Category Archives: Letters to Regulators

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Letter to Regulators: AFR, 21 organizations call on FHFA to include language preference on mortgage applications

“We are writing in response to the letter you received recently from a number of industry trade groups opposing the inclusion of preferred language data fields in the redesigned Uniform Residential Loan Application (URLA)… The URLA redesign presents a unique and unprecedented opportunity to take an important first step towards addressing equitable access to the mortgage market for LEP consumers and we strongly urge you to include preferred language data fields.”

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Letter to Regulators: AFR Comments on the Fed’s Proposed Rule on Credit Limits

“Americans for Financial Reform (“AFR”) appreciates the opportunity to comment on the Federal Reserve Board’s (the “Board”) Notice of Proposed Rulemaking (“Proposed Rule” or “Proposal”) on the above-mentioned rule. Section 165 of the Dodd-Frank Act mandates the imposition of single counterparty credit limits (SCCL), and significantly expands the range of exposures that are captured under such limits. This Proposed Rule is a re-proposal of the Board’s original 2011 proposal regarding credit exposure limits, and makes a number of changes to the original proposal. ”

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Letter to Regulator: AFR Comments to Basel Committee On Bank Transparency

“Given the complexity of the regulations now applying to global banks, a comprehensive new set of disclosures is absolutely necessary in order to help both investors and civil society organizations such as ourselves understand bank activities. A clear and consistent set of public disclosures should also be helpful for financial regulators, who under the U.S. system do not always have access to bank supervisory data that may be relevant to the markets they oversee.”

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Letter to Regulators: AFR Supports Strong Consumer Protections in FCC Robocalls Rule

Because of the significant harm caused by these robocalls from debt collectors, AFR is very supportive of the consumer protections proposed by the FCC in this rulemaking. The Commission has also proposed two other very important provisions that we think are good, but that need to be improved — including narrowing its limit of three allowable calls per month per loan to three calls per month per servicer.

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Joint Letter: AFR and 7 allies call for crackdown on another private equity tax dodge

“Unlawful monitoring fee deductions… have been claimed by the private equity industry on an annual basis for many years… Hundreds of millions, if not billions, of tax revenue is lost each and every year of enforcement delay because of the statute of limitations. We hope and expect the IRS to actively, vigorously, and expeditiously enforce current law with respect to ongoing monitoring fee arrangements.”

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Joint Letter: AFR, 163 Groups Call for Strong CFPB Action Against Forced Arbitration

“Yesterday, 164 organizations that advocate on behalf of consumers, students, civil rights, labor, small business, and more, sent a letter to the Consumer Financial Protection Bureau (CFPB), urging the agency to use its Congressional authority to restrict forced arbitration – the abusive practice in which corporations bury “ripoff clauses” in the fine print of take-it-or-leave-it contracts to block consumers from challenging hidden fees, fraud, and other illegal behavior in court.”