A new report shows how American individuals and municipalities can move money away from bad-actor big banks, which are increasingly losing trust and support among Americans because of policies that undermine communities, damage the environment, and harm poor folks and people of color. While the idea of breaking up with big banks has become increasingly popular, the practicalities of doing so can seem prohibitive.
Despite wanting to move their money, many consumers have found that it can be quite difficult to switch. Banks have deliberately made the process of switching more complicated than it needs to be. Cities and municipalities have faced even greater difficulties in moving their money to community banks and credit unions. There are changes that can be made that would give consumers a real choice by making it easier for them to switch banks and would make it easier for municipalities to move their money.
Americans for Financial Reform warmly welcomes the news that Richard Cordray has been appointed to be the COO of Federal Student Aid (FSA) at the Department of Education. Cordray served as the Consumer Financial Protection Bureau’s (CFPB) inaugural director for six years, and the Bureau quickly became a powerful force for good.
AFR joined a letter to the Small Business Administration calling for the release of data pertaining to Paycheck Protection Program recipients’ loan forgiveness requests, which represents $194.5 billion of taxpayer money, most of which has already been forgiven. The letter urges the SBA to release the number of jobs borrowers supported with PPP funds, information on any pay reductions experienced by workers employed by borrowers, whether the borrower applied for or received a second draw PPP loan, among other important data points.
WASHINGTON, D.C. – Today, the U.S. Department of the Treasury announced the appointment of John Morton as Climate Counselor at the Department. In March, Public Citizen and Americans for Financial Reform issued a blueprint for using financial regulatory tools in response to the climate crisis: Climate
In the 2019-20 election cycle, Wall Street banks and financial services interests reported spending $2.9 billion to influence decision-making in Washington. That total – officially reported expenditures on campaign contributions and lobbying – works out to $4 million a day. This level is a full 50 percent above the previous record of $2 billion in the previous presidential cycle, reflecting the industry’s enduring effort to influence policy no matter which party controls Congress and the executive branch.
On January 6, 2021, Congress was scheduled to formally certify the results of the 2020 presidential election. But based on spurious allegations of voter fraud, 147 Republican members of the Senate and the House of Representatives voted to object to either the results in Arizona or Pennsylvania or both. Individuals and entities associated with the financial sector reported making a total of $43,483,590 in contributions to these members.
Today, over 415 organizations sent an updated letter to President Biden and Vice President Harris, calling on them to use executive authority to cancel federal student debt immediately. In the letter, the 416 advocacy groups highlight that cancelling student debt would stimulate the economy, help reduce racial wealth gaps, and could have a positive impact on health outcomes.
400 organizations signed a letter to President Biden and Vice President Harris, calling on them to use executive authority to cancel federal student debt immediately. The letter, first sent in November and then again in January, has been updated with more than 70 additional signers.
Americans for Financial Reform Education Fund joined 64 groups in writing a letter to Federal Reserve Chair Powell to take bold and timely action on climate change, in line with the US commitment to the Paris Agreement. The letter asks him to use the Fed’s