Click to view or download PDF version of the letter. S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” would be the first major banking bill considered by the full Senate following passage in 2010 of the Dodd-Frank Wall Street Reform and Consumer
AFR sent a comment letter to the Federal Reserve Board on the proposed new rating system for supervision of large financial institutions.
AFR submitted a statement to the Capital Markets Subcommittee of the House Financial Services Committee regarding a 2/14/18 hearing examining eleven different proposed bills affecting regulation of derivatives markets. Final AFR Statement For 2-14 Derivatives Hearing
AFR sent a letter urging House members to vote “No” on H.R. 3978 — a grab bag of bad legislative ideas that would weaken SEC oversight of Wall Street and undermine consumers, investors rights and protections.
“The administration’s budget and Mick Mulvaney’s ‘strategic plan’ for the CFPB are transparent attempts to stop the agency from doing what it was designed to do: actually protect consumers.”said Lisa Donner, executive director, Americans for Financial Reform.
The Stopping Abuse and Fraud in Electronic (SAFE) Lending Act of 2018 is important legislation that will help safeguard consumers and law-abiding lenders from abuses rampant today in consumer lending.
“Under the Trump administration, the Consumer Financial Protection Bureau has become the Payday Predator Protection Bureau,” said Sen. Jeff Merkley (D-Oregon). “Trump and his allies are blatantly trying to dismantle the bureau from the inside. If this isn’t a crystal clear example of the Trump administration governing of, by, and for the powerful rather than of, by, and for the people, then I don’t know what is.”
“This isn’t the first drastic turnaround for the CFPB under Mulvaney. Last month, the agency canned rules that made it harder for payday lenders to make high-interest loans — and automatically pull funds — from borrowers. ‘Mick Mulvaney wants to let Equifax off the hook for its reckless abuse and negligence that may have a lasting impact on millions of Americans,’ [said] Lisa Donner, executive director of Americans for Financial Reform.”
It’s one more reason why it’s so important to have someone with a track record of protecting consumers running the CFPB, not someone who wants to destroy its work.
“‘Payday lenders are clearly watching this with bated breath,’ said José Alcoff, manager of the Stop the Debt Trap campaign at Americans for Financial Reform. ‘I think this is clearly a case where the system is getting more and more rigged, where they have, as they say, the fox in charge of the henhouse.’”