Category Archives: Letters to Regulators

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Joint Letter: Letter Urging the Biden Administration to Provide Greater Assistance for Homeowners in COVID Relief Plan

AFR joined a letter urging President-Elect Biden to expand assistance to homeowners in the upcoming COVID-19 relief package. The letter called on the Biden administration to support the establishment of a Housing Assistance Fund, provide funding for HUD-approved housing counseling agencies and legal assistance, and to support several legislative measures to prevent the coming tsunami of foreclosures that likely will be concentrated in low-income communities and communities of color.

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Empty chairs in a college auditorium - Photo by Nathan Dumlao on Unsplash

News Release: Over 325 Orgs Call on President-Elect Biden to Cancel Federal Student Debt on Day One using Executive Action

Today, more than 325 organizations sent an updated letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. The letter highlights that cancelling student debt would stimulate the economy, help reduce racial wealth gaps, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy.” Further, this action would be an important first step in advancing the President-Elect’s campaign priorities to ensure racial equity, focus on economic recovery, and deliver COVID-19 relief. 

classroom with students and a student with a backpack standing up with papers - Photo by javier trueba on Unsplash

Joint Statement: President-Elect Biden Should Cancel Student Debt Through Executive Action

The absence of a legislative request to cancel student debt in Biden’s “American Rescue” plan heightens the urgent need for President-Elect Biden to cancel student debt administratively. Overwhelming research shows that student debt cancellation would provide dramatic relief particularly in low-income neighborhoods and among communities of color that are disproportionately burdened by ballooning debt. We hope the absence of debt cancellation in this package is a clear indication that President-Elect Biden is planning to act quickly to use his authority to cancel student debt through executive action. We look forward to working with him to do that.

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Joint Statement: Advocates urge President-elect Joe Biden to provide more student debt relief

We welcome the announcement that President-Elect Biden plans to extend the student loan payment pause. However, we encourage him to take immediate executive action on student debt cancellation. We know President-Elect Biden realizes how important student debt relief is, and how many other battles Congress will have in this critical moment. The surest way to get immediate cancellation is through executive action.

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Letters to Regulators: Joint Letter Opposing the VA’s Proposed COVID-19 Veterans Assistance Partial Claim Payment Program

AFR Education Fund signed onto a letter opposing the VA’s Proposed COVID-19 Veterans Assistance Partial Claim Payment Program. The letter stated that the proposal cannot achieve its goal of providing a solution for veteran borrowers’ COVID hardships, and urged the VA to revise the proposal to align with existing programs at FHA, USDA, and the Government Sponsored Enterprises. Specifically, the letter stated that the VA should not require monthly payments, funds should not accrue interest, access to the program should be streamlined, and the program should not have a limited time window for relief.

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Letters to Regulators: Predatory Lending Joint Letter Opposing the OCC’s Notice of Proposed Rulemaking “Fair Access to Financial Services”

Americans for Financial Reform Education Fund signed onto a predatory lending letter opposing the OCC’s Notice of Proposed Rulemaking “Fair Access to Financial Services.” The letter urged the OCC to withdraw the proposed rulemaking in its entirety, on the basis that it was inconsistent with the agency’s fundamental charges to ensure safety and soundness, consumer protection, fair lending, and the aims of the Community Reinvestment Act. The letter stated that the OCC did not have the authority to make such a proposal, and that it created an unmistakable and absolute conflict by pressuring banks to finance lenders whose models are driven by unaffordable lending.

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