Category Archives: Letters and Statements

No Thumbnail

Letters to Congress: Statement to House Financial Services Committee on Facebook Libra Proposal

The AFR Education Fund sent a statement for the record to the House Financial Services Committee concerning Facebook’s proposal for the Libra digital token and payment system. The statement describes ways in which Facebook is attempting to create an unregulated financial product of potentially global scale and the dangers this would pose to the users of the token and the broader financial system.

No Thumbnail

News Release: Groups Sign Stock Buyback Petition

“The money that is being siphoned off from earnings to increase executive bonuses doesn’t just make wealthy insiders wealthier,” said Heather Slavkin Corzo, senior fellow at Americans for Financial Reform. “It is money that could have been used to invest in making the business more competitive and pay workers living wages.”

No Thumbnail

News Release: Groups Petition SEC to Abandon Rules Sanctioning Share Buybacks

The groups urged the agency to abandon old rules that govern stock buybacks in light of their rampant abuse by corporate America since their enactment in 1982. Last year, the massive tax cut passed by Congress and signed into law by President Trump gave companies war chests of unprecedented size to boost share prices through stock buybacks.

No Thumbnail

Letter to Regulators: New Jersey Investor Protection Rule Would Fill Regulatory Void

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.

No Thumbnail

Letter to Congress: Comment on HFSC Leveraged Lending Hearing

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.

No Thumbnail

News Release: Civil And Consumer Rights Advocates Applaud House Passage Of Consumers First Act

“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.”

No Thumbnail

Letter to Regulators: Stop The Debt Trap Short Letter on CFPB’s Proposal to Repeal Payday Rule

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”).