The COVID-19 pandemic requires an aggressive economic response that creates the best possible conditions to preserve public health and helps individuals, families, and communities weather the disruptions that efforts to contain the pandemic require.
The CARES Act stimulus continues a pattern of permissive regulation of large corporations that has enabled them to channel their income to providing capital payouts to wealthy shareholders and top executives, rather than support for workers or investment towards the long-term stability and success of the firms.
Private equity firms have driven much of the rise in surprise billing that threatens the financial stability of vulnerable patients as well as families’ health and peace of mind.
Every federal agency must dedicate all regulatory resources to addressing COVID-19 and the enforcement of rules meant to protect public health, consumers, investors and retirees, and the integrity and stability of the markets. The pursuit of any non-crisis-related rulemaking would be a misallocation of limited resources that distracts needed focus from U.S. public health and welfare, and financial stability.
Joint Statement: Advocates Urge Industry to Provide Relief to Private Student Loan Borrowers During COVID-19
Today the Student Borrower Protection Center (SBPC) and Americans for Financial Reform (AFR) sent letters to one dozen large private student lenders urging the companies to take steps to mitigate borrower harm caused by the economic fallout of the coronavirus. Private student loan borrowers were not provided any relief by Washington’s emergency economic stimulus legislation. In light of this critical omission, and given the widespread financial impact of COVID-19, advocates are urging the largest student lenders to act quickly to protect borrowers.
Corporate and Wall Street titans have used the coronavirus crisis to grab windfalls as a price for putting desperately needed resources into health care and helping people facing acute distress after losing jobs and income. The Trump administration and too many members of Congress actively promoted this terribly unbalanced approach to a public health emergency. The federal government – Congress and the executive branch – must move swiftly beyond what is in this legislation to help struggling people, families and communities in a just and inclusive manner. More needs to be done to respond to this crisis.
Today, under the cover of a national crisis, five federal bank regulators issued small dollar bank lending guidance that lacks the consumer protections needed to ensure loans do not trap borrowers in a cycle of debt.
The recommendations below are focused on direct relief for consumers and individuals with debt burdens, which should be in addition to other efforts to provide broader fiscal relief and to support small businesses.
FOR IMMEDIATE RELEASE March 26, 2020 CONTACT: Alexis Goldstein, email@example.com The CARES Act fails to provide sufficient relief to federal student loan borrowers Statement from Alexis Goldstein, Senior Policy Analyst, Americans for Financial Reform: The 43 million federal student loan borrowers are not getting meaningful
FOR IMMEDIATE RELEASE March 25, 2020 CONTACT: Alexis Goldstein, firstname.lastname@example.org Halt to Student Loan Collections Must Go Back Further, Include All Borrowers Statement from Alexis Goldstein, Senior Policy Analyst, Americans for Financial Reform: Education Secretary DeVos’s announcement that some forced collections will be halted is
Letter to HUD asking for needed protections for reverse mortgage borrowers facing challenges due to COVID-19