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Letters and Statements

Letter to Regulators: New Jersey Investor Protection Rule Would Fill Regulatory Void
June 14, 2019 – 3:03 pm

Given the unfortunate demise of the Department of Labor (DOL) Fiduciary Rule and the glaring deficiencies in the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest, we greatly appreciate states such as New Jersey that are willing to step in to fill the regulatory void by providing the protections investors need and expect.

News Release: Consumer and Civil Rights Groups Send Letters to FDIC, OCC, and Fed Urging them to Prevent Bank Payday Loans
June 11, 2019 – 1:43 pm

Today, Americans for Financial Reform joined a coalition of national consumer and civil rights groups in writing to top banking regulators on the importance of preventing banks from once again issuing payday loans that trap people in a cycle of debt.

Letter to Regulators: Letters to FDIC, OCC, and Fed Urging them to Prevent Bank Payday Loans
June 7, 2019 – 1:28 pm

Even within our broad coalition, it is exceedingly rare for so many organizations to come together and to speak with one voice. The tremendous outpouring of opposition to high-cost, short-term loans that put people in a cycle of debt, whether issued by banks or nonbanks, illustrates the importance of this issue to people across the country.

Letter to Congress: Comment on HFSC Leveraged Lending Hearing
June 4, 2019 – 1:13 pm

Today’s hearing addresses the financial stability and economic risks of the growth of leveraged lending to non-financial businesses. The rapid growth and poor underwriting of high-risk corporate debt is clearly a significant current threat to financial and economic stability.

News Release: Civil And Consumer Rights Advocates Applaud House Passage Of Consumers First Act
May 22, 2019 – 5:26 pm

“An effective consumer financial protection agency saves families billions of dollars a year, and makes their economic lives more secure. It fights lending discrimination, and shuts down tricks and traps” said Lisa Donner, executive director of Americans for Financial Reform. “Unfortunately, the evidence keeps piling up that the current leadership at the agency is focused on rolling back protections and enabling bad financial actors to rip people off. It is so important that members of Congress continue pressing the CFPB to live up to its consumer protection mandate and fulfill its basic responsibilities, as the House has in passing the Consumers First Act today.”

Letter to Regulators: Stop The Debt Trap Short Letter on CFPB’s Proposal to Repeal Payday Rule
May 15, 2019 – 6:06 pm

We, the undersigned 429 civil rights, consumer, labor, faith, veterans, senior, business, and community organizations from 46 states plus the District of Columbia write to vehemently oppose the proposed rescission of the common sense ability-to-repay requirements of the Consumer Financial Protection Bureau (the Bureau)’s 2017 payday and vehicle title loan rule (“Ability-to-Repay Rule” or “Rule”).

Letter To Regulators: SEC Package on Investor Protection Does Not Live Up to Name
April 26, 2019 – 12:54 pm

Unfortunately, while we believe it would be possible to adopt standards that meet investors’ reasonable expectations under the Commission’s chosen regulatory approach, the regulatory package as currently drafted does not achieve that goal.

Letter to CA State Assembly: AFR Supports the Student Borrower Bill of Rights (AB 376)
April 15, 2019 – 11:39 am

Americans for Financial Reform wrote to the California State Assembly in support of AB 376, the Student Borrower Bill of Rights. AB 376 would make California the first state in the nation to create a comprehensive set of rights for people holding student debt, by requiring student loan companies to treat borrowers fairly and giving borrowers the right to hold these companies accountable when they fail to meet basic servicing standards.