“Many risks in the nonbank sector, from insurance to private equity to hedge funds to asset management, are becoming increasingly serious and in need of closer attention,” said Alexa Philo, senior banking and systemic risk analyst at Americans for Financial Reform Education Fund.
News Release: As Supreme Court Considers Argument to Defang the Watchdog, a New Poll Shows Wide, Bipartisan Support for CFPB
WASHINGTON, D.C. – Following oral arguments made before the U.S. Supreme Court on the future of the Consumer Financial Protection Bureau (CFPB), a new poll – commissioned by the Center for Responsible Lending and Americans for Financial Reform and released today – shows overwhelming support from Republican, Democratic, and independent voters for the CFPB’s mission and for the Bureau to establish several new consumer protections.
In The News: Supreme Court sounds skeptical of lenders’ challenge to Consumer Financial Protection Bureau (LA Times
“Today was a bad day for predatory payday lenders and the Wall Street lobby groups that lent their names to some very ridiculous claims,” said Elyse Hicks, consumer policy counsel at Americans for Financial Reform. “None of their legal arguments passed the red-face test, and even the questions from the conservative justices reflected that reality.”
FOR IMMEDIATE RELEASE Sept. 18, 2023 CONTACT Carter Dougherty firstname.lastname@example.org Antitrust Agencies Must Boost Scrutiny of Private Equity Buyouts New merger guidelines should confront the powerful and often insidious role played by Wall Street private equity in fostering monopolization across the American economy, according
Media Advisory: Media Conversation with Legal Experts to Preview Upcoming CFPB v. CFSA at Supreme Court
Washington, D.C. – On Wednesday, Sept. 23 at 2 pm ET, Americans for Financial Reform (AFR), the Constitutional Accountability Center, and the Center for Responsible Lending (CRL) will host a press call to preview one of the most important cases coming before the Supreme Court this term: CFPB v CFSA, a constitutional challenge to the funding structure of the Consumer Financial Protection Bureau (CFPB). Sign up for the call at this link.
Blog Post: AFR Applauds Rep. Pressley’s Efforts to Seek Accountability from Banks on their Racial Equity Pledges While Opponents Seek to Undermine Corporate Accountability Tools
As we approach the 60th anniversary of the March on Washington for Jobs and Freedom, Representative Ayanna Pressley sent a letter to the CEOs of the five largest banks in the U.S. — Bank of America, JPMorgan Chase, Wells Fargo, U.S. Bank, and Citigroup — calling for a financial audit report detailing the status of the racial equity pledges they made in response to the summer 2020 uprisings following the murder of George Floyd. The pledges ranged from $116 million committed by U.S. Bank to $30 billion committed by JPMorgan Chase.
Congressional Testimony: Alexa Philo, AFR’s Senior Policy Analyst, Testifies Before the Senate Banking, Housing and Urban Affairs Subcommittee
AFR’s Senior Policy Analyst, Alexa Philo, testified Before the Senate Banking, Housing and Urban Affairs Subcommittee on economic policy.
Americans for Financial Reform and Demand Progress joined other consumer advocacy and public interest organizations in sending a letter to Congress expressing opposition to a proposed bill intended to create a market regulatory structure for digital assets.
AFR opposes a series of legislative proposals that have recently been approved by House committees, and, in some cases, by the full House of Representatives, and that seek to amend the federal securities laws in ways that would be harmful to investors. Some of the House proposals directly weaken regulatory oversight and threaten investor protection, while others seek to alter policy in a more subtle or incremental fashion.
A 2022 research memo from Americans for Financial Reform, a nonpartisan nonprofit coalition, found that private equity firms are now landlords to at least 1.6 million families across the United States. This figure is likely an underestimate.