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Articles tagged with: CFPB

AFR Statement: No Budget Riders Weakening Wall Street Reform or CFPB
November 20, 2017 – 8:18 pm

Congress should abandon budget rider proposal that would eliminate independent funding for the CFPB and other poison pills.

AFR in the News: Wall Street Wants to Kill the Agency Protecting Americans From Financial Scam (Intercept)
November 20, 2017 – 10:50 am

“[Director Cordray’s] departure will be ‘a huge loss,’ said Lisa Donner, executive director of Americans for Financial Reform. If Trump appoints a new director who is indifferent, or even hostile, to consumer issues, she said, ‘It will be incredibly costly to the American public.’”

AFR in the News: Scary thought: Trump now gets to pick the country’s top consumer watchdog (LA Times)
November 16, 2017 – 10:00 am

“Trump and Republican lawmakers have long characterized Cordray as an enemy of the people — a bureaucrat run amok, imposing his autocratic will on gentle, kindhearted businesses that only want to compete freely and fairly for people’s patronage… ‘And people who don’t understand what the bureau does might believe that,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘But if you describe the bureau’s work to people… they overwhelmingly support it.'”

AFR Statement: On the Resignation of Richard Cordray from the CFPB
November 15, 2017 – 3:20 pm
AFR Statement: On the Resignation of Richard Cordray from the CFPB

“Following a Wall Street-induced financial crisis that cost millions of people their homes and jobs, the CFPB began its work as the first federal body with the mission and capacity to stand up for everyday Americans in their dealings with the financial services companies who have such an impact on our lives each and every day. Obtaining $12 billion in relief for over 29 million Americans is a great accompishment.”

Joint Statement: President Trump Signs Bill that Strips Choice to Seek Justice in Court
November 1, 2017 – 4:48 pm

“’President Trump had a clear choice to make today between Wall Street and the rest of us,’ said Amanda Werner of Americans for Financial Reform and Public Citizen. ‘He chose Wall Street. But the rest of us will keep fighting to restore our rights so we can fight back the next time a company like Wells Fargo or Equifax tries to rip us off and get away with it.’”

AFR in the News: Lawmakers Just Made It Nearly Impossible to Sue Companies Like Equifax and Wells Fargo (Money Magazine)
October 26, 2017 – 3:09 pm

“‘This vote marks a truly shameful moment in Congress,’ [AFR’s] Amanda Werner, who plays the Monopoly Man, said in a statement. ‘Just weeks after holding hearings on scandals of historic proportion, the Senate granted Equifax and Wells Fargo a Get Out of Jail Free card. Rather than pass meaningful legislation to help the 145 million Americans harmed by the data breach, a slim Republican majority chose to take away our only chance at holding financial giants accountable.’”

AFR in the News: Despite feud, Flake and Corker join Trump to upend a major consumer protection (Intercept)
October 25, 2017 – 2:58 pm

“The {Wells Fargo and Equifax) scandals put a human face on the practice of companies forcing customer disputes through a secret, non-judicial process… Americans for Financial Reform addressed this directly in a video featuring a woman with disabilities and a veteran, who were ripped off by Wells Fargo and then prevented from a day in court because of an arbitration clause. To pursue such cases, which typically involve small amounts of money, through arbitration, victims need to spend heavily on legal representation and hearings. As federal Judge Richard Posner of the 7th Circuit Court of Appeals once wrote in a ruling, ‘The realistic alternative to a class action is not 17 million individual suits, but zero individual suits, as only a lunatic or a fanatic sues for $30.’”