Category Archives: Letters to Regulators

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Letter to Regulator: Over 700 National, State and Community Organizations Call for a Strengthened Final Rule on Payday and Car Title Lending

We, the undersigned 724 civil rights, consumer, labor, faith, veterans, seniors, business, and community organizations from all 50 states, write to urge that you ensure the current rulemaking concerning payday, car title, and high‐cost installment loans ends the debt trap. A strong rule must be free of loopholes that will allow predatory practices to continue.

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Letter to Regulators: AFR Urges the CFPB to Restrict Forced Arbitration

“Americans for Financial Reform (“AFR”) appreciates this opportunity to comment on the above referenced proposed rule (the “Rule”) by the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) to restrict the use of forced arbitration clauses in consumer finance contracts. Forced arbitration is a system designed to leave consumers with no practical ability to enforce their most basic rights and protections.”

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Joint Letter: AFR and 280 Allies Strongly Support CFPB Action Against Forced Arbitration

“The undersigned… organizations strongly support the Consumer Financial Protection Bureau (CFPB)’s proposed rule to limit pre-dispute binding mandatory (or forced) arbitration clauses in consumer finance contracts. The CFPB rule, which will restore consumers’ ability to band together in court to pursue claims, is a significant step forward in the ongoing fight to curb predatory practices in consumer financial products and services and to make these markets fairer and safer. “

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Letter to Regulators: AFR Comments to SEC on Corporate and Financial Disclosures

“This extensive concept release poses many questions concerning technical and detailed issues of disclosure. It is also part of a larger set of efforts relevant to financial disclosures, including the Disclosure Effectiveness Initiative, the Reg S-K study mandated by the JOBS Act, the recent proposed changes to materiality standards by the Financial Accounting Standards Board (FASB), and the lengthy and highly technical proposed rule on Disclosure Update and Simplification released on July 13th.”

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Letter to Regulators: Over 10,000 AFR Members call on Dept of ED to Protect Scammed Students

Over 10,000 members of Americans for Financial Reform signed a petition calling on the Department to provide full loan relief to defrauded students, provide automatic loan cancellation when there is sufficient evidence of a school’s wrongdoing, not impose time limits on relief for defrauded borrowers, and close gaping loopholes allowing unscrupulous schools to prevent injured students from having their day in court.