CFPB issued a final regulation ensuring that consumers can join together to challenge financial fraud and scams in court. The rule limits the use of forced arbitration, a process Wall Street banks and predatory lenders use to evade accountability and keep their misconduct out of the public eye.
Today at a public hearing at the Department of Education, AFR’s senior policy analyst gave testimony about the need to enforce the Borrower Defense and Gainful Employment regulations, not to reopen or dismantle them. Here is her testimony, as prepared for delivery: “I can’t believe we’re here again. Just last year, the Department of Education
It would gut the Consumer Financial Protection Bureau, enable reckless behavior by big banks, and hand a special favor to payday lenders. Lawmakers should reject this legislation out of hand.
The OCC’s proposals would directly weaken financial regulatory protections and push aside other agencies so the OCC could take critical guardrails off of Wall Street on its own
Americans for Financial Reform strongly condemns the decision by Secretary of Education Betsy DeVos to abandon the victims of predatory colleges by delaying the Borrower Defense rule. This is a slap in the face to defrauded Americans, and a stunning admission by the Department of Education that they intend to place wealthy for-profit college executives ahead of students striving for a better life.
Treasury proposal advances ideas that have been pushed by industry lobbyists since Dodd-Frank was passed. We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders.