team, Author at Americans for Financial Reform

News Release: Financial Services and Consumer Groups Support Senate Bill to Close Industrial Loan Company Loophole

Today, a broad coalition of financial services and consumer organizations expressed support for new legislation to close the industrial loan company (ILC) charter loophole, the “Close the Shadow Banking Loophole Act.” The legislation, introduced by Senate Banking Committee Chairman Sherrod Brown (D-OH), Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), prohibits shadow banks and nonbank commercial entities from taking advantage of legal loopholes. These loopholes allow these companies to control a full-service FDIC-insured depository institution without being subject to the comprehensive set of rules designed to keep the financial system safe.

Letters to Congress: Support for the Close the Shadow Banking Loophole Act

AFR joined a letter to Congress in support of the Close the Shadow Banking Loophole Act.

Letters to Regulators: EPA Must Maximize Benefits For Low-Income and Disadvantaged Communities With Greenhouse Gas Reduction Fund

Americans for Financial Reform Education Fund (AFREF) submitted two comments to the Environmental Protection Agency (EPA) in response to their request for information on the administration and implementation of the $27 billion Greenhouse Gas Reduction Fund (GHGRF), a provision of the Inflation Reduction Act (IRA)

Letters to Regulators: Comment in Response to HUD RFI on Small Mortgage Lending

AFREF joined the National Fair Housing Alliance and local, state, and national organizations to submit comments in response to HUD’s “Request for Information Regarding Small Mortgage Lending.” Our comments focus on the importance of residential small-dollar lending (SDL), which is essential to building wealth and family opportunity for communities of color and low- and moderate-income families throughout the nation. For too long, homes in lower-priced markets have been starved of quality, sustainable, mortgage credit, both subject to and contributing to a history of residential segregation, neighborhood disinvestment, and lost wealth-building opportunity. This comment letter makes a number of suggestions to the FHA regarding how it can better promote small mortgage loans.

News Release: New Poll Shows Consumer Bureau Popular Across Party Lines

A new poll released today shows voters across the political spectrum overwhelmingly back the mission of the Consumer Financial Protection Bureau (CFPB), financial regulation generally and a variety of new, specific consumer protections. The findings are released as the Supreme Court is poised to consider a lawsuit from payday lenders that could invalidate the CFPB’s funding mechanism, which would undermine its effectiveness.

News Release: Fed Takes Critical First Step in Managing Banks’ Climate Risk

FOR IMMEDIATE RELEASE December 2, 2022 CONTACT Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Fed Takes Critical First Step in Managing Banks’ Climate Risk WASHINGTON, D.C. — The Federal Reserve today proposed climate-related supervisory guidance for major banks that represents an important and long overdue step to

Letters to Regulators: The Inflation Reduction Act Bolsters the Case for SEC’s Climate Disclosure Rule

AFREF submitted a supplemental comment to Securities and Exchange Commission (SEC) highlighting market reactions to the passage of the Inflation Reduction Act (IRA). December 1, 2022 Dear Ms. Countryman: This letter is a supplement to prior comments submitted by Americans for Financial Reform Education Fund

Media Advisory: Standing Up for Consumers – AFR Hosts CFPB Director Rohit Chopra

For over a decade, AFR has supported the work of the CFPB, which has brought significant reforms and millions of dollars for consumers across the country. We also mobilized against the agency’s lousy leadership under the previous administration. Now, we are defending the CFPB after a recent right-wing court attacked its funding mechanism.

MEMO: Senate Hearing Today on Proposed Kroger-Albertsons Merger

Today, the Senate will hold a hearing on the proposed acquisition of grocery chain Albertsons by Kroger, the nation’s largest standalone grocery retailer. Sens. Amy Klobuchar (D-Minnesota) and Mike Lee (R-Utah), both skeptics of the merger, will preside over the hearing.

News Release: Department of Labor to Allow Retirement Plans to Consider Sustainability, Jobs, Equity, and Worker Rights

WASHINGTON, D.C. — The U.S. Department of Labor’s final rule takes an important step to safeguard the savings of millions of workers who participate in private-sector employee benefit plans by allowing workers’ private retirement plans and pensions to consider sustainability factors like climate change, workers’ rights, racial, economic and environmental justice, and corporate governance when investing and voting proxies.