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.
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.
News Release: AFREF and Partners Submit Comments On Labor Department Proposal to Allow Retirement Plans To Consider Sustainability, Jobs, Equity, Workers
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.
AFREF led a letter to regulators stating that the laissez-faire stance adopted by the Department of Justice and the federal bank regulators and current merger guidelines have hurt small businesses, community banks, and households, especially those in BIPOC communities. The letter urges regulators to temporarily halt consideration of pending bank mergers until the DOJ and banking agencies adopt a plan that strengthens the guidelines to protect consumers.
Letters to Regulators: AFREF, Sierra Club and 13 Partners Support DOL Sustainable Investing Proposal, Urge Further Action
Americans for Financial Reform Education Fund and Sierra Club were joined by 13 organizations in a comment letter to the DOL supporting a proposal to encourage fiduciaries to consider climate change and ESG factors, and calling for further actions to standardize sustainable investing for private retirement plans and pensions.
Letters to Regulators: Letter to the CFPB on the Need for Access to the Online Complaint System in Spanish
AFREF joined a letter to the CFPB highlighting the need for access to their online complaint system in Spanish.
Letters to Regulators: Letter to Treasury in Response to Request for Comment on Small Dollar Loan Program Application
AFREF, CRL, CFA, and NCLC sent comments to the Department of Treasury in response to their request for comment concerning the Small Dollar Loan (SDL) Program Application.
Letters to Regulators: Memo to ED Supporting Continuity of Education From Carceral Setting to Reentry In Regulations on Pell Grants for Prison Education Programs
AFREF joined a memo to ED establishing their obligation to support education in reentry as Pell has been reinstated for incarcerated individuals and more individuals who will now begin a postsecondary education inside will not finish their degree within the correctional setting and will instead have to finish during reentry. The paper also demonstrates the types of support Prison Education Programs (PEP) could provide to help with the ‘education continuum’ from college inside to education outside.
Letters to the Administration: Letter Urging OMB and OIRA to Implement the January 20th Memo on Modernizing Regulatory Review
AFREF joined a letter urging the Biden Administration to immediately begin the process of implementing reforms outlined in the January 20th memo on “Modernizing Regulatory Review.”
Letters to Regulators: Federal Insurance Office Request for Information on the Insurance Sector and Climate-Related Financial Risks
AFREF sent a letter to the Treasury’s Federal Insurance Office (FIO) on how the agency can coordinate with state insurance regulators and insurers to have the necessary data, supervisory framework, and prudential regulation in a world where climate-related losses continue to rise and pose risks to the entire financial system.