Americans for Financial Reform joined ninety-five organizations and public interest leaders to send a letter calling on President-elect Joe Biden to embrace a bold and vigorous regulatory agenda to protect the public, workers and our environment, and help restore public trust in government.
“It’s been hard for small businesses to get the money they need to survive,” said Linda Jun, senior policy counsel at Americans for Financial Reform, a nonprofit advocacy group, “and now we have the bank regulators, instead of trying to work with their institutions on that, saying, ‘We’re going to throw some more sharks your way.'”
AFREF and 47 organizations submitted comments on the CFPB’s RFI on the Equal Credit Opportunity Act (ECOA) and Regulation B. Our comments urged the Bureau to take no action that would weaken the ECOA in any way and consider certain steps to improve and strengthen fair lending protections under ECOA to make it stronger and more effective tool for fighting credit discrimination.
AFREF and members of our LEP Task Force submitted joint comments on how to improve language access for LEP consumers in response to the CFPB’s question on limited English Proficiency as part of its RFI on the Equal Credit Opportunity Act.
Letter from 26 groups to the CFPB urging the agency to strengthen protections for LEP consumers in the next part of the debt collection rule.
The November 2020 version of “Where Members of the 116th Congress Stand on Financial Reform” documents how Members voted on over thirty legislative measures concerning consumer protections, housing, Wall Street and the financial industry, from January 2019 to November 2020.
Americans for Financial Reform Education Fund (AFREF) and Main Street Alliance (MSA) respectfully urge the Small Business Administration (SBA) to maintain the information collection under the Paycheck Protection Program (PPP) new Loan Necessity Questionnaire for recipients and encourage the SBA to support robust supplemental disclosure requirements for PPP recipients.
Thank you for your strong commitment to opposing the Office of the Comptroller of the Currency (OCC)’s efforts to help tech companies dodge regulatory oversight, mix commerce and banking activities, and avoid compliance with consumer protection laws.
The Treasury Secretary has the authority to drive an ambitious agenda for economic, racial, and climate justice, and to use financial regulation as an important tool of that work. As Yellen has herself noted in recent remarks, this moment of crisis has made it particularly clear that a new administration needs to not only undo the dangerous Trump administration deregulation of Wall Street, but also move well beyond the preceding status quo.
AFR released a recommended set of systemic reforms outlining steps to create a safe and just financial system. These include both reversing the deregulation of the Trump years and taking positive steps to create a far more secure and inclusive financial system. The full document