A coalition of 64 civil rights, consumer, labor, technology, and other advocacy groups delivered a letter to the House Financial Services Committee (HFSC) opposing the Unleashing AI Innovation in Financial Services Act (H.R. 4801). The legislation would allow financial firms that use AI to request waivers from civil rights, consumer, and investor protection laws, exposing consumers, investors, workers saving for retirement, the financial industry, and the economy to substantial risks with very little if any regulatory safeguards or accountability.
AFR joined a nationwide effort led by Food & Water Watch and more than 230 national, state, and local groups to urge a national moratorium on the approval and construction of new data centers.
Americans for Financial Reform Education Fund and Public Citizen sent a letter in response to the California Department of Insurance’s Long-Term Solvency Planning Proposal, highlighting the need for insurers to comprehensively address both physical and transition risks across underwriting, investing, and operations.
ARFEF joined 28 consumer, racial, and economic justice organizations to oppose the FHFA’s proposed rule that would greatly reduce the number of affordable mortgages for U.S. borrowers.
AFREF filed comments in opposition to giving Coinbase, the nation’s biggest cryptocurrency exchange, its own bank charter. The proposed new crypto bank would impermissibly combine commerce and banking, create giant risks to the financial system and economy when the next crypto crash inevitably occurs.
AFREF and 51 consumer, economic justice, and privacy advocacy groups urged the Consumer Financial Protection Bureau to maintain the personal financial data rights rule that created some of the strongest data privacy safeguards in the nation.
