In the News

A coalition of 40 organizations sent letters to the committee on April 14, 2026, urging passage of all four. The groups range from wildfire survivor networks in Altadena and Pacific Palisades to the California Nurses Association, Consumer Watchdog, the Consumer Federation of America, the Center for Biological Diversity, Americans for Financial Reform, and dozens of community organizations across the state. Former California Insurance Commissioner Dave Jones is among the signatories.

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Similar comments came from Tom Feltner, associate director of consumer policy at Americans for Financial Reform. “Rather than cutting enforcement, supervision, and outreach staff, we should be strengthening the capacity of those offices to hold financial wrongdoers accountable, prevent emerging risks like those that caused the 2008 financial crisis, and prevent the wave of scams making everyone’s lives more difficult and more expensive,” said Feltner.

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“We applaud the Mamdani administration for taking a courageous step to maintain the affordability and safety of New York City’s affordable housing and rent-stabilized apartments. We need new solutions because the market has failed to provide a workable insurance product for this housing stock,” said Caroline Nagy, associate director of housing at Americans for Financial Reform Education Fund. “A mission-driven, city-run property insurance program will provide better rates and more reliable coverage for landlords than private insurance companies who seek higher premiums and avoid payouts to maximize profits.”

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In 2025, bank regulators took a variety of actions that might appear to resemble the “light touch” regulatory landscape that contributed to the 2008 crisis. Americans for Financial Reform believe that the roll-back of prudential safeguards is “setting the stage for the next financial crisis by making banks more fragile and more susceptible to collapse.” Regulatory agencies have reduced the oversight of banks and non-bank institutions alike, and recalibrated eSLR to support liquidity.

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The Equal Tax Act is endorsed by the AFL-CIO; American Federation of Teachers; AFSCME; Responsible Wealth; Voices for Progress; Americans for Tax Fairness; Institute for Policy Studies, Global Economy Project; National Women’s Law Center Action Fund; United for a Fair Economy; Coalition on Human Needs; Oxfam America; Public Advocacy for Kids (PAK); NETWORK Lobby for Catholic Social Justice; Equal Rights Advocates; Americans for Financial Reform; People’s Action; Housing Action Illinois; Accountable.US; American Friends Service Committee; MomsRising; the National Association of Social Workers; and Patriotic Millionaires.

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The groups sponsoring the bills include: 350 Conejo/San Fernando Valley, Affordable Homeownership Foundation Inc., Altadena CoLab, Americans for Financial Reform…

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The rapid growth of cryptocurrency has revolutionized global finance—but it has also opened the door to a surge in digital financial crime. A recent report highlighted in Americans for Financial Reform warns that rising crypto-related scams and fraud should serve as a critical wake-up call for lawmakers in Washington.

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Sources and references: World Economic Forum Future of Jobs Report 2025; Bureau of Economic Analysis PCE data (Q4 2025); Federal Reserve Bank of Boston credit card research (Hagler and Patki, 2025); Federal Reserve Bank of New York Household Debt and Credit Report (Q4 2025); Goldman Sachs AI productivity analysis (2026); National Bureau of Economic Research productivity paradox working paper; Americans for Financial Reform buyback analysis; Institute for Policy Studies Executive Excess Report 2024; Challenger, Gray & Christmas layoff data (2025); Federal Reserve Bank of Dallas consumption research; UC Berkeley service sector multiplier methodology.

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This article compiles reporting from multiple outlets, including Reuters, The Wall Street Journal, Bloomberg News, The New York Times, CNBC, Financial Times, Fortune, and CoinDesk, along with blockchain analytics firms such as Chainalysis and publicly available government records. Additional context comes from Americans for Financial Reform and congressional correspondence from Elizabeth Warren, Chris Murphy, Jamie Raskin, and the House Financial Services Committee minority.

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“Before the ink was dry on GENIUS, the crypto industry started really touting and marketing ways in which people could, still, secure yield in all but name on their platforms,” said Mark Hays, the associate director of cryptocurrency and financial technology at Americans for Financial Reform, a nonprofit group pushing for stricter crypto regulation.

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Americans for Financial Reform, an advocacy group that opposes the proposed rule, says the DOL is rushing to implement a flawed proposal that will benefit the alternative assets sector rather than 401(k) owners.

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“Rolling back those tools to level the playing field is only going to result in more abuses.” Tom Feltner, Associate director of Consumer Policy at Americans for Financial Reform, a consumer and investor advocacy group in Washington. The SEC and Commodity Futures Trading Commission are coordinating to usher in “a new golden age of regulatory coherence”, with the SEC dropping crypto enforcement cases and the CFTC seeking a bigger role in regulating crypto and prediction markets.

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The agency has cut back bank supervision visits by half and switched from in-­person to virtual examinations, according to agency memos. Millions of customer complaints, which have been used to start investigations, have been closed without monetary relief. “Rolling back those tools to level the playing field is only going to result in more abuses,” says Tom Feltner, associate director of consumer policy at Americans for Financial Reform, a consumer and investor advocacy group in Washington.

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Wider adoption of forced arbitration would erode trust in the capital markets, as well as being harmful to individual investors, writes a corporate governance advocate – By Natalia Renta, associate director of corporate governance and power at the Americans for Financial Reform Education Fund.

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Americans for Financial Reform Education Fund also commented on the decision and cautioned against risks to financial stability. The group raised issues related to fraud, money laundering, and market volatility in relation to crypto activities. Therefore, the charter’s revision continues to be debated in policy circles. Simultaneously, Coinbase continues to oppose regulations proposed by the US Securities and Exchange Commission concerning tokenized securities. The company argued that these restrictions could inhibit innovation and run contrary to how the market actually operates. Additionally, this conflict adds another dimension to its regulatory participation. The struggle between Coinbase and US banks underscores growing…

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Critical voices were not absent. The Independent Community Bankers of America sent a letter to the OCC calling the approval “a serious mistake” that would expose American consumers to risk. Americans for Financial Reform Education Fund argued that granting bank-like privileges without equivalent oversight could increase systemic exposure to volatility, fraud, and money laundering.

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The Americans for Financial Reform Education Fund is piling in too, saying that we need a lot tighter oversight as digital assets start to get more and more mainstream.

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Other financial watchdogs, like the Americans for Financial Reform Education Fund, have also criticized the move. They pointed out that it could expose the system to crypto-related volatility, fraud, and money laundering.

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Americans for Financial Reform Education Fund joined the chorus of concern, warning that the decision deviates from long-standing banking law and could expose the financial system to risks tied to crypto market volatility, fraud, and money laundering. The criticism comes as Coinbase’s bid to broaden its custody and market infrastructure footprint enters a federal regulatory arena that remains unsettled for many crypto activities.

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Americans for Financial Reform Education Fund also said the approval departs from long-standing principles upheld by banking law, warning it could expose the financial system to risks linked to crypto market volatility, fraud and money laundering.

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“Opening 401(k)s to these products risks turning workers’ retirement savings into a Ponzi-like scheme that throws a lifeline to an industry scrambling for fresh cash,” Oscar Valdés Viera, a senior policy analyst at consumer advocacy group Americans for Financial Reform, said in a statement.

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A wave of conditional national trust charters has landed in the hands of crypto companies, prompting pushback from trade groups and watchdogs like Americans for Financial Reform, which said Thursday that such charters “expose the broader financial system to the caustic volatility, fraud, and money laundering endemic to crypto markets.”

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Americans for Financial Reform Education Fund also criticized the decision, warning the approval departs from longstanding banking law and could expose the financial system to risks tied to crypto market volatility, fraud and money laundering.

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“This layoff plan retains some core functions, but, absent court review, there is nothing stopping CFPB leadership from firing the remaining staff down the line,” Tom Feltner, the associate director of consumer policy at the Americans for Financial Reform Education Fund and a former CFPB official, said in a statement.

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Durbin’s bill is endorsed by Social Security Works, Alliance for Retired Americans, Americans for Financial Reform, Consumer Federation of America, Public Citizen, American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), American Federation of Teachers (AFT), National Committee to Preserve Social Security and Medicare, and Strengthen Social Security Coalition.

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Americans for Financial Reform, a nonprofit advocacy group, argues that the current capital buffers are what prevented the 2020 recession and the 2023 regional bank failures from spiraling. AFR senior policy analyst Oscar Valdés Viera said in a March 20 press release, “Weakening them now, amid geopolitical chaos, turbulence in private markets, a potential AI-related bubble inflating, and signs of a slowing economy, is like closing your umbrella in the middle of a downpour because you are not getting wet.”

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Consumer advocacy groups have been sounding the alarm for months. The National Consumer Law Center called the proposed cuts “an existential threat to consumer protection in the United States.” Americans for Financial Reform warned that the decimation of the CFPB would leave consumers exposed to the same predatory lending practices that fueled the 2008 mortgage crisis. And former CFPB Director Rohit Chopra, who led the agency during the Biden administration, said in a statement that “dismantling the CFPB doesn’t eliminate the problems it was designed to address — it just means no one is watching.”

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Oscar Valdés Viera, senior policy analyst at Americans for Financial Reform, similarly warned that “opening 401(k)s to these products risks turning workers’ retirement savings into a Ponzi-like scheme that throws a lifeline to an industry scrambling for fresh cash.”

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“This isn’t about advancing the interests of retirement savers, it is about opening a new profit center for crypto and Wall Street.” — Oscar Valdés Viera, Senior policy analyst, Americans for Financial Reform

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However, the rule received fierce pushback from investor protection advocates, including Americans for Financial Reform. Senior Policy Analyst Oscar Valdés Viera called the proposal “a dangerous rule,” steering workers’ retirement savings into “risky, opaque, high-fee” investments.

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The proposal has drawn praise from Wall Street firms and industry groups, including BlackRock $BLK +0.96%, the Managed Funds Association, and the Defined Contribution Alternatives Association. Consumer advocates have pushed back. “Opening 401(k)s to these products risks turning workers’ retirement savings into a Ponzi-like scheme that throws a lifeline to an industry scrambling for fresh cash,” Oscar Valdés Viera of Americans for Financial Reform said in a statement.

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“Prediction markets have turned democracy itself into a casino by allowing gambling on American elections, government actions, or military intervention,” Patrick Woodall, managing director at the nonprofit Americans for Financial Reform, said in a statement supporting the analogous Democratic-led STOP Corrupt Bets Act.

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“Our tax system is unjust. It is littered with loopholes that benefit the ultrawealthy, allowing them to game the system while working people pay higher rates than Wall Street’s billionaires and multi-millionaires. The Ultra-Millionaire Tax is a key policy needed to make the superrich pay their fair share of taxes and build an economy that works better for the rest of us,” Ericka Taylor, Co-executive Director of Americans for Financial Reform.

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* The bill has been endorsed by major public interest groups including Project On Government Oversight, Public Citizen and Americans for Financial Reform.

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“Our tax system is unjust. It is littered with loopholes that benefit the ultrawealthy, allowing them to game the system while working people pay higher rates than Wall Street’s billionaires and multi-millionaires. The Ultra-Millionaire Tax is a key policy needed to make the superrich pay their fair share of taxes and build an economy that works better for the rest of us,” Ericka Taylor, Co-executive Director of Americans for Financial Reform.

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“Prediction markets have turned democracy itself into a casino by allowing gambling on American elections, government actions, or military intervention,” said Patrick Woodall, managing director at Americans for Financial Reform. “Government officials should not be able to leverage their access to confidential information to game prediction markets and unfairly enrich themselves. The STOP Corrupt Bets Act prevents connected officials from getting rich by trading on inside information and restores some needed trust and confidence in the U.S. government.”

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Consumer advocacy groups have flagged similar concerns. Tom Feltner, associate director of consumer policy at Americans for Financial Reform, warned that the chain linking influencers, fintech apps, and partner banks requires careful scrutiny. “When you mix hundreds of millions of followers with a bank that is defined by regulatory failures, missing deposits, you really are creating a recipe for a major disaster,” Feltner said.

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The PRO Manufactured Home Communities Act is endorsed by: ROC USA, National Consumer Law Center (on behalf of its low-income clients), Private Equity Stakeholder Project, MHAction, Americans for Financial Reform, National Manufactured Home Owners Association (NMHOA), National Housing Law Project, National Low Income Housing Coalition

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The legislation is cosponsored by U.S. Senators Elizabeth Warren (D-MA), Peter Welch (D-VT), Bernie Sanders (I-VT), Tina Smith (D-MN), and Mazie Hirono (D-HI). It also receives endorsements from consumer advocacy groups: Consumer Federation of America, American Economic Liberties Project, Americans for Financial Reform, Consumer Action, National Association of Consumer Advocates, National Consumer Law Center on behalf of its low-income clients, National Consumers League, Public Citizen, and Woodstock Institute.

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Scott also introduced into the record two letters arguing against the legislation—one from several former Department of Labor officials who worked in both Democratic and Republican administrations, and another from organizations including the Alliance of Retired Americans, Americans for Financial Reform, Committee for a Fiduciary Standard, Economic Policy Institute, National Committee to Protect and Preserve Social Security and Medicare, National Retiree Legislative Network, and Pension Rights Center.

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“When people’s financial security is dependent on a lot of different links in a chain, from influencers to fintech apps to partner banks, that chain needs to be carefully scrutinized,” explained Tom Feltner, the associate director of consumer policy for Americans for Financial Reform.

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The bill is endorsed by several organizations, including Social Security Works, Alliance for Retired Americans, Americans for Financial Reform, AFL-CIO, American Federation of Teachers and the Consumer Federation of America, according to the news release.

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Concerns are also rising about the opacity of the private credit market. Unlike publicly traded debt, private credit loans are not subject to the same level of regulatory oversight or disclosure requirements. This lack of transparency makes it demanding to assess the true risk exposure of these funds, according to Americans for Financial Reform.

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This boom has made service providers in high-demand areas such as mechanical, electrical, HVAC, and roofing highly appealing to both strategic buyers and private equity investors. What’s interesting is that private equity firms have been leading the way, accounting for about 80–90% of completed M&A deals in the data center sector since 2022, according to a March 2025 report published by the Americans for Financial Reform Education Fund.

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The bill has earned support from the American Federation of Teachers, Americans for Financial Reform, Center for Responsible Lending, Complete College America, National Association for College Admission Counseling, National Consumer Law Center (on behalf of its low-income clients), National Education Association, New America, Protect Borrowers, The Education Trust, The Institute for College Access & Success, UnidosUS, and Veterans Education Success.

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Policy experts say the approach mirrors broader U.S. regulatory thinking. “Stablecoins have enormous potential for payments, but regulators want to avoid situations where they behave like shadow banks,” said digital finance analyst Mark Hays of Americans for Financial Reform in previous policy commentary.

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Consumer advocates are pressing for tighter guardrails before any vote. According to Americans for Financial Reform, the House version risks carving out lax oversight that could expose consumers and investors to greater harm.

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The bill is endorsed by 115 unions, advocacy groups, and national organizations, including Public Citizen, Americans for Tax Fairness, Economic Security Project Action, Groundwork Collaborative, AFL-CIO, American Federation of Teachers (AFT), American Federation of State, County and Municipal Employees (AFSCME), Service Employees International Union (SEIU), Communications Workers of America, Americans for Financial Reform…

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Four groups did file comment letters regarding World Liberty Financial’s charter application: the National Community Reinvestment Coalition, Americans for Financial Reform, Public Citizen, and Fair Finance Watch.

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The bill is endorsed by 115 unions, advocacy groups, and national organizations, including Public Citizen, Americans for Tax Fairness, Economic Security Project Action, Groundwork Collaborative, AFL-CIO, American Federation of Teachers (AFT), American Federation of State, County and Municipal Employees (AFSCME), Service Employees International Union (SEIU), Communications Workers of America, Americans for Financial Reform…

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The bill is endorsed by American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Communications Workers of America, Consumer Action, Grounded Solutions Network, National Community Reinvestment Coalition, National Housing Law Project, National Low Income Housing Coalition, and Private Equity Stakeholder Project.

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Endorsing Organizations (115) – Public Citizen, Americans for Tax Fairness, Economic Security Project Action, Groundwork Collaborative, AFL-CIO, American Federation of Teachers (AFT), American Federation of State, County and Municipal Employees (AFSCME), Service Employees International Union (SEIU), Communications Workers of America, Americans for Financial Reform…

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Read the letter sent to Senate Majority Leader John Thune and Minority Leader Chuck Schumer here.

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“As record numbers of U.S. families struggle to pay the rent and young people are increasingly locked out of homeownership, we must take action and prioritize homes for families to live in rather than as profit engines for billionaire investors. The American Homeownership Act would strip lucrative tax breaks and other benefits from private equity and Wall Street landlords, and keep new properties out of their hands,” said Caroline Nagy, Associate Director of Housing Policy at Americans for Financial Reform.

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“Wall Street and Silicon Valley would like nothing more than to take down the agency that safeguards the financial security of everyday families and make it easier to rip people off without consequences,” said Tom Feltner, associate director of consumer policy at the Americans for Financial Reform. “The CFPB needs the funding and independent leadership to protect people from the debt traps, junk fees, and scams that make everything more expensive.”

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Tom Feltner, Associate Director of Consumer Policy at Americans for Financial Reform, has voiced support for the bill, joining consumer and healthcare advocates in urging its passage. Americans for Financial Reform believes the legislation is a crucial step in protecting Connecticut patients from potentially predatory financial practices.

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“The Trump administration has tried for over a year to shut down the CFPB because it worked tirelessly to protect people from junk fees, scams, and widespread financial harm as well as holding financial firms accountable for ripoffs and unfair practices,” said Tom Feltner, Associate Director of Consumer Policy at Americans for Financial Reform. “It is not surprising that this administration is now claiming that people would be better off without the commonsense financial protections that have prevented another financial crisis for the past fifteen years.”

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The GSIB Act is endorsed by Americans for Financial Reform, Public Citizen, National Community Reinvestment Coalition, Rise Economy, Fair Finance Watch, and Action Center on Race and the Economy.

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Consumer advocates, Democratic members of Congress, and groups like Americans for Financial Reform and borrower‑protection coalitions characterize the strategy as an “assault” designed to let big banks, debt collectors, and fintechs operate with fewer constraints and more junk‑fee revenue at consumers’ expense.

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A recent Americans for Financial Reform report also notes that private equity has “established a foothold in all parts of the data center lifecycle,” which includes everything from “assembling land where future data center campuses will be built” to “direct data center operation.”

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The bill is supported by the National Low Income Housing Coalition, National Housing Law Project, National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform, and Consumer Action.

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The Affordable Housing and Homeownership Protection Act has been endorsed by several leading organizations, including the National Low Income Housing Coalition, National Housing Law Project, National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform, and Consumer Action.

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This legislation is led by Senators Jack Reed (D-RI) and Tina Smith (D-MN). It’s supported by the National Low Income Housing Coalition, National Housing Law Project, National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform, and Consumer Action.

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The letter, led by Protect Borrowers and the Consumer Federation of America, was also signed by the American Economic Liberties Project, Americans for Financial Reform, Faith in Action Network, NAACP and Young Invincibles.

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“People should be very alarmed that we are trying to deregulate something that is a known problem in our financial system,” said Caroline Nagy, a housing expert with the consumer protection-focused Americans for Financial Reform. “It seems like they’re making changes that will exacerbate wealth inequality and make it easier for Wall Street lenders to make more money at other people’s expense. It feels very much like we’re repeating a pattern in some ways. “

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A recent overview published by the American Federation of Teachers, Americans for Financial Reform Education Fund, and the American Association of University Professors examined this question closely and cast doubt on the value of alternative investments for pension funds, especially when adjusting for risk and illiquidity.

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The groups represented include America’s Credit Unions, Americans for Financial Reform, Bank Policy Institute, Center for Responsible Lending, Consumer Federation of America, Independent Community Bankers of America, National Consumer Law Center (on behalf of its low-income clients), National Community Reinvestment Coalition and U.S. PIRG.

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The groups represented include America’s Credit Unions, Americans for Financial Reform, Bank Policy Institute, Center for Responsible Lending, Consumer Federation of America, Independent Community Bankers of America, National Consumer Law Center (on behalf of its low-income clients), National Community Reinvestment Coalition and U.S. PIRG.

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Americans for Financial Reform, the Bank Policy Institute, the Center for Responsible Lending, the Consumer Federation of America, America’s Credit Unions, Independent Community Bankers of America, National Community Reinvestment Coalition, the National Consumer Law Center, and the U.S. Public Interest Research Group support the Close the Shadow Banking Loophole Act.

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Speakers from the American Enterprise Institute, the National Association of Home Builders, Americans for Financial Reform, and our very own Patrice Onwuka from Independent Women gave crucial insight into what is making housing so unaffordable today.

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“We are at a pivotal moment for all that was, all that has been and what could be,” says Amanda Jackson, director of consumer campaigns for Americans for Financial Reform, a nonprofit group focused on financial equity. “The CFPB has done tremendous work since its inception.” “We’re seeing the agency pull back from prior commitments and that hurts everyone,” Jackson continues. “So it is a concerning moment. It’s what we spend a lot of time calling attention to — the integrity of the bureau, the fact that the bureau has done so much work — and all that, we are…

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The Language Access for All Act of 2026 is endorsed by the following organizations: AAPI Equity Alliance, AIDS Foundation Chicago, Americans for Financial Reform, Apicha Community Health Center, Asian & Pacific Islander American Health Forum (APIAHF), Asian Resources, Inc, Association of Asian Pacific Community Health Organizations (AAPCHO), Association of Language Companies, Center for Human Rights and Constitutional Law, CenterLink, Chinese for Affirmative Action, Colorado Language Access Coalition, Connecticut Fair Housing Center, Consumer Action, East Bay Sanctuary Covenant, Empowering Pacific Islander Communities (EPIC), Joint National Committee for Languages (JNCL) and the National Council for Languages and International Studies (NCLIS), Justice in…

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In a scathing letter to Congress, a united front including Americans for Financial Reform, the AFL-CIO, AFSCME, the American Federation of Teachers, the Consumer Federation of America, National Nurses United, the UAW, and over a dozen other major organizations sounded a stark alarm.

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Cryptocurrency industry groups have expressed measured support for legislative progress. “We appreciate Chairman Boozman’s continued leadership,” said Blockchain Association CEO Kristin Smith. “However, the details will determine the bill’s effectiveness.” Smith’s organization represents numerous digital asset companies. Similarly, consumer advocacy groups urge caution in the regulatory approach. “Any legislation must prioritize investor protection above industry preferences,” emphasized Americans for Financial Reform director Lisa Donner.

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Similarly, consumer advocacy groups urge caution in the regulatory approach. “Any legislation must prioritize investor protection above industry preferences,” emphasized Americans for Financial Reform director Lisa Donner.

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The Credit Card Fairness Act is endorsed by Americans for Financial Reform, the Consumer Federation of America, Groundwork Collaborative, the National Consumer Law Center (on behalf of its low-income clients), Public Citizen, and Protect Borrowers.

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The HOPE for Homeownership Act is endorsed by Americans for Financial Reform, Consumer Action, National Housing Resource Center, National Consumer Law Center (on behalf of its low-income clients), National Housing Law Project, and Private Equity Stakeholder Project.

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Wanna fight the bankers and their rigged systems? Americans for Financial Reform thinks that “the financial system should serve an economy where everyone can thrive, not just enrich a powerful few.” Sounds great to us! Check them out at ourfinancialsecurity.org.

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The HOPE for Homeownership Act is endorsed by Americans for Financial Reform, Consumer Action, National Housing Resource Center, National Consumer Law Center (on behalf of its low-income clients), National Housing Law Project, and Private Equity Stakeholder Project.

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“Excessive credit card late fees bulk up profits for big banks while eating into already strained household budgets, “said Ericka Taylor, Co-Executive Director of Americans for Financial Reform. “This legislation would cap credit card late fees and make life a little more affordable.”

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The legislation is endorsed by Americans for Financial Reform, the Consumer Federation of America, Groundwork Collaborative, the National Consumer Law Center (on behalf of its low-income clients), Public Citizen, and Protect Borrowers.

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“Excessive credit card late fees bulk up profits for big banks while eating into already strained household budgets,” said Ericka Taylor, Co-Executive Director of Americans for Financial Reform. “This legislation would cap credit card late fees and make life a little more affordable.”

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The Credit Card Fairness Act has received endorsement from Americans for Financial Reform, the Consumer Federation of America, Groundwork Collaborative, the National Consumer Law Center (on behalf of its low-income clients), Public Citizen, and Protect Borrowers.

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These organizations include Americans for Financial Reform, the Brookings Institute, the Consumer Federation of America, Groundwork Collaborative, the National Consumer Law Center (on behalf of its low-income clients), Public Citizen and Protect Borrowers.

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Consumer advocates lined up behind the bill. Ericka Taylor, co-executive director of Americans for Financial Reform, said excessive late fees inflate bank profits while eroding household budgets.

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The Credit Card Fairness Act is endorsed by groups such as Americans For Financial Reform, the Consumer Federation of America, Groundwork Collaborative, The National Consumer Law Center (for their low-income clients), Public Citizen, and Protect Browser. Ericka Taylor, Co-Executive Director of Americans for Financial Reform says “This legislation would cap credit card late fees and make life a little more affordable.”

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“Excessive credit card late fees bulk up profits for big banks while eating into already strained household budgets,” said Ericka Taylor, Co-Executive Director of Americans for Financial Reform. “This legislation would cap credit card late fees and make life a little more affordable.”

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According to WTAJ, the bill has drawn support from consumer advocacy groups including Americans for Financial Reform, the Consumer Federation of America, Groundwork Collaborative, the National Consumer Law Center, Public Citizen, and Protect Borrowers.

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“Excessive credit card late fees bulk up profits for big banks while eating into already strained household budgets,” said Ericka Taylor, co-executive director of Americans for Financial Reform. “This legislation would cap credit card late fees and make life a little more affordable.”

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The bill is endorsed by Americans for Financial Reform, the Consumer Federation of America, Groundwork Collaborative, the National Consumer Law Center

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A day earlier, on Tuesday, a group of over 260 labor, civil rights, consumer, environmental, and other organizations sent a letter to the Senate asking for several changes amid concerns about conflicts of interest, consumer protections, environmental impacts on cryptocurrency mining, and others.

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“A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim,” the advocacy group Americans for Financial Reform argued, according to PBS.

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“A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim,” the advocacy group Americans for Financial Reform argued, according to PBS.

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From there, union members and their allies can engage the funds as they make key investment decisions, clarifying the impact and risk profile of the pension board trustees’ decisions and sharing viable and responsible investment alternatives like those laid out in the report Investing for the Common Good: How Workers’ Pensions Can Help Solve the Housing Crisis from the Americans for Financial Reform Education Fund and Georgetown’s Kalmanovitz Initiative for Labor and the Working Poor.

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The letter was facilitated by the national environmental organization Food & Water Watch, and signed by national and statewide groups including Greenpeace, Friends of the Earth, Americans for Financial Reform, Physicians for Social Responsibility, Citizen Action of NY, NY Communities for Change, and For the Many.

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