All posts by team

Report: Kraninger Lets Industry “Drive the Agenda” at CFPB, Even During COVID-19 Pandemic

Kathleen Kraninger, the current director of the Consumer Financial Protection Bureau, told an audience of bankers at a November  2019 industry gathering that “you are really helping drive the agenda.” Unfortunately for the public and for consumer financial protection, the Kraninger agenda and the Wall Street lobby’s priorities are indeed all too similar, even during the COVID-19 pandemic and massive economic distress.

Letter to Regulators: SEC Should Withdraw Proposed “Finders” Exemption to Broker-Dealer Regulation

By creating a blanket exemption for a broadly defined group of “finders” to effectively act as solicitors and brokers in private investment markets without being subject to any of the requirements on registered broker-dealers as regards disclosure, qualifications, obligations to customers, pricing, record-keeping, business conduct, financial resources, or compliance with FINRA rules, the Commission would abrogate its responsibilities to protect investors and to maintain fair and orderly markets.

Joint Letter: Letter to CFPB Opposing Reorganization of its Division on Supervision, Enforcement and Fair Lending

Americans for Financial Reform Education Fund joined our partners in sending a letter signed by 83 groups opposing the Consumer Financial Protection Bureau’s proposed reorganization of its Division of Supervision, Enforcement and Fair Lending because it would drastically weaken the office’s authority independence, and effectiveness, and leave consumers vulnerable to harm.

Report: Pandemic-Related Assistance a Backdoor Bailout of Biggest Banks

While it’s true that the largest banks currently look solvent in the face of economic stress, this is in significant part because they have benefited greatly from regulatory forbearance and from Federal Reserve intervention in financial markets. This report, based on analysis of regulations and bank financial reports by Americans for Financial Education Fund and Risky Finance, lays out some of the clearest ways in which the nation’s six largest banks have benefited from regulatory forbearance and the Federal Reserve’s financial market interventions.

News Release: New OCC Rule Protecting Predatory Lenders Could Face Legal Challenge

The regulator of the nation’s largest banks has finalized a rule that allows predatory lenders to do an end-run around state interest rate caps, exposing people to loans in excess of 100% APR that violate state rate limits. Merely by putting a bank’s name on the fine print of the paperwork, predatory lenders could claim that the loan is a bank loan exempt from state rate caps.