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Letters to Regulators

Letter to Regulators: AFR urges the Dept of ED not to create barriers to emergency relief
April 4, 2018 – 7:26 pm

Americans for Financial Reform wrote to the Department of Education to voice concerns with two applications they have proposed for higher education institutions seeking access to emergency relief funds. In addition to creating barriers to accessing the funds, the forms are not available in Spanish, which will preclude potential applicants in Puerto Rico from accessing needed funds.

Letters to Regulators: AFR submitted a comment on new Federal Reserve rating system for large institutions
February 16, 2018 – 10:10 am

AFR sent a comment letter to the Federal Reserve Board on the proposed new rating system for supervision of large financial institutions.

Letter to Regulators: AFR Calls on Federal Reserve to Strengthen Bank Stress Tests
February 2, 2018 – 1:00 pm

AFR sent the below letter to the Federal Reserve commenting on a package of proposals for stress test transparency
AFR Comment on Stress Test Proposal Package

Letter to Regulators: AFR Urges Federal Reserve to Maintain and Expand Accountability for Bank Boards of Directors
October 11, 2017 – 12:28 pm

AFR sent a comment letter to the Federal Reserve Board urging them to modify proposed rules that would reduce accountability for bank Boards of Directors, and also to examine further changes that would expand such …

Letter to Regulator: AFR Opposes FDIC Insurance for Square Inc.
October 10, 2017 – 1:05 pm

“ILC charters exploit a loophole in federal banking laws to gain access to the federal deposit-insurance safety net while avoiding critical federal supervision and regulation. ILCs therefore pose unique risks to the financial system… If these applications are granted, [it] will send a clear signal to the marketplace that the FDIC intends once again to approve ILC deposit insurance applications, potentially unleashing a dangerous avalanche of new applications.”

Open Letter to Banks (and OCC): Don’t Make Debt Trap Payday Loans
October 7, 2017 – 10:01 am

“In 2013, the FDIC and OCC issued guidance aimed at curbing the harms of these debt trap loans. At the same time, the Federal Reserve issued a supervisory statement to the same end… But today, banks are attacking the FDIC and OCC protections that have prevented banks from trapping people in unaffordable payday loans.”
We write to ask for the bank’s pledge that it will not begin making payday loans, and that it will oppose the
rollback of the regulatory guidance, which would make it easier for other banks to do so.

Joint Letters: Key Consumer, Labor, and Financial Reform Groups Push Regulators to Revoke Wells Fargo’s Charter and Deposit Insurance
October 4, 2017 – 4:01 pm

“Courts and multiple agencies have found – and Wells Fargo has admitted – that the bank has repeatedly ‘violat[ed] laws or regulations.’ In addition, Wells Fargo’s prudential regulator, the Office of the Comptroller of the Currency (OCC), has found the bank’s violations constitute ‘unsafe or unsound practices.’ By statute, either of these criteria is sufficient grounds for termination of a bank’s deposit insurance.”