Case study of a South Carolina tire factory owned by a global corporation that received a substantial loan from the Small Business Administration for pandemic relief while many genuinely small businesses were unable to access the program.
AFR Education Fund sent a comment to the SEC supporting the proposed elimination of regulatory exemptions in government securities markets. The letter also calls for the SEC to make further reforms in fixed income markets.
AFR Education Fund joined a letter to CFPB acting director Dave Uejio that highlighted actions the Bureau can take to address systemic discrimination in the credit markets. The letter outlined issues the Bureau can address immediately and in the long term in line with its focus on racial equity.
AFR Ed Fund joined our colleagues to send a letter opposing the National Credit Union Administration’s proposal to permit federal credit unions to leave negative account balances open for longer than the current limit of 45 days without any limits on overdrafts, overdraft fees, or NSF fees that can be assessed during this period. This proposal fails to consider the substantial risks it poses on credit union members who are facing economic challenges during the pandemic by exposing them to additional fees that only compound their financial distress.
Americans for Financial Reform Education Fund (AFREF) and 20 consumer, civil rights, small business, and other public interest partners submitted a comment letter to the Federal Reserve Board of Governors (FRB) on its Advance Notice of Proposed Rulemaking to modernize the Community Reinvestment Act (CRA).
Americans for Financial Reform Education Fund organized a letter to the Federal Reserve Board (FRB) in response to their advanced notice of proposed rule making (ANPR) on the Community Reinvestment Act (CRA). The letter outlined a number of guiding principles and approaches to ensure that any changes to the CRA framework would be limited to measures that will increase equity in bank investments and access to sustainable, wealth-building credit in underserved communities as the statute intended.
AFR Education Fund signed onto a letter opposing the VA’s Proposed COVID-19 Veterans Assistance Partial Claim Payment Program. The letter stated that the proposal cannot achieve its goal of providing a solution for veteran borrowers’ COVID hardships, and urged the VA to revise the proposal to align with existing programs at FHA, USDA, and the Government Sponsored Enterprises. Specifically, the letter stated that the VA should not require monthly payments, funds should not accrue interest, access to the program should be streamlined, and the program should not have a limited time window for relief.
Americans for Financial Reform Education Fund signed onto a predatory lending letter opposing the OCC’s Notice of Proposed Rulemaking “Fair Access to Financial Services.” The letter urged the OCC to withdraw the proposed rulemaking in its entirety, on the basis that it was inconsistent with the agency’s fundamental charges to ensure safety and soundness, consumer protection, fair lending, and the aims of the Community Reinvestment Act. The letter stated that the OCC did not have the authority to make such a proposal, and that it created an unmistakable and absolute conflict by pressuring banks to finance lenders whose models are driven by unaffordable lending.