AFR urged opposition to bill doubling down on the so-called Opportunity Zones program that has brought little to no benefit to communities while further enriching a handful of wealthy tech and Wall Street investors and real estate titans.
AFR led a letter signed by 84 national, state, and local groups ranging from civil rights, consumer protection, labor unions, antitrust, and general public interest groups voicing our collective support for the work and mission of the CFPB. In the letter we highlight the importance of an agency dedicated solely to consumer protection and the work the CFPB has done to make customers whole after harm was done. We again push back on the agenda to limit the agency’s effectiveness by subjecting the agency to annual appropriations, changing its leadership structure to a commission, and the most recent proposal to raise the asset threshold for companies under the CFPB’s supervision to $50 billion from the current $10 bn threshold.
Washington, D.C. – Wells Fargo has racked up a record of numerous egregious abuses against its own customers that are detailed in a new scandal tracker released by Americans for Financial Reform Education Fund.
Wells Fargo, the San Francisco-based megabank, has been embroiled in a series of scandals, lawsuits, and customer abuses over the past decade. Despite public outrage and legal actions, the bank’s executives have failed to address the issues adequately. They have been accused of lying to Congress, neglecting shareholder complaints, and evading accountability for their wrongdoings while claiming to make improvements.
We are thrilled to announce that our Advocacy and Legislative Director, Renita Marcellin, is a featured speaker at EconCon 2023 (June 8-9). Marcellin is sharing insights on the reasons behind the failure of Silicon Valley Bank and delving into other important topics.
“… it’s called climate change because the climate is changing, and much faster than scientists originally anticipated. We cannot merely use past data to predict future climate impacts,” wrote Alex Martin, senior policy analyst at AFR. “We must take a precautionary approach and heed the stern warnings from scientists about our dire current global trajectory. The US will not be spared the effects.”
Americans for Financial Reform Education Fund submitted a comment to the Securities and Exchange Commission (SEC) supporting its proposal to prohibit conflicts of interest in securitizations. Such conflicts were at the heart of the Great Financial Crisis of 2008 leading to trillions of dollars in losses across the financial system and irreparable harm to millions of homeowners. Now, with the growth in securitizations such as those backed by commercial real estate and other assets, the SEC’s proposals can ensure that similar practices do not happen again at the harm of investors and others.
New study by the American Antitrust Institute and Americans for Financial Reform Education Fund calls attention to the growing presence of private equity ownership in the home healthcare sector.
AFREF submitted comments to the Office of Information and Regulatory Affairs on its proposal to modernize the regulatory process to better account for racial and economic inequality, climate change, and other factors within economic analysis; and improve transparency and empower and benefit members of marginalized communities through the regulatory process.
AFR sent a letter to members of Congress opposing several capital markets bills that fail to address the inherent lack of information and protections in investing in private offerings while opening the door for more investors to have access to such products by using these proposed pathways to become an “accredited investor”.