Americans for Financial Reform is a nonpartisan, nonprofit coalition working to lay the foundation for a strong, stable, and ethical financial system.

News Release: Statement on Federal Reserve Nominees

The nomination of the highly qualified Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to the Fed is a very welcome step forward towards a better-regulated Wall Street. The Fed needs to steer a new course that begins with a reversal of the deregulation of the Trump era. This work must continue with pro-active regulation and supervision of Wall Street.

In The News: Wall Street Braces for More Rules With Trump-Era FDIC Chief Gone (Bloomberg News)

“Having a Fed vice chair for supervision is crucial to a progressive agenda,” said Renita Marcellin, a senior banking policy analyst at Americans for Financial Reform, which has called for a halt on all bank mergers, more rules for cryptocurrency firms and a crackdown on the private equity industry. “There’s a lot more to do than simply repairing the damage caused by Trump regulators.”

sign for the CFPB outside a building

Letters to Regulators: Letter Urging CFPB Oversight of New Products like Buy Now, Pay Later (BNPL) Loans, Income Share Agreements, Cash Advances, “Fintech” Overdraft or Overdraft Avoidance Products, and Earned Wage Access Products or Look-Alike Products

AFREF joined a letter urging CFPB oversight of new products like buy now, pay later (BNPL) loans, income share agreements, cash advances, “fintech” overdraft or overdraft avoidance products, and earned wage access products or look-alike products that are evading consumer protection laws and creating debt traps for consumers. The letter states that the CFPB should supervise providers and ensure that each of these products are complying with applicable consumer protection laws.

sign for the CFPB outside a building

Letters to Regulators: Second Comment Letter in Response to CFPB’s Inquiry into Big Tech Payment Platforms

AFREF, American Economic Liberties Project and Revolving Door Project sent a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter expresses concern about Big Tech exploitation of digital payments technology, and expresses support for their recently opened inquiry into Big Tech’s power in this vital and growing market.