Mulvaney Betrayal of Students
August 27, 2018 – 2:19 pm

With regard to student lending, just as in other areas, instead of holding harmful actors accountable, Mulvaney is suppressing exposure of wrongdoing, and undercutting enforcement of the law. AFR thanks Mr. Frotman, and his colleagues, for their good work, and deplores these changes.

AFR Statement: Full Senate Should Reject Kraninger Nomination to Head CFPB
August 23, 2018 – 11:02 am

Kraninger’s job as CFPB director would be to defend consumers against abuse at the hands of Wall Street banks and predatory lenders, but she has shown no sign of being willing to take on this vital role. The full Senate should reject her nomination.

AFR/CRL Polling Memo: Majority of American Voters in Both Parties See “Crisis” In Student Debt Load
August 9, 2018 – 6:01 am

A new polling memo from Americans for Financial Reform and the Center for Responsible Lending documents the widespread agreement among American voters that the student debt burden, now at $1.5 trillion, is a crisis.

AFR/CFA Memo: SEC Broker Standards Proposal Falls Far Short
August 7, 2018 – 11:26 am

Brokers too often steer investors into poorly performing, high-cost investments that are profitable for the broker, but bad for individual investors. The Securities and Exchange Commission has proposed a new regulation that purports to address the problem, but its remedy is too vague and too weak. By creating a veneer of protection, but not the reality, it would deliver a false sense of security that could leave investors worse off than they are now.

AFR Statement: Department of Education’s Proposed New Borrower Defense Rule Sacrifices Students to For-Profit Industry Greed
July 25, 2018 – 12:36 pm

“The proposed Borrower Defense rule sacrifices students’ rights in order to line the pockets of executives at for-profit colleges, an industry that has shown time and again that it will use taxpayer dollars to deceive and defraud its own students.” said Alexis Goldstein, AFR’s Senior Policy Analyst. “With this rule and its extreme and absurd barriers to relief, Devos effectively tells students that if a school scams them, they’re on their own.”

AFR Statement: Eight Years of Dodd-Frank, Ten Years After 2008 Financial Crisis
July 23, 2018 – 1:10 pm

Nearly a decade after the crisis broke, we need the public interest, not Wall Street’s narrow pursuit of maximum benefits for a tiny few to guide financial policy. But Wall Street’s money is an enormously powerful force pushing the other way.

AFR Statement: Kavanaugh and Anniversary of Wall Street Reform
July 20, 2018 – 11:18 am

Brett Kavanaugh’s ruling, later overturned by the full DC circuit, that an independant CFPB is unconstitutional, is but one powerful indicator of the danger he would pose as a Supreme Court justice. Stripping financial regulators like CFPB of their independence means weaker consumer protections.