Americans for Financial Reform

AFR in the News: Trump Said to View Consumer Watchdog as ‘Unaccountable’ (Wall St. Journal)

“Consumer advocates pushed back against Mr. Trump’s statement. ‘Directory Cordray has been an effective and responsible head of the CFPB,’
said Lisa Donner, executive director of Americans for Financial Reform. ‘Under his leadership it has been accountable to the American people, delivering over $12 billion in relief for more than 29 million people, a publicly searchable complaint system, and rules of the road to make lending fairer.’”

AFR in the News: CFPB, Cordray, Win Second Chance to Avoid a Trump Firing (Bloomberg)

“A U.S. appeals court in Washington on Thursday granted the CFPB’s request to reconsider an October decision that stripped Cordray of his job protection, which left him at the mercy of Trump and a pro-business Republican-led Congress… Also weighing in on behalf of the CFPB are Americans for Financial Reform, the Consumer Federation of America, the U.S. Public Interest Research Group and one of the bureau’s biggest proponents, Democratic Senator Elizabeth Warren of Massachusetts.”

Joint Statement: The CFPB’s Work Is Important to Military Families and Veterans

“There is a clear and compelling public interest that Congress continue to support vigorous enforcement of laws that protect military families from wrongful financial practices… [T]he strong record of the Consumer Financial Protection Bureau and its Office of Servicemember Affairs underscores the need for Congress to resist efforts that seek to hamstring this work. Tampering with the agency’s authorities, structure, and independence would be harmful to military families and honest companies across the country.”

Letter to the Senate: 88 Organizations Oppose Steven Mnuchin for Secretary of the Treasury

We, the undersigned organizations, representing millions of Americans, are writing to urge you to oppose the nomination of Steven Mnuchin as Secretary of the Treasury.

AFR IN THE NEWS: Ohio senators split votes on Trump pick to lead Treasury (Dayton Daily)

“‘It should be a very grave concern to every Senator that new evidence that One West engaged in illegal robo-signing keeps turning up, even though Mnuchin denied it,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘They should be demanding honest answers, and demand that any candidate for Treasury Secretary demonstrate a commitment to following the law.’”

Joint Letter: Public Interest Groups Urge Financial Industry Leaders to Call a Halt to Anti-Investor Tactics of Trade Associations Seeking to Overturn DOL Protections for Retirement Savers

“Financial services companies that support giving retirement investors investment advice that is in their best interests should stand up against the aggressive anti-investor lobbying tactics of their trade associations seeking to overturn the Department of Labor’s (DOL) conflict of interest rule, according to three national organizations that have supported DOL efforts to strengthen protections for retirement savers.”

AFR IN THE NEWS: Consumer Watchdog Faces Attack by House Republicans (NY Times)

“’People know that financial companies were running amok, and that kind of behavior takes money out of people’s pockets and was the cause of a financial crisis,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘President Trump campaigned on standing up to Wall Street, and I don’t think his voters are looking for putting Goldman Sachs even more in charge.’”

Joint Statement: 104 Organizations Respond to Sen. Carper’s interest in exploring changes to CFPB structure

“With a single director at its head the CFPB is doing exactly what it is supposed to do. It has recovered $12 billion for over 29 million people. The only plausible reason to change it, after nearly 6 years of good work, is to stop that good work from happening. The banks and predatory lenders who are pushing this want to be able to abuse consumers with impunity. There is no good reason to enable them.”

AFR Statement: Attack on common-sense rules for prepaid cards

“The Consumer Bureau’s continued progress on making financial markets fairer and safer confirms once again how important it is to have an independent and effective regulator with a consumer protection mission. The rule making prepaid cards fairer and safer is one more example of ‘unrigging’ the system for the American people, and it should be left in place.”

AFR Statement: Trump Hands Financial Regulation Over To Wall Street

We can, and will, fight at every step against Wall Street burning it all down — again. And we’ll fight for a financial system that serves an economy that works for the rest of us.