AFREF joined a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter urges the CFPB to require person-to-person payment providers to protect consumers from fraud and errors, and to work with the Federal Reserve Board to ensure protections are in place before the Fed launches its new FedNow person-to-person service.
AFREF joined a letter urging CFPB oversight of new products like buy now, pay later (BNPL) loans, income share agreements, cash advances, “fintech” overdraft or overdraft avoidance products, and earned wage access products or look-alike products that are evading consumer protection laws and creating debt traps for consumers. The letter states that the CFPB should supervise providers and ensure that each of these products are complying with applicable consumer protection laws.
AFREF, American Economic Liberties Project and Revolving Door Project sent a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter expresses concern about Big Tech exploitation of digital payments technology, and expresses support for their recently opened inquiry into Big Tech’s power in this vital and growing market.
AFREF joined more than 100 groups in a letter calling on the CFTC to shut down the dangerous water futures market.
Americans for Financial Reform is encouraged by the Securities and Exchange Commission (SEC) proposals to address several long-standing loopholes exploited by financial market participants and provide greater transparency to investors and address issues of safety and soundness across the financial system.
AFREF led a letter urging the Financial Stability Oversight Council (FSOC) as the coordinating body for several regulatory agencies to imminently take action against the various misdeeds that may be conducted by the issuers of stablecoins. The letter explains that such urgency cannot be overstated given how quickly the market continues to grow, posing greater threats to the broader financial system.
AFR joined a letter to President Biden expressing support for the majority on the FDIC board, and calling on President Biden to remove the chair if she continues to attempt to thwart majority action.
Americans for Financial Reform Education Fund (AFREF) applauds the Office of the Comptroller of the Currency (OCC) for seeking comment on this strong first draft of principles to guide large banks on how to manage the risk that climate change poses to their safety and soundness.
The federal authorities should halt all bank merger approvals until they strengthen the outdated guidelines that govern whether financial institutions can combine, according to a letter delivered today by 30 public interest organizations.
Americans for Financial Reform Education Fund (AFREF) submitted comments to the Labor Department supporting a proposed rule that will allow and encourage private retirement plans and pensions to consider sustainability factors like climate change, workers’ rights, racial, economic and environmental justice, and corporate governance when investing and voting proxies.