Statement of Alexis Goldstein, AFR’s Senior Policy Analyst, in response to President Biden’s comments on student debt cancellation at the Milwaukee, Wisconsin Town Hall: President Biden’s Racial Economic Equity campaign plan called for an “immediate cancellation of a minimum of $10,000 in federal student loan
AFR Ed Fund joined our colleagues to send a letter opposing the National Credit Union Administration’s proposal to permit federal credit unions to leave negative account balances open for longer than the current limit of 45 days without any limits on overdrafts, overdraft fees, or NSF fees that can be assessed during this period. This proposal fails to consider the substantial risks it poses on credit union members who are facing economic challenges during the pandemic by exposing them to additional fees that only compound their financial distress.
AFR wrote a letter to Congress providing a number of policy recommendations that would help reign in SPAC mania and better protect investors.
Americans for Financial Reform Education Fund organized a letter to the Federal Reserve Board (FRB) in response to their advanced notice of proposed rule making (ANPR) on the Community Reinvestment Act (CRA). The letter outlined a number of guiding principles and approaches to ensure that any changes to the CRA framework would be limited to measures that will increase equity in bank investments and access to sustainable, wealth-building credit in underserved communities as the statute intended.
AFR joined a letter strongly supporting the Force Arbitration Injustice Repeal Act (FAIR Act). The letter stated that the legislation would ensure that workers, consumers, servicemembers, nursing home residents, ordinary investors, and small businesses harmed by bad actors will be able to bring valid claims in court, and would not be forced into private, secretive, corporate-controlled arbitration systems required by nonnegotiable contracts. It argued for the particular need for Congress to move forward with this legislation in light of the economic hardship facing working families during the pandemic.
AFR joined a letter urging Congress to expand assistance to homeowners in the upcoming COVID-19 relief package. The letter, which followed a previous letter to the Biden Administration urging for similar protections, requested that the upcoming COVID relief package include $25 billion for direct assistance to homeowners, with the bulk of the funds deployed through state housing finance agencies through the Homeowner Assistance Fund and including at least $100 million for housing counseling and $39.7 million for the Fair Housing Initiatives Program.
We, the undersigned 50 organizations, applaud Majority Leader Chuck Schumer, Senator Elizabeth Warren; Representatives Pressley, Adams, Bowman, Jones, Omar, and Torres; and Chairwoman Waters for their bicameral resolution urging President Biden to take executive action to cancel up to $50,000 in federal student loan debt using legal authorities already granted by Congress. Cancelling student debt will provide both immediate financial relief to millions of Americans and crucial economic stimulus for everyone during this protracted crisis. This action would also boost GDP and job creation at a time of intense labor shocks and economic uncertainty.
AFR joined a letter with our partners The National Consumer Law Center, Center for Responsible Lending, Consumer Action, Consumer Federation of America, and USPIRG commenting on the CFPB’s Advanced Notice of Proposed Rulemaking regarding consumer access to financial records. The letter responded to several questions from the CFPB to assist in developing a proposed rule to implement Section 1033 of the Dodd Frank Wall Street Reform and Consumer Protection Act. It called for a rule that would ensure control and protection for consumers accessing their own account data.
AFR joined a letter expressing strong support for the nomination of Rep. Marcia Fudge as the next Secretary of the Department of Housing and Urban Development. The letter cited Rep. Fudge’s stand-out qualifications, her long track record of working across party lines and with a wide range of stakeholders, and her demonstrated lifelong commitment to advancing the civil rights of all people. It urged the Senate to support her prompt confirmation.
Americans for Financial Reform joined a letter to the Biden administration highlighting the critical budget-related items that would help consumers in any upcoming Covid legislation. The letter urged President Biden to halt garnishment and offset certain tax refunds, fund a Housing Assistance Fund and housing counseling, and cancel student debt.