“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.
“We are writing to urge you to oppose H.R. 5063, which would categorically prohibit federal settlements from including payments or in-kind relief to third-party organizations or others who were not direct victims of a defendant’s illegal conduct… Passage of this bill would make it substantially more difficult for settlements to provide relief to reach those harmed by illegal activity. “
“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.”