All posts by team

News Release: Much Needed Workplace Payday Loan Rule Will Help Curb Predatory Loan Practices

Today’s interpretative rule by the Consumer Financial Product Bureau on workplace payday loans (or the so-called Earned Wage Access products) will clearly label these products as loans, subjecting them to the laws, disclosures, and protections that consumers deserve if they choose products that are effectively high-cost loans. As a result of this proposal, companies offering these loans will have to follow basic rules such as the 55-year-old Truth in Lending Act to disclose the annual percentage rate of these loans.

Blog: Standing in Solidarity with Garment Workers in Nike’s Supply Chain

Nike makes some of the most popular and expensive shoes — many pairs are around $300 — but behind the brand, thousands of women in South and Southeast Asia work for low pay to make Nike’s flagship sneakers. On July 16th, we joined women labor leaders in the U.S. who responded to the call from Asian garment workers, Global Labor Justice, and the Asia Floor Wage Alliance to demand justice for workers in Nike’s supply chain.

Letters to the Regulators: Letter to the Federal Housing Finance Agency in Support of the Title Acceptance Pilot Program

Americans for Financial Reform Education Funded joined with the National Consumer Law Center, the Consumer Federation of America, and other advocacy groups to express our support for recent announcements from Fannie Mae and Freddie Mac, reflecting their intention to explore carefully-crafted pilot programs aimed at reducing closing costs for homeowners–specifically, a “title acceptance” pilot program.

Blog: Biden Tackles Problem of Corporate Landlord Profiteering Directly

Today, President Biden acknowledged what too many Americans already know: the rent is simply too damn high and the public cannot continue to subsidize corporate landlords’ unlimited appetite for rent hikes through our tax code. By proposing to repeal tax breaks, like the depreciation write-off for corporate landlords who stick their tenants with rent increases above 5 percent, Biden is taking a vital step toward direct action to curb the corporate profiteering that contributes to the housing crisis.

News Release: Crypto Industry Pressure Fails to Secure Veto Override on Harmful Deregulatory Resolution

The cryptocurrency industry’s lobbying efforts and hundreds of millions in campaign spending failed to generate enough congressional support to override President Biden’s veto of the Republican House’s effort to roll back Securities and Exchange Commission guidance designed to reduce the risks crypto assets can pose to investors and the market. Consumer protection advocates welcomed the vote as a good outcome for investor protection.

CFPB 2

News Release: CFPB Proposed Rule Requiring Language Access in Mortgage Servicing Will Help Homeowners Avoid Foreclosure

The Language Access Task Force of Americans for Financial Reform, a coalition of fair housing and civil rights organizations, applauds Wednesday’s announcement from the Consumer Financial Protection Bureau (CFPB) proposing rules that would ensure that borrowers with limited English proficiency (LEP) have a meaningful opportunity to seek assistance from their mortgage companies in times of distress, helping them stay in their homes. The proposal, which includes additional improvements to the general hardship assistance process, follows a petition from the National Consumer Law Center (NCLC) urging the Bureau to include language access in the mortgage rule.

Letters to Congress: Support the Nomination of Kristin N. Johnson to Serve as Assistant Secretary for Financial Institutions

AFR and coalition members signed onto a letter urging the Senate to support the nomination of Kristin N. Johnson to Serve as Assistant Secretary for Financial Institutions at the Department of the Treasury. Johnson is a highly accomplished scholar of financial regulation, and has ably worked with stakeholders as a Commissioner of the Commodity Futures Trading Commission promote market stability and integrity, and protect market participants and investors from misleading, deceptive, or fraudulent practices.

Letters to Congress: Support the Nomination of Christy Goldsmith Romero to be Chair and Member of the Federal Deposit Insurance Corporation

AFR and coalition members signed onto a letter urging the Senate to support the nomination of Christy Goldsmith Romero to be Chair and Member of the Federal Deposit Insurance Corporation. Goldsmith Romero led the office of the Special Inspector General for the Troubled Asset Relief Program and has decades of experience regulating financial institutions and markets, broad and deep knowledge of the financial system, and a record of commitment to the public interest.