Letters to Regulators: AFR submitted a comment on new Federal Reserve rating system for large institutions
AFR sent a comment letter to the Federal Reserve Board on the proposed new rating system for supervision of large financial institutions.
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Letters to Congress: AFR Urges Opposition to HR 3978 — A Bill Harming Investors and Consumers
AFR sent a letter urging House members to vote “No” on H.R. 3978 — a grab bag of bad legislative ideas that would weaken SEC oversight of Wall Street and undermine consumers, investors rights and protections.
AFR Statement: Administration Seeks Sabotage of CFPB Via Budget, ‘Strategic Plan’
“The administration’s budget and Mick Mulvaney’s ‘strategic plan’ for the CFPB are transparent attempts to stop the agency from doing what it was designed to do: actually protect consumers.”said Lisa Donner, executive director, Americans for Financial Reform.
Joint Letters: AFR and other 80 national, state and local organizations support the SAFE Lending Act of 2018.
The Stopping Abuse and Fraud in Electronic (SAFE) Lending Act of 2018 is important legislation that will help safeguard consumers and law-abiding lenders from abuses rampant today in consumer lending.
Joint Statement: Sen. Jeff Merkley, Rev. Willie Gable Jr. Condemn Ongoing Sabotage of CFPB, Demand Pres. Trump Nominate Consumer Advocate as Director
“Under the Trump administration, the Consumer Financial Protection Bureau has become the Payday Predator Protection Bureau,” said Sen. Jeff Merkley (D-Oregon). “Trump and his allies are blatantly trying to dismantle the bureau from the inside. If this isn’t a crystal clear example of the Trump administration governing of, by, and for the powerful rather than of, by, and for the people, then I don’t know what is.”
AFR Statement: Report Mulvaney Backing Away from Equifax Probe Shows Need for Credible CFPB Director
It’s one more reason why it’s so important to have someone with a track record of protecting consumers running the CFPB, not someone who wants to destroy its work.
Joint Statement: Transfer of CFPB Consumer Response Unit Offers No Clear Benefit
Consumer Response has essentially been an independent office housed in the Operations Division. As such, its research on consumer complaint trends has been equally available to all divisions and offices, including, for example, Supervision, Enforcement and Fair Lending; Research, Markets and Regulations; and Consumer Education and Engagement. Is this transfer designed to diminish the Consumer Response unit’s important role in helping all units of the agency collect and understand the ongoing complaints that consumers raise? What benefit does this transfer provide consumers and will this relocation affect the Complaint unit’s budget?
Joint Statement: Changes to CFPB Fair Lending Office Undermine Anti-Discrimination Work
Fair Lending is a fundamentally important part of the work of the Consumer Financial Protection Bureau, and of a financial system that works for families and communities. The Office of Fair Lending and Equal Opportunity needs the authority, the resources, and the connections to key levers of change to do its job.
AFR Statement: Appeals Court Decision Knocks Out Longstanding Argument Against CFPB Single Director
Charging that the single director structure — which helps make the bureau an effective consumer regulator, if that director is committed to the public interest — was unconstitutional evolved into a mainstay of attacks from Wall Street, predatory lenders, and their friends in Congress and the administration.
TOWS Brief: Wall Street Makes Bank on Trump
On the first anniversary of the Trump administration, the Take on Wall Street coalition catalogs the ways that Wall Street made bank on Trump in 2017.