Joint Letter: 80 groups oppose CFPB’s no-action letter and sandbox proposal
Letter from 80 groups opposing the CFPB’s changes to its no-action letter policy and new sandbox proposal
Category Archives: Financial Reform News
News Release: Kraninger Allows Payday Lenders To Drive Policy With Proposed Rulemaking
FOR IMMEDIATE RELEASE Feb. 6, 2019 CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700 Kraninger Allows Payday Lenders To Drive Policy With Proposed Rulemaking Statement From Linda Jun, senior policy counsel of Americans for Financial Reform: “In proposing to undo the rule against abuses in payday and car title
Joint Letter: Report to SEC Highlights Disclosure Weaknesses of Broker Standards Rule
Given the evidence that, after being provided a summary relationship disclosure, investors still cannot fully understand, and in some cases misunderstand, fundamental differences in the nature of the brokerage and advisory relationships and the respective duties they are owed, the different fees they would pay, or how various conflicts of interest can influence the recommendations they receive, a regulatory regime that relies on disclosure for investors to make an informed decision about what type of financial professional to work with and what type of account to use is certain to fail.
Letters to Regulators: Joint Letter to the OCC Opposing Any Changes that Would Weaken the Community Reinvestment Act
On November 19, 2018, AFR and 35 organizations sent a joint letter to the OCC urging the agency not to weaken the Community Reinvestment Act.
Joint Statement: CFPB Sandbox Proposal Would Deny Consumers Key Information
The CFPB is exceeding its authority under the law that created the agency and would set a dangerous precedent with its “disclosure sandbox” policy, its label for granting companies exemptions from disclosure rules. The CFPB would allow firms to obfuscate or eliminate important information in the name of “financial innovation,” a label often applied to defend practices in mortgage lending that led to the 2008 crisis.
AFR in the News: Progressive Groups Criticize CFPB Fintech Proposal (Politico)
“A coalition of 50 public interest groups today sharply criticized the Consumer Financial Protection Bureau’s proposal to gut important consumer-protection rules, especially for fintech companies, arguing the agency does not have the authority to create potentially unlimited exemptions from the very regulations that the CFPB is obligated to enforce.”
Letter To Regulators: Civil Rights, Consumer Groups Seek Blankenstein Ouster from CFPB
We, the undersigned organizations, call on you to abandon your proposed reorganization of the
Office of Fair Lending and Equal Opportunity, and to remove Mr. Eric Blankenstein from having
any involvement in the Bureau’s oversight and enforcement of antidiscrimination laws. We have
long voiced strong concerns about your plans to relocate the Office of Fair Lending, and our
concerns have grown even stronger in light of the shocking revelations about Mr. Blankenstein’s
writings on issues of race.
U.S. PIRG Report: Protecting Consumers One Year After Equifax
One year ago, Equifax announced the worst data breach in U.S. history, a breach that compromised the personal information of over 150 million consumers. Even though it has been a year since the breach, Equifax still has not paid any price for putting so many
News Release: OCC Headed in Wrong Direction with Plan on Community Reinvestment Act
The OCC proposal would dramatically limit the CRA’s effectiveness by distilling the complexity of the different credit needs of varied American communities to one numerical ratio and quantitative benchmarks, and would reduce public participation in the process that is fundamental to moving banks towards greater responsiveness to the needs of diverse customers and communities.