admin, Author at Americans for Financial Reform

AFR in the News: Before its massive data breach, Equifax fought to kill a rule allowing victims to sue (LA Times)

“The regulation, issued by the Consumer Financial Protection Bureau on July 10 and scheduled to go into effect in mid-January, came under attack by Republicans in Congress ‘before the ink was even dry,’ says Amanda Werner of Americans for Financial Reform, which is fighting to retain the rule… Consumer privacy advocates hope that the Equifax debacle will remind senators of the importance of the rule. ‘We need to look at how consumers are going to be able to hold these firms accountable,’ Werner says.”

AFR Statement: Banks Require Forced Arbitration But Won’t Defend It Publicly

Bankers response to Sen. Elizabeth Warren about use of forced arbitration and cite tired, old arguments. But they won’t say publicly they want the CFPB’s rule reversed.

AFR in the News: Equifax breach may kill repeal of CFPB mandatory arbitration rule (American Banker)

“At least one Republican has already defected—and Crapo can only afford to lose one more… Amanda Werner, campaign manager at the consumer group Americans for Financial Reform and the liberal watchdog group Public Citizen, said ‘it is pretty appalling that Equifax would exploit consumers need for identify theft protection in the wake of this crisis they created in order to avoid accountability.’”

AFR Statement: Equifax Data Breach Underscores Need to Curb Forced Arbitration

Congress should preserve CFPB’s rule curbing forced arbitration and abandon attempts to lighten regulation of credit bureaus in the wake of massive data breach at Equifax.

AFR Statement: Oppose Bills on Credit Scoring, Debt Collection, Fed Supervision

AFR opposes bills being considered by the House Financial Services Committee that are giveaways to credit bureaus, debt collectors and large banks.

AFR Statement: Oppose Quarles and Otting Nominations as Bank Regulators

The Senate should reject the Trump nominees for vice-chair of the Federal Reserve Board, Randal Quarles, and the Comptroller of the Currency, Joseph Otting.

Letter To Congress: Oppose HR 3312 — A Gift To Some Of The Largest Banks In The Country

“On behalf of Americans for Financial Reform, we are writing to express our opposition to H.R. 3312, the “Systemic Risk Designation Improvement Act of 2017.” This legislation is a gift to some of the largest banks in the country. The cumbersome regulatory process laid out

AFR Statement: DeVos Decision to stop working with the CFPB is a betrayal of students and a boon to bad actors

The Department of Education’s decision to end information sharing with the Consumer Financial Protection Bureau (CFPB) is a betrayal of students and a boon to loan servicers with a history of preying on those students.

AFR in the News: Quick Cordray Action Could Open Payday Rule to Challenge, says Hensarling (Morning Consult)

“The payday rule is seen as one of the last major Cordray-era regulatory proposals that haven’t been finalized, and consumer advocacy groups and liberal Democrats who support the CFPB have also been supportive of the rule proposal as a key measure to prevent consumers from getting mired in debt. Jose Alcoff, campaign organizer at Americans for Financial Reform, defended the bureau’s approach to the payday loans issue. ‘It’s been 29 months since the proposal was first outlined, and 15 since it was formally put to the public… We do need a rule soon to curb these abuses.’”

AFR in the News: Wells Fargo’s Testimony Left Some Feeling Shortchanged (NY Times)

“This lapse calls for new congressional hearings on Wells Fargo, according to 33 consumer groups. Led by Americans for Financial Reform and Public Citizen, two left-leaning consumer organizations, the groups sent a letter late Thursday to leadership of the Senate Banking Committee and the House Financial Services Committee urging them to bring Wells Fargo executives back to Capitol Hill to answer questions about the bank’s stream of abuses.”