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Statements and Press Releases

News Release: Consumer and Civil Rights Groups Send Letters to FDIC, OCC, and Fed Urging them to Prevent Bank Payday Loans
June 11, 2019 – 1:43 pm

Today, Americans for Financial Reform joined a coalition of national consumer and civil rights groups in writing to top banking regulators on the importance of preventing banks from once again issuing payday loans that trap people in a cycle of debt.

News Release: Statement on SEC Approval of Reg BI
June 5, 2019 – 12:10 pm

Today, the SEC finalized a rule that will allow financial professionals to claim they are required to act in investors’ best interests. But “Regulation Best Interest” falls far short of what ordinary investors need to ensure they don’t fall prey to self-interested advice.

News Release: AFR and Take on Wall Street Coalitions Applaud Inclusive Prosperity Act
May 22, 2019 – 4:37 pm

On Wednesday, Senator Sanders (I-VT) and Representative Lee (D-CA) introduced the Inclusive Prosperity Act, a bill that would impose a sales tax of 50 cents, 10 cents, and 1/2 a cent per $100 on each trade of stock, bonds and derivatives respectively.

News Release: In Comprehensive Official Comment Letter, Broad Coalition Rebukes Trump-Appointed CFPB Director’s Plan To Gut Payday Loan Rule
May 16, 2019 – 9:57 am

Americans for Financial Reform Education Fund, as part of a coalition of civil rights, consumer, and labor groups, submitted an official comment letter to the Consumer Financial Protection Bureau excoriating CFPB Director Kathy Kraninger’s proposal to gut a 2017 rule that was issued to stop payday loan debt traps. The coalition’s comment letter, submitted on the last day of the comment period, is a comprehensive rebuttal to Kraninger’s rationales for rolling back consumer protections on payday loans.

News Release: Statement On SEC Auditing Decision
May 9, 2019 – 11:32 am

Everyone who lived through the ENRON debacle, the 2008 financial crisis, or high school math class knows that when it comes to complex calculations, it’s good practice to have someone else check your work to confirm that you got it right.

News Release: Regulator’s New Plan Opens Door to Texts and Emails from Debt Collectors
May 7, 2019 – 4:04 pm

“If you’re one of the millions of Americans who have dealt with constant harassment from debt collectors, you’re going to be dismayed, because the proposed rule expressly authorizes more ways to harass you,” said Linda Jun, senior policy counsel at Americans for Financial Reform.

News Release: AFR Statement On House Hearing On Auto Lending Discrimination
May 1, 2019 – 11:40 am

“A car is fundamentally important to many Americans ability to get to work and to take care of themselves and their families,” said Rion Dennis, advocacy and legislative strategist, at Americans for Financial Reform. “Congress, and the regulators – including both the CFPB and the FTC – need to take forceful action to end the injustice of people of color being charged more to purchase and drive one.”

As House Convenes on Predatory Lending, Consumer Advocates Press for Congressional Action on Payday Debt Traps
April 30, 2019 – 11:35 am

This afternoon, the House Financial Service subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “Ending Debt Traps in the Payday and Small Dollar Credit Industry.”