Letters to Congress: Call to Update the FTC’s Enforcement Tools
AFR joined a letter calling on Congress to update the FTC’s enforcement tools under the FTC Act, Section 13(b).
Take Action: Congress, Close Loophole That Allows Lenders to Evade State Interest Rate Caps
Legislation, proposed by Sens. Van Hollen and Brown along with Rep. Chuy Garcia of Illinois would rescind the Trump-era rule and reestablish states’ right to protect their residents with interest rate caps.
News Release: Bipartisan Group of 25 State Attorneys General Urge Congress to Repeal OCC “True Lender” Rule
In a rare form of bipartisan agreement, a group of 25 Attorneys General (AGs) sent a letter today to Congressional leadership urging it to “use the Congressional Review Act (CRA) to rescind the Office of the Comptroller of the Currency’s (OCC’s) “True Lender” rule in order to “safeguard states’ fundamental sovereign rights to protect their citizens from financial abuse.”
Letters to Regulators: Letter to the OCC to Scrutinize New Partnerships Between Risky Share Agreement Companies and Banks
AFREF joined our partners in sending a letter calling on the OCC to carefully scrutinize new partnerships between risky Income Share Agreement companies and banks under OCC supervision. Partnerships like the one between Mentorworks and Blue Ridge Bank have the potential to put borrowers at risk by opening the market to a product that is violating the law & harming borrowers.
Letters to Regulators: Letter in Response to FHFA RFI Expressing Concerns About Climate and Natural Risk Management
AFREF and 17 organizations sent a letter in response to FHFA’s RFI on climate and natural risk management detailing our concerns about the disproportionate impact of climate change and natural disasters on borrowers and communities of color and low and moderate income neighborhoods. We provided recommendations for next steps on FHFA’s work on mitigating climate risk and urged FHFA to make sure climate risk mitigation efforts do not cause inadvertent harm to the communities who are already most vulnerable to the adverse effects of climate change and who face the most challenges in accessing and sustaining homeownership.
Joint Statement: Treasury Climate Counselor Position Is Essential, But Appointee’s Lack of Financial Regulatory Experience Is Disappointing
WASHINGTON, D.C. – Today, the U.S. Department of the Treasury announced the appointment of John Morton as Climate Counselor at the Department. In March, Public Citizen and Americans for Financial Reform issued a blueprint for using financial regulatory tools in response to the climate crisis: Climate
Webinar: Increasing Access to Capital for Black-Owned Businesses
AFR and the Main Street Alliance hosted the third webinar in the event series “Small Business Needs In The Biden Administration” on April 15, 2021. The panel, “Increasing Access to Capital for Black Small Businesses,” was moderated by AFR Advocacy Director Rion Dennis.
News Release: Wall Street Money In 2019-20 Election Cycle Hits Highest Level Ever
During the 2019-20 election cycle, Wall Street spent at least $2.9 billion on campaign contributions and lobbying to influence policy in Washington, according to a report released today by Americans for Financial Reform. That total, which amounts to $4 million a day, shatters the previous record of $2 billion set in the 2015-16 presidential cycle. The highest-ever level of spending by Wall Street banks and financial services reflects the industry’s relentless push to influence decision-making, regardless of the party that controls Congress or the executive branch.
Report: Wall Street Money in Washington, 2019-2020
In the 2019-20 election cycle, Wall Street banks and financial services interests reported spending $2.9 billion to influence decision-making in Washington. That total – officially reported expenditures on campaign contributions and lobbying – works out to $4 million a day. This level is a full 50 percent above the previous record of $2 billion in the previous presidential cycle, reflecting the industry’s enduring effort to influence policy no matter which party controls Congress and the executive branch.
Report: Wall Street Money Supporting 147 Lawmakers Objecting to Certification
On January 6, 2021, Congress was scheduled to formally certify the results of the 2020 presidential election. But based on spurious allegations of voter fraud, 147 Republican members of the Senate and the House of Representatives voted to object to either the results in Arizona or Pennsylvania or both. Individuals and entities associated with the financial sector reported making a total of $43,483,590 in contributions to these members.