Letters to Regulators: Request that CFPB Prohibit Credit Reporting of Rent Arrears Incurred During COVID-19 Pandemic
AFREF joined a letter to the CFPB requesting they prohibit credit reporting of rent arrears incurred during the COVID-19 pandemic
In The News: A reckoning for SPACs: will regulators deflate the boom? (Financial Times)
In February, a letter sent to the House Financial Services Committee by the progressive non-profit Americans for Financial Reform called on Congress to expand the blank-cheque company definition and amend securities law to exclude SPAC mergers from liability protections. “As long as there’s money to be made in every part of the SPAC issuance process, I don’t expect to see changes unless you start to see some more scrutiny,” says Andrew Park, senior policy analyst at AFR.
News Release: New Bank Regulator Leadership Welcome; Congress Still Must Roll Back Rule Promoting Predatory Lending
Advocates welcomed reports that Treasury Secretary Janet Yellen plans to appoint a new acting head of the Office of the Comptroller of the Currency (OCC), replacing Blake Paulson, in light of the highly deceptive and false claims that the agency, under Paulson’s leadership, put forward as Congress debates overturning the OCC’s “fake lender” rule.
Letter to Congress: Small Business Advocacy Organization Support CRA Challenge of OCC “True Lender” Rule
Small business advocacy organizations, representing tens of thousands of affiliated small businesses and the interests of the 30 million small businesses in the country, submitted a letter to Congress expressing strong support for Senate Joint Resolution 15, the Congressional Review Act Resolution to repeal the Office of the Comptroller of the Currency’s True Lender Rule.
News Release: Dumping Bad-Actor Big Banks? New Report Shows How
A new report shows how American individuals and municipalities can move money away from bad-actor big banks, which are increasingly losing trust and support among Americans because of policies that undermine communities, damage the environment, and harm poor folks and people of color. While the idea of breaking up with big banks has become increasingly popular, the practicalities of doing so can seem prohibitive.
Report: Breaking Up With Bad Banks
Despite wanting to move their money, many consumers have found that it can be quite difficult to switch. Banks have deliberately made the process of switching more complicated than it needs to be. Cities and municipalities have faced even greater difficulties in moving their money to community banks and credit unions. There are changes that can be made that would give consumers a real choice by making it easier for them to switch banks and would make it easier for municipalities to move their money.
Letters to the Regulator: Letter to the SEC on Conditional Substituted Compliance for Non US Swap Dealers and Participants
AFR submitted a comment letter to the Securities and Exchange Commission supporting the Commission’s proposals to require foreign security-based swap dealers and participants to abide by the SEC’s own set of capital and initial margin requirements as opposed to the less stringent Basel capital requirements.
Statement: AFR welcomes appointment of Rich Cordray as FSA COO, urges bold action for student loan borrowers
Americans for Financial Reform warmly welcomes the news that Richard Cordray has been appointed to be the COO of Federal Student Aid (FSA) at the Department of Education. Cordray served as the Consumer Financial Protection Bureau’s (CFPB) inaugural director for six years, and the Bureau quickly became a powerful force for good.
Congressional Testimony: Testimony of Lisa Donner Before the United States Senate Committee on Banking, Housing, and Urban Affairs
Executive Director Lisa Donner testified at Senate Banking’s hearing “The Dignity of Work.”
Joint Letter: Calling on SBA to release Paycheck Protection Program loan forgiveness data
AFR joined a letter to the Small Business Administration calling for the release of data pertaining to Paycheck Protection Program recipients’ loan forgiveness requests, which represents $194.5 billion of taxpayer money, most of which has already been forgiven. The letter urges the SBA to release the number of jobs borrowers supported with PPP funds, information on any pay reductions experienced by workers employed by borrowers, whether the borrower applied for or received a second draw PPP loan, among other important data points.