Kraninger should resign, but if she does not her record makes it overwhelmingly clear that the incoming administration needs to fire her as soon as President-Elect Joe Biden takes office on Jan. 20 and replace her with an acting director who will steer the CFPB back to fulfilling its mission.
Joint Statement: Over 235 Orgs Call on President-Elect Biden to Cancel Federal Student Debt on Day One using Executive Action
Today, over 235 organizations sent a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration.
Sign-on Letter: Over 235 Orgs Call on President-Elect Biden to Cancel Federal Student Debt on Day One using Executive Action
239 organizations signed a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. The letter was led by Americans for Financial Reform, the Center for Responsible Lending, Demos, the National Consumer Law Center, and Student Borrower Protection Center.
77 organizations call on Education Secretary DeVos to extend the federal student loan suspension Today, 77 community, civil rights, consumer, and student advocacy organizations sent a letter to Education Secretary Betsy DeVos, urging her to extend the suspension of payments on federal student loans through September
On Oct. 19, AFR Executive Director Lisa Donner participated in a virtual conference organized by the Federal Reserve Bank of Minneapolis. Entitled “Empowering the public to assess large bank resiliency, the conference brought together leading experts to bank transparency to discuss how to maintain and improve transparency of the conditions of major banks.
AFREF joined several of our civil rights and other partners in opposing the Executive Order on Combating Race and Sex Stereotyping issued on September 22, 2020.
It has been more than ten years since the Obama Administration signed into law the Dodd Frank Act, a set of modest financial regulations that were meant to address the causes of the Great Recession. Since then many of the regulations have been weakened and whittled down. But a new poll finds strong public support, across the political spectrum for Wall Street to be held to account.
Letter to Regulator: Letter to the SEC Cautioning Against Raising Quarterly Investor Reporting Thresholds by Thirty-Five Times
The Americans for Financial Reform Education Fund is strongly urging the SEC against raising the quarterly reporting requirements for institutional investors 35-fold that would take away up to 90% of the existing reporting that is vital to market participants and researchers alike.
Testimony: License to Bank – Examining the Legal Framework Governing Who Can Lend and Process Payments in the Fintech Age
What industry calls “innovation” is often easily mapped to a longstanding financial service and therefore the existing laws should apply. At the same time, certain tools and certain forms of partnerships should have no place in our economy whatsoever. Treating innovation as an unqualified good leads regulators to ignore both considerations of equity and long-term, sustainable innovation. Give the interface between powerful corporations, complex products, and the public, precaution should be the norm, as it is in food and drug regulation.
Ten years after Congress passed a major reform of Wall Street in response to the financial crisis voters overwhelmingly support more and tougher regulation of finance and they strongly approve of the mission of the Consumer Financial Protection Bureau. And, as the decade after the 2008 crisis unfolded to reveal continuing abuses by Wall Street, and the growth of predatory financial practices, notably by private equity, the public’s appetite for additional reform has strengthened. And the results underscore the need for rigorous oversight to ensure consumers aren’t victimized by unscrupulous lending practices.