News Category: AFR in the News
In the News: 10 Inequality Victories in 2024 (Inequality.org)
“Weakening the CFPB, slowing its work, or steering it to favor industry over the public interest,” explains the advocacy group Americans for Financial Reform, “would give bad actors a green light to do their worst and further deepen this country’s racial wealth gap.”
In the News: Opinion: The Consumer Financial Protection Bureau has irked billionaires, but it serves the public well (The Los Angeles Times)
The billionaire Elon Musk and the California venture capitalist Marc Andreessen have started a debate about the role of government that we should be having — but it might not go the way they would hope. They don’t like government agencies that stop corporations like theirs from ripping off consumers.
In the News: Crypto Could Barrel Us Into Another Financial Crisis (Jacobin)
“I think you could sort of look at this . . . as a signpost for the future,” said Mark Hays, associate director for cryptocurrency and financial technology at the consumer advocate group Americans for Financial Reform. “If things go wrong, a report like this is one of those things that you look back on to say, ‘What were the early warning signs?’”
In the News: New Federal Rule Limits Overdraft Fees at Large Banks (The New York Times)
“High overdraft fees make it harder for customers to be able to return back to a positive balance,” [said Christine Chen Zinner, senior policy counsel at Americans for Financial Reform.] “It contributes to involuntary account closures, even from customers being blocked out of the banking system altogether.”
In the News: Trump’s Pick for SEC Chair Blamed the US for FTX Crypto Disaster (Bloomberg)
While the crypto industry is hoping for a more friendly regulatory environment, Mark Hays, associate director for cryptocurrency and financial technology at watchdog group Americans for Financial Reform, warned that there are risks from this.