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Letters to Congress

Letter to Congress: Enhanced Financial Protections for Small Businesses
April 14, 2017 – 5:29 pm

“Small businesses are a primary driver of job growth and wealth creation in the United States, providing more than half the country’s jobs and two-thirds of net new jobs. …There is a strong and growing consensus that small businesses should have stronger federal protections in the financial marketplace. …The best agency to oversee protections for small businesses is the CFPB. The CFPB is the primary enforcer of the core statutes that protect borrowers and other users of financial services against misconduct.”

Letter to Congress: Thirty-One Organizations Call On Senate Not To Use “Economic Growth” As An Excuse for Deregulation
April 14, 2017 – 4:19 pm

“We, the thirty-one undersigned organizations, are writing this letter in response to the Senate Banking Committee’s request for proposals to foster and improve economic growth. Our purpose in submitting this letter is to urge the …

Letter to Congress: AFR and 22 Organizations Oppose Jay Clayton for SEC Chair
April 5, 2017 – 10:48 am

AFR joins 22 organizations in letter urging members of the Senate Banking Committee to oppose the nomination of Walter Joseph ‘Jay’ Clayton to serve as Chair of the Securities and Exchange Commission.

Joint Letter to Congress: 50+ Organizations Urge Congress to Keep Rules That Protect Students and Taxpayers from Waste and Fraud in Higher Education
March 22, 2017 – 2:11 pm

“We believe protections for student and taxpayers should be strengthened, not scaled back. …Veterans, low-income students and students of color have been disproportionately harmed by predatory colleges. Last month, 16 organizations representing millions of military servicemembers, veterans, survivors, and military families voiced their strong support for these protections and urged Congress to fully uphold them.”

Written Testimony: The CFPB’s Structure is Constitutional and Effective
March 21, 2017 – 10:00 am

“The first five-and-a-half years of the CFPB’s history has vindicated the decisions that Congress made in 2010 to create a strong independent agency to protect consumers from fraud and abuse in the financial marketplace. …It’s action have begun to reform the industry by making banks andother financial services companies more attentive to consumers’ rights…”

Letter to Congress: AFR Criticizes Securities Bill Package As Tilted to Wall Street
March 9, 2017 – 1:52 pm

AFR sent letters to the Senate Banking Committee and the House Financial Services Committee regarding a package of securities bills up for a vote. AFR supports H.R. 1366/S. 484, “The U.S. Territories Investor Protection Act”, …

Letter to the Senate: 88 Organizations Oppose Steven Mnuchin for Secretary of the Treasury
February 13, 2017 – 12:37 pm

We, the undersigned organizations, representing millions of Americans, are writing to urge you to oppose the nomination of Steven Mnuchin as Secretary of the Treasury.

Letter to Congress: Oppose HR 78 The SEC Regulatory Accountability Act
January 18, 2017 – 6:26 pm

“This legislation is transparently an effort to paralyze the SEC and to empower Wall Street lawyers to overturn its decisions, not to improve its analysis or decision making. …The most prominent new requirement would mandate that the SEC identify every “available alternative” to a proposed regulation or agency action and quantitatively measure the costs and benefits of each such alternative prior to taking action. …In addition to the enormous task of identifying and analyzing every available alternative to a course of action, the agency would be required to perform half a dozen new analyses in addition to its current requirements concerning market efficiency, competition, and capital formation. These new requirements include analyses of effects on small business, market liquidity, state and local government, investor choice, and “market participants”. Notably, no new requirements concerning the protection of investors or preventing another financial crash are included. …We urge you to reject it.”