Category Archives: Education Fund

Letters to Congress: AFR and 17 Allies Urge Senators to Oppose Bill Pulte’s Nomination to Serve as FHFA Director

Americans for Financial Reform along with 17 housing, consumer, civil rights, and labor organizations sent a letter urging the Senate Banking Committee to oppose the nomination of Bill Pulte to serve as Director of the Federal Housing Finance Agency (FHFA). Mr. Pulte’s residential rental real estate investments and private equity background make him uniquely unsuited to lead the FHFA.

by

Letters to Congress: AFR and 23 Allies Urge Senators to Oppose Jonathan McKernan’s Nomination to Serve as CFPB Director

Americans for Financial Reform along with 23 consumer, civil rights, community, labor, faith-based, small business, farm, and other organizations sent a letter urging the Senate Banking Committee to oppose the nomination of Jonathan McKernan to serve as Director of the Consumer Financial Protection Bureau (CFPB). The CFPB’s Director should preserve the Bureau’s integrity, capacity, and independence and stand up against capricious and unlawful efforts to defund, dismantle, or diminish the agency. Jonathan McKernan fails to meet these standards.

by
CFPB 2

Fact Sheet: AFR Fact Sheet to Defend CFPB 1071 Small Business & Farm Lending Transparency Rule

Small businesses and farms are engines for economic growth and household wealth building, but historic inequitable access to credit and financing makes it more difficult for businesses and farms owned by people of color and women to sustain, reinvest, and expand their businesses. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the CFPB to collect data essential to identify lending discrimination and gaps in access to credit, provide market transparency, and address community credit needs for small businesses and farms. Efforts to repeal, weaken, or undermine Section 1071’s reporting requirements will hurt small businesses and farms, undermine household wealth building, and hurt overall economic growth.

by
SEC Building

Blog: What Now? Investors’ Role in Fighting Financial Deregulation

What Now? Investors’ Role in Fighting Financial Deregulation By Meron Lemmi This presidential administration is poised to roll back financial regulations that protect long-term, diversified investors. Both public and private markets face a wave of deregulatory efforts that would weaken investor protections and undermine corporate

by

Fact Sheet: AFR Factsheet on Legislative Attacks on the CFPB

Congress must vote against legislative attacks on the CFPB, which must remain independent, with a single director and a secure mandatory funding stream. Congress must also protect CFPB rules including the fintech payment app rule, the overdraft fee rule, the medical debt rule, and small business and farm lending transparency rules.

by
CFPB 2

Fact Sheet: AFREF Factsheet on CFPB Overdraft Rule Benefitting Servicemembers and Military Families

The Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule will discourage financial institutions from abusive and predatory overdraft practices, which often target servicemembers and military families. Banks charge overdraft fees for covering transactions that exceed account balances, but these charges can be illegally or unfairly applied and overdraft fee revenue has become a major profit center for some institutions.

by

Statement: AFR Statement for the Record for House Hearing Defending Overdraft Rule and Small Business Lending Transparency

AFR submitted a Statement for the Record to the House Financial Services Committee to oppose both the resolution of disapproval of the CFPB’s overdraft fee rule as well as the legislative proposals that would repeal or weaken the small business and farm lending transparency rules. These proposals will hurt everyday people, including consumers and their families, as well as small business owners and farmers and the communities they serve.

by

Fact Sheet: AFREF Coalition Fact Sheet on CFPB Larger Participants Rule

The Consumer Financial Protection Bureau (CFPB) has finalized a rule allowing it to supervise larger nonbank companies that offer services like digital wallets and payment apps, also known as peer-to-peer or P2P apps. Supervision of these companies will make sure they comply with the law and do not facilitate fraud. Banks are already supervised for these same reasons, and this rule will level the playing field to make sure all payments are safe, whether offered by a bank or a nonbank company.

by

Fact Sheet: AFREF Coalition Fact Sheet on CFPB Overdraft Rule

The Consumer Financial Protection Bureau’s (CFPB) new overdraft fee rule closes a paper-check era loophole that has promoted abusive practices and allowed the biggest banks to earn billions in profits off of the most vulnerable families. The rule will help everyone, but especially families that are struggling with high prices and making ends meet.

by