Letter to Congress: Letter from 30 Groups in Support of the Inclusive Prosperity Act of 2019
Dear Representative or Senator, We are writing on behalf of 30 undersigned organizations to urge you to co-sponsor the Inclusive Prosperity Act of 2019.
Dear Representative or Senator, We are writing on behalf of 30 undersigned organizations to urge you to co-sponsor the Inclusive Prosperity Act of 2019.
“[A] good bit of that progress … could be endangered by a kind of low-intensity deregulation, consisting of an accumulation of non-headline-grabbing changes and an opaque relaxation of supervisory rigor. There are things to be concerned about in many of the individual proposals on such matters as the leverage ratio, resolution planning, and foreign banking organizations. It’s the cumulative effect, though, that is truly worrisome.”
Read or download PDF version of the event’s agenda. Read U.S. Sen. Sherrod Brown’s (D-OH) remarks on Trump Administration’s big bank rollbacks. Read or download PDF version of former Fed Governor Daniel K. Tarullo’s remarks “Taking the Stress Out of Stress Testing“ Video of the
The Proposal—a plainly outcome-driven, 47-page exercise in grasping for straws—has offered no reasonable basis to rescind that Rule. Based on a distorted focus on the Rule’s “dramatic impacts” on lenders’ ability to engage in a predatory practice, rather than on the need to protect consumers, the Proposal claims that the evidence must somehow be “more robust.” If the Rule requires significant changes for payday and vehicle title lenders, it is because the harm to consumers is dramatic. The Bureau’s new approach would ignore its consumer protection mandate and require the agency to hesitate when consumer harm is the most severe.
Americans for Financial Reform Education Fund, as part of a coalition of civil rights, consumer, and labor groups, submitted an official comment letter to the Consumer Financial Protection Bureau excoriating CFPB Director Kathy Kraninger’s proposal to gut a 2017 rule that was issued to stop payday loan debt traps. The coalition’s comment letter, submitted on the last day of the comment period, is a comprehensive rebuttal to Kraninger’s rationales for rolling back consumer protections on payday loans.
We, the undersigned 429 civil rights, consumer, labor, faith, veterans, senior, business, and community organizations from 46 states plus the District of Columbia write to vehemently oppose the proposed rescission of the common sense ability-to-repay requirements of the Consumer Financial Protection Bureau (the Bureau)’s 2017 payday and vehicle title loan rule (“Ability-to-Repay Rule” or “Rule”).
The message, for too long, has been that policymakers must choose between policies that protect shareholders’ interest and those that protect workers’ interests. Investors know that economic stability is good for investment outcomes. Over the long-term, economic stability requires broad-based economic growth and shared prosperity.
On May 13, 2019, Americans for Financial Reform Education Fund sent a letter to the Financial Stability Oversight Council warning about the dangers of weakening oversight of nonbank financial firms even if such a firm could impose a threat to financial stability.
Everyone who lived through the ENRON debacle, the 2008 financial crisis, or high school math class knows that when it comes to complex calculations, it’s good practice to have someone else check your work to confirm that you got it right.
On March 7, 2019, AFR Education Fund and 25 organizations submitted a letter to the Consumer Financial Protection Bureau on the need for strong consumer protections for Property Assessed Clean Energy (PACE) loans. Read or download a pdf version of this letter