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.
Credit reports and credit scores play a critical role in the economic lives of Americans. They are the gatekeeper for affordable credit, insurance, rental housing, and sometimes unfortunately even a job. Yet they suffer from unacceptable rates of inaccuracy. This package would enact a sea change that would make the American credit reporting system more accurate and fairer to consumers.
AFR joined 7 other groups to express support for HR 3755, the Stop Bad Robocalls Act, which provides for enhanced protections against robocalls by: instructing the FCC to issue meaningful and protective regulations interpreting the TCPA to enforce the requirements for consent for unwanted robocalls, mandating
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.
As part of the Fair Arbitration Now (FAN) coalition, AFR sent a letter in support of Rep. Green’s amendment to the Consumers First Act, which would restore the Consumer Financial Protection Bureau’s arbitration rule that was repeated by a Congressional Review Act resolution in 2017.
Americans for Financial Reform joined 56 other organizations to express strong support for the PROTECT Students Act. This legislation would enact important protections for students and taxpayers
against predatory colleges that cheat students and leave them with large debts they cannot afford.
It also includes a far-reaching set of reforms to hold predatory colleges accountable
to both students and taxpayers.