Letters and Statements Archives - Page 38 of 48 - Americans for Financial Reform

Letter to Regulators: 34 Organizations Call For Stronger Protections For Consumers with Limited English Proficiency Against Abusive Debt Collection

This letter addresses the CFPB’s proposal related to increasing access to the Fair Debt Collection Practices Act’s protections for Limited English Proficient (LEP) consumers. …Many of these individuals participate in the consumer credit marketplace, but may have greater difficulty navigating the market, especially when debts go into collection and consumers face the legal implications of unpaid debt.”

AFR Statement: House Bill Would Let Banks and Lenders Keep Ill-Gotten Gains

“The House passed legislation to effectively kill class action lawsuits, which are often consumers’ only chance to fight back against repeated corporate fraud and scams… ‘If this bill becomes law, those ill-gotten gains will instead be used to pad Wall Street’s bottom line,’ said Lisa Donner, Executive Director of Americans for Financial Reform… ‘H.R. 985 gives banks and lenders a license to steal and encourages more scandals like Wells Fargo’s fake account opening.'”

AFR Statement: Hensarling Budget Plan Delights Wall Street But Hurts Everyone Else

The chairman’s opening move in this year’s budget debate might delight Wall Street, but it would make life harder and more dangerous for the rest of us. His plans would make it easier for big banks and predatory lenders to rip off their customers, and easier for Wall Street billionaires to crash the economy — again.

AFR Policy Brief: The Volcker Rule And Market Making in Times Of Stress

” ‘The Volcker Rule And Market Making In Times of Stress’ paper does not represent the official view of the Federal Reserve, and is not a Federal Reserve Report. …It is simply false to present this paper as demonstrating that the Volcker Rule has created market costs that exceed its risk reduction benefits.”

Letters to Regulators: Federal Reserve Commodity Proposal

“AFR strongly supports measures to both limit and control risks of physical commodity involvement at financial holding companies. …Specifically, we support the new consolidated limits on the total size of commodity holdings, the capital increase to 300 percent risk weights applied to commodities held under 4(k), and more…”

Joint Statement: 104 Organizations Respond to Sen. Carper’s interest in exploring changes to CFPB structure

“With a single director at its head the CFPB is doing exactly what it is supposed to do. It has recovered $12 billion for over 29 million people. The only plausible reason to change it, after nearly 6 years of good work, is to stop that good work from happening. The banks and predatory lenders who are pushing this want to be able to abuse consumers with impunity. There is no good reason to enable them.”

AFR Statement: Senators should oppose the nomination of Steven Mnuchin

“The majority on the Senate Finance Committee has chosen to ignore lies and evasions, to ram through a nomination in defiance of its own procedures, and to all vote YES despite both the known facts about Steven Mnuchin’s bank’s abusive and sometimes illegal foreclosure practices, and serious unanswered questions on this and other matters. The minority on the committee did the right thing in demanding responses before a vote, every remaining Senator should demand the same before a floor vote is scheduled, and they should vote no when it comes before them. The country needs a Treasury Secretary who will stand up for the public interest, not another representative of Wall Street in government.”

AFR Statement: AFR Urges the Senate to Reject Betsy DeVos for Education Secretary

“It is crucial that any nominee for Education Secretary of the Department of Education not only affirm the need to enforce existing rules that seek to protect both students and taxpayers from fraud, but also clearly articulate plans to rapidly pursue additional automatic group discharges. Betsy DeVos has done neither. Americans for Financial Reform urges the members of the Senate to reject Betsy DeVos’s nomination as Secretary of the Department of Education.”

AFR Statement: Navient attempts to evade responsibility for breaking the law

Navient’s CEO Jack Remondi lashed out at the Consumer Financial Protection Bureau for daring to do its job to protect student loan borrowers from up to $4 billion in unnecessary interest charges caused by Navient’s illegal servicing practices. Remondi’s complaints are a deceptive and self-interested attempt to evade responsibility for breaking the law.

AFR Statement: CFPB, state attorneys general fight for student borrowers in lawsuit against Navient

We welcome the news that the Consumer Financial Protection Bureau took action to protect student loan borrowers today by suing Navient for steering struggling borrowers toward paying more than they had to on their loans. The Bureau is joined by state attorneys general from Illinois and Washington, who today both filed their own lawsuits. This action makes clear why we need a strong, independent CFPB under the leadership of Director Cordray, whose work is putting billions of dollars back in the pockets of the people who earned them, rather than the coffers of companies who stole from them.