AFR Ed Fund joined our colleagues to send a letter opposing the National Credit Union Administration’s proposal to permit federal credit unions to leave negative account balances open for longer than the current limit of 45 days without any limits on overdrafts, overdraft fees, or NSF fees that can be assessed during this period. This proposal fails to consider the substantial risks it poses on credit union members who are facing economic challenges during the pandemic by exposing them to additional fees that only compound their financial distress.
AFR wrote a letter to Congress providing a number of policy recommendations that would help reign in SPAC mania and better protect investors.
AFR joined a letter strongly supporting the Force Arbitration Injustice Repeal Act (FAIR Act). The letter stated that the legislation would ensure that workers, consumers, servicemembers, nursing home residents, ordinary investors, and small businesses harmed by bad actors will be able to bring valid claims in court, and would not be forced into private, secretive, corporate-controlled arbitration systems required by nonnegotiable contracts. It argued for the particular need for Congress to move forward with this legislation in light of the economic hardship facing working families during the pandemic.
AFR joined a letter urging Congress to expand assistance to homeowners in the upcoming COVID-19 relief package. The letter, which followed a previous letter to the Biden Administration urging for similar protections, requested that the upcoming COVID relief package include $25 billion for direct assistance to homeowners, with the bulk of the funds deployed through state housing finance agencies through the Homeowner Assistance Fund and including at least $100 million for housing counseling and $39.7 million for the Fair Housing Initiatives Program.
AFR joined a letter with our partners The National Consumer Law Center, Center for Responsible Lending, Consumer Action, Consumer Federation of America, and USPIRG commenting on the CFPB’s Advanced Notice of Proposed Rulemaking regarding consumer access to financial records. The letter responded to several questions from the CFPB to assist in developing a proposed rule to implement Section 1033 of the Dodd Frank Wall Street Reform and Consumer Protection Act. It called for a rule that would ensure control and protection for consumers accessing their own account data.
