Americans for Financial Reform

AFR/CFA Report: Brokers and Insurers Say One Thing in Ads, Another Thing in Contracts

“Twenty-five top U.S. brokerage firms and insurance companies present their employees as trusted financial advisors putting client interests first even as their lobbyists argue in court that they are nothing more than commission-driven salespeople, according to a major new report from the Consumer Federation of America (CFA) and Americans for Financial Reform (AFR). The report also dissects how brokerage firms and insurance companies are systematically misleading unwary consumers.”

Letter to Regulators: AFR Comment on Special Purpose National Bank Charters for Fintech Companies

We along with more than 250 organizations separately submitted a letter urging the OCC to refrain from issuing charters to nondepository fintech lenders because doing so would enable the chartered entities to avoid state interest rate caps and other state consumer protection laws, as well as state oversight, thereby putting consumers and small businesses at risk.

Press Release: More than 25% of consumers contacted by debt collectors feel threatened, CFPB reports

“In tens of millions of cases, debt collectors reportedly engaged in conduct barred by the Federal Debt Collections Practices Act. Nearly 40 percent of consumers reported that a debt collector had attempted contact four or more times a week. More than one third of consumers reported being contacted between 9 pm and 8 am. Three in four consumers said that debt collectors had failed to honor a request to cease contact.”

Joint Letter to Regulators: More Than 250 Groups Urge OCC Not to Offer Fintech Charters

“State laws often operate as the primary line of defense for consumers and small businesses; thus, the proposal puts them at great risk. The OCC must not undermine state rate caps. Interest rate caps are the simplest, most effective way to protect borrowers from unaffordable, high-rate loans and to align the interests of lenders and borrowers.”

AFR Statement: AFR applauds automatic debt discharges at ACI, calls for further action

Americans for Financial Reform (AFR) applauds the news that the Department of Education will grant automatic discharges to all former students of American Career Institute (ACI) in Massachusetts. Before being confirmed, any nominee for Secretary of the Department of Education must clearly articulate plans to rapidly pursue additional automatic group discharges, to ensure that all Americans are protected from future exploitation of taxpayer-backed loans by predatory schools.

AFR Press Release: Senator Warren Calls for a Mass Mobilization

“‘It’s time to send a message to big banks, payday loan lobbyists, and their Republican friends in Congress: the American people are watching,’ Senator Elizabeth Warren (D-Mass.) told a telephone audience of nearly 3,000 fired-up activists last night. ‘We’re going to fight back against any efforts to gut financial reform and to allow big banks and shady financial institutions to once again cheat consumers and put our economy at risk.’”

Letter to Congress: Oppose HR 5: Don’t End Wall Street Accountability

“There is overwhelming agreement that the lack of adequate regulation of the financial markets has cost the U.S. economy millions of jobs and many trillions of dollars in lost wealth. While Wall Street profits have recovered, many Americans are still struggling. Support for this legislation is support for eliminating the ability of regulators to prevent the next financial crisis.”

Letter to Congress: Don’t Deregulate Wall Street: Oppose HR 5, HR 78, and HR 238

“HR 5 (the Regulatory Accountability Act), HR 78 (the SEC Regulatory Accountability Act), and HR 238 (the Commodity End User Relief Act) — would severely damage the capacity of the Federal government to protect the public. This legislation would disastrously weaken oversight of major Wall Street institutions and financial markets. Proper oversight of big banks and financial markets is crucial to the economic well-being of workers, families, and communities …The 2008 financial crisis demonstrated beyond doubt that the well-being of America’s working families is dependent on strong and effective regulation of Wall Street financial markets. These three pieces of legislation would cripple the capacity to properly regulate such markets. We urge you to reject all three.”

Joint Press Release: CFPB Taps Former Pentagon Legal Official to Head Office of Servicemember Affairs

“Mr. Kantwill’s appointment, along with the retirement of Holly Petraeus, who has led the Servicemember Affairs office for the past five years, highlights the CFPB’s extensive work on behalf of military personnel, veterans, and their families, long a favorite target demographic for financial predators.”

Letter to Congress: AFR Opposes REINS Act (HR 26)

“The REINS Act is radical legislation that would upend decades of administrative law practices dating back to the New Deal era in the 1930s. The bill requires explicit approval of any ‘major regulation’ by both the House and Senate within 70 days in order for that rule to take effect. This requirement would create crippling barriers to administrative actions necessary to protect the public and implement the law.”