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.
Insurance companies played a significant role in the 2008 financial crisis, both directly and indirectly. American International Group (AIG), the world’s largest insurance group at the time, was at the epicenter of the crisis, and of course collapsed and required the largest government bailout in U.S. history.
“In considering the topic of today’s hearing – the implications of the Financial Stability Board for U.S. growth and competitiveness – I believe the starting point should be the actual powers and responsibilities of the Financial Stability Board (FSB). “
“The undersigned consumer, fair lending, community and privacy organizations write to express our strong opposition to provisions included in the Financial CHOICE Act (H.R. 5983) that would severely undermine the effectiveness of the Consumer Financial Protection Bureau’s (CFPB) consumer complaint database. We also oppose two similar standalone bills, H.R. 5491 and H.R. 5413 (the CFPB Data Accountability Act). “
“…we are writing to express our strong opposition to the “Financial CHOICE Act” (H.R. 5983) and to urge you to vote against this measure. Passage of this legislation would have a devastating effect on the ability of regulators to protect consumers and investors from exploitation and the economy from financial risk. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to heightened risk of instability and crisis. “
AFR and 5 other organizations urge Congress to reject HR 5424, a dangerous bill that would allow private funds to evade SEC examinations, and to distribute misleading and even fraudulent advertising materials.
