Americans for Financial Reform

Government Category: Advocacy Documents

Amicus Brief: Chamber of Commerce v. CFPB Amicus Brief filed

Americans for Financial Reform recently joined several consumer protection organizations in an amicus brief in Chamber of Commerce v. CFPB, which was filed by Democracy Forward in the 5th Circuit in August 2024. This brief supports the CFPB’s 2022 clarification in its Supervision and Examination Manual that “discriminatory acts or practices” in the provision of financial services may be “unfair” under the Dodd-Frank Act. The brief asks the 5th Circuit to reverse the judgment of the district court, and hold that the CFPB has statutory authority to consider discriminatory conduct an “unfair” practice.

Letter to California Legislature: Support SB 219 Timeline for Climate Risk Disclosure

Americans for Financial Reform joined a coalition letter to the California Assembly Natural Resources Committee supporting the passage of SB 219 offering technical amendments to the recently passed historic Senate Bill 253, the Climate Corporate Data Accountability Act, and Senate Bill 261, the Climate-related Financial Disclosure Act. The bill would grant the California Air Resources

Letter to the Regulators: AFREF Comments to Department of Treasury Regarding Request for Information on AI in Financial Services

AFREF submitted a comment regarding a request for information on uses, opportunities, and risks of artificial intelligence in the financial services sector. The comment notes that while artificial intelligence (AI), including machine learning and generative models, could potentially transform the financial services industry, insufficiently robust AI regulatory oversight and supervision can harm consumers by amplifying discriminatory patterns in credit markets, increasing consumer costs, and creating barriers to accessible credit. To address these harms, federal regulators should pursue a rights-based and not solely a risk-based approach.

Letters to the Regulators: AFREF and CRL submit comment demonstrating structural racism roots of racial disparities in medical debt

Americans for Financial Reform Education Fund and the Center for Responsible Lending support the rule to prohibit creditors and consumer reporting agencies from using medical debt information for credit eligibility determinations. The rule is essential to protect families from the negative impacts of medical debt on their health and their finances. But the rule is especially important to protect Black, Latine, and other people of color who are more likely to have medical debt burdens.