Report: Where They Stand on Financial Reform
This comprehensive guide details how members of the 115th Congress voted on bills and nominations related to financial reform.
All posts by AFR
U.S. PIRG Report: Protecting Consumers One Year After Equifax
One year ago, Equifax announced the worst data breach in U.S. history, a breach that compromised the personal information of over 150 million consumers. Even though it has been a year since the breach, Equifax still has not paid any price for putting so many
Letters to Congress: Financial Services Commitee Must Vote Down 6 Bills In Today’s Markup.
Americans for Financial Reform sent a letter to members of the House Financial Services Committee urging them to vote against 6 bills under consideration in today’s markup—HR 2128, HR 5534, HR 6021,HR 6741, HR 6743, and HR 6745. These bills would reduce protections for consumers,
Joint Letter: 28 organizations sent a letter to Congress urging opposition to HR 6743, The Consumer Information Notification Requirement Act
AFR joined 27 organizations in signing onto this letter drafted by US PIRG urging the House Financial Services Committee to oppose HR 6743, a bill that replaces an existing narrow preemption provision with a sweeping provision that could not only eliminate all state data breach notice, data security and other privacy laws as they apply to financial institutions as broadly defined, but also forestall further state innovation to protect their citizens from future privacy and data security threats. One year after the Equifax breach, we are especially concerned that the committee is considering weakening data security and data breach laws, instead of strengthening them or passing legislation to make companies like Equifax more accountable to their victims.
Letters to Congress: Four organizations sent a joint letter to Congress urging opposition to HR 5059, the State Insurance Regulation Preservation Act
On September 12, 2018, Americans for Financial Reform, the Center for Economic Justice, the Consumer Federation of America, and US PIRG sent a joint letter urging Congress members to vote in opposition to HR 5059, the “State Insurance Regulation Preservation Act”. HR 5059 creates a
Letters to Congress: Senate Judiciary Committee should oppose Brett Kavanaugh’s nomination to the Supreme Court
“Judge Kavanaugh’s confirmation to the Supreme Court would give him ample opportunity to weaken all independent agencies working within their Congressional mandate to protect the public, and thereby leave us all much more vulnerable to predatory practices as well as to actions that put the stability of the entire financial system at risk. We urge you to oppose his nomination.”
News Release: OCC Headed in Wrong Direction with Plan on Community Reinvestment Act
The OCC proposal would dramatically limit the CRA’s effectiveness by distilling the complexity of the different credit needs of varied American communities to one numerical ratio and quantitative benchmarks, and would reduce public participation in the process that is fundamental to moving banks towards greater responsiveness to the needs of diverse customers and communities.
News Release: Frotman Resignation from CFPB Highlights Mulvaney Betrayal of Students
With regard to student lending, just as in other areas, instead of holding harmful actors accountable, Mulvaney is suppressing exposure of wrongdoing, and undercutting enforcement of the law. AFR thanks Mr. Frotman, and his colleagues, for their good work, and deplores these changes.
AFR Statement: Full Senate Should Reject Kraninger Nomination to Head CFPB
Kraninger’s job as CFPB director would be to defend consumers against abuse at the hands of Wall Street banks and predatory lenders, but she has shown no sign of being willing to take on this vital role. The full Senate should reject her nomination.
Letters to Regulators: AFR sent a letter to the U.S. Commodity Futures Trading Commission criticizing a new de minimis threshold proposal
The de minimis exemption is a critical element of the swap dealer rule, as it determines which swap dealers will actually be designated as regulated swap dealers and subject to formal dealer oversight. This CFTC proposal addresses a wide range of issues surrounding this exemption.