Americans for Financial Reform applauds today’s announcement of action against the nation’s three largest banks, Bank of America, JPMorgan Chase, and Wells Fargo, for failing to protect consumers from widespread fraud and risky activity on Zelle, the most widely available peer-to-peer payment network.
The possible acquisition of drugstore chain Walgreens risks writing a new chapter in the long-running saga of private equity’s looting of the American retail sector, a trend that has caused the loss of over half a million jobs, numerous bankruptcies, and extensive consolidation that leads to higher prices, lower quality for consumers, and more precarious conditions for workers.
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CPFB) issued an important final rule on residential Property Assessed Clean Energy (rPACE), a form of green lending used to cover the cost of home improvements which is most commonly used for energy efficiency improvements and solar panel installations.
One day after a failed mega-merger attempt with Albertsons, Kroger launched plans to repurchase a massive $7.5 billion of their own stock, a clear effort to boost short-term stock prices and save CEO Rodney McMullen’s job by lining the pockets of its already wealthy shareholders.
Statement for the Record On Behalf of Americans For Financial Reform Before the Senate Banking, Housing, and Urban Affairs Committee Hearing on “Consumer Protection: Protecting Workers’ Money and Fighting for the Dignity of Work” Wednesday, December 11, 2024 Americans for Financial Reform Education Fund (AFREF) appreciates the opportunity
Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to shield consumers from unscrupulous data brokers that sell sensitive personal and financial information, a vital step in both protecting online privacy and limiting fraud.
Signs are mounting that the second Trump administration will try, like the first iteration, to undermine the Consumer Financial Protection Bureau’s mission and capacity to safeguard the rights and wallets of families throughout the United States.
Following the 2024 elections, Americans for Financial Reform will redouble our commitment to build a fairer, more racially just, and more inclusive economy and society. We must stop Wall Street from writing rules of the game that concentrate wealth at the top and make life more difficult and insecure for everyone else. People — across all parties and demographics — consistently and strongly support curbing Wall Street’s corrosive control of the economy and protecting families from the predatory and extractive financial industry.
The Stop Wall Street Looting Act of 2024 includes new measures to curb the growing power of private equity across the board and in key sectors of the economy like healthcare, and to penalize private equity firms and executives for their actions that harm a company and its workers even after they no longer control it. Lessons from the 2023 collapse of Steward Health Care, which stemmed from its 2010 buyout by private equity firm Cerberus Capital Management, shaped the new provisions.
Biden administration efforts to address challenges created by medical debt, highlighted at a White House meeting today, will curb its harmful impacts, including distorted credit reports and abusive collection practices. The impacts are a widespread problem for millions of people, but disproportionately harm communities of color.