Category Archives: Uncategorized

sign for the CFPB outside a building

News Release: Republicans Betray the People, Side with Big Banks, Big Tech, and Elon Musk

The House majority today chose to give Wall Street banks free reign to charge outrageous overdraft junk fees and to abandon oversight of payment apps run by Big Tech and Elon Musk. Along partisan lines, the House voted to roll back two popular safeguards created by the Consumer Financial Protection Bureau (CFPB). Already passed by the Senate, the measures now go to President Trump to be signed into law.

News Release: Organizations Urge Justice, Banking Regulators to Block Capital One-Discover Merger

Today, American Economic Liberties Project, Americans for Financial Reform Education Fund, National Community Reinvestment Coalition, and Public Citizen sent a letter to the U.S. Department of Justice, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) urging them to block the proposed Capital One-Discover merger under federal antitrust and banking statutes.

Letters to Congress: Letter in Opposition to SB 21

View or download a PDF of the letter here. Americans for Financial Reform, Consumer Federation of America, and Public Citizen led a letter in opposition to Delaware Senate Bill 21 (SB 21) with 29 additional signatories. If passed, SB 21 would overhaul Delaware corporate law

News Release: Trump Administration Joins Big Banks to Roll Back Protection on Junk Fees

The Trump administration has joined a group of big banks in an effort to destroy a vital safeguard against credit card junk fees that would have saved consumers $10 billion per year. As documented by AFR’s Wall Street Ripoff Counter, every day this CFPB rule is not in place, credit card users lose $2.7 million. To date, the bank lawsuit and now the Trump administration actions have cost consumers over $8.3 billion.

Blog: Trump CFPB Drops Case against Zelle, Siding with Banks Over Defrauded Users

The Trump-appointed CFPB leadership dropped its case against digital payment app Zelle, a joint venture between Wells Fargo, JPMorgan Chase, and Bank of America,  delivering a de facto pardon to the company for failing to protect its users from fraud and identity theft that cost customers more than $870 million over seven years. The move comes only a day before the Republican Senate is expected to vote on legislation to permanently weaken oversight of digital payment apps.