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Statements and Press Releases

StoptheDebtTrap Statement: 49 Senators Tell the CFPB to Protect Service Members
August 20, 2018 – 4:14 pm

“’We commend Senator Reed and his fellow senators for their leadership in protecting service members from abusive predatory lenders. Financial distress continues to be a leading factor that contributes to a lack of combat readiness and family stability for our men and women in uniform,’ said José Alcoff, payday campaign manager at Americans for Financial Reform. ‘Families and service members rely on the Consumer Bureau to ensure lenders comply with the law, and are caught if they target service members with debt trap loans.’”

AFR Statement: Senate Banking Committee Takes Up Dangerous Securities Bills
June 26, 2018 – 11:32 am

“The Senate Committee on Banking, Housing, and Urban Affairs meets today to conduct hearings on a set of bills ostensibly designed to increase access to capital. Several of these bills are part of a dangerous agenda to rollback securities markets regulations. The deregulation of private capital markets contemplated in these bills would disproportionately affect small, retail investors vis-à-vis large investors and would undermine the effective regulations and investor protections that are fundamental principles of stable and enlarging U.S. public capital markets. “

Take On Wall Street Poll: Key Findings from Battleground Congressional District Survey on Curbing Wall Street’s Influence
May 29, 2018 – 6:00 am

A new nationwide survey of likely 2018 voters in key battleground congressional districts reveals overwhelming, broad-based, and intense support for curbing big banks’ influence in Washington, and holding financial companies accountable for discrimination.

TOWS/AFR Statement: New Poll Reveals Strong Public Support to Stop Lending Discrimination
May 11, 2018 – 2:39 pm

A new poll reveals overwhelming public support for government action to stop lenders from discriminating against borrowers of color. Lawmakers who voted to roll back the Consumer Financial Protection Bureau’s effort to guard against discrimination in auto lending were steering against the will of their own voters.

AFR Statement: Weak SEC Proposal on Broker Standards
April 19, 2018 – 11:11 am

Statement from Marcus Stanley, policy director, Americans for Financial Reform: “The proposal we heard described today does not come close to measuring up. The standard of conduct the agency has articulated appears ambiguous at best. It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.”

AFR Backgrounder: Randy Quarles Testimony and Big Bank Regulation
April 18, 2018 – 6:39 pm

AFR released the document below to provide context on the Congressional testimony of Federal Reserve vice-chair for supervision Randy Quarles, and highlight several areas which we believe Congress should question him about.
AFR Backgrounder on Quarles …

Statement: Consumer Groups Launch Website Tracking Mick Mulvaney’s Anti-Consumer Actions
April 11, 2018 – 3:41 pm

April 11, 2018
Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700
Consumer Groups Launch Website Tracking Mick Mulvaney’s Anti-Consumer Actions
 WASHINGTON, D.C. – Today, as Mick Mulvaney, the unlawfully appointed Acting Director of the Consumer Financial Protection Bureau (CFPB), …

Stop the Debt Trap Statement: By Going to Court, Predatory Lenders Aim to Keep Distressed Borrowers in Debt
April 10, 2018 – 10:37 am

“Payday lenders have spent millions lobbying for rules that would let them exploit consumers, so it’s no surprise they are launching a lawsuit against the CFPB rule, which is about the most sensible consumer protection imaginable. It would require lenders to assess a borrower’s ability to repay a loan so they don’t fall into a cycle of debt, nothing more,” said Lisa Donner, Executive Director, Americans for Financial Reform.