Americans for Financial Reform

Letter to Regulators: 34 Organizations Call For Stronger Protections For Consumers with Limited English Proficiency Against Abusive Debt Collection

This letter addresses the CFPB’s proposal related to increasing access to the Fair Debt Collection Practices Act’s protections for Limited English Proficient (LEP) consumers. …Many of these individuals participate in the consumer credit marketplace, but may have greater difficulty navigating the market, especially when debts go into collection and consumers face the legal implications of unpaid debt.”

Letter to Regulators: AFR Opposes Proposed Delay Of Department of Labor Rules To Protect Retirement Investors

AFR submitted the comment letter linked and excerpted below that strongly opposes the Department of Labor’s proposal to delay fiduciary protections for retirement investors.

AFR IN THE NEWS:Trump administration calls the structure of the Consumer Financial Protection Bureau unconstitutional in filing (Washington Post)

“Some supporters of the CFPB said the director should be shielded from shifts in presidential administrations to provide a more consistent approach to regulation. ‘It is independent from the political process, just like the other bank and financial regulators,’ said Brian Simmonds Marshall, policy counsel for Americans for Financial Reform, a coalition that fights for civil rights and labor issues.”

AFR Statement: Don’t Delay or Gut The Fiduciary Rule

Americans for Financial Reform, a broad coalition including civil rights groups, consumer advocates, community organizations, and labor unions, today called on the Trump administration to abandon its proposal to delay a planned rule that protects ordinary investors from unscrupulous financial advisers.

Letter to Department of Labor: Don’t Delay The Fiduciary Rule

AFR and dozens of other organizations weigh in against the Department of Labor’s proposed delay of the fiduciary rule.

AFR Statement: No Policy Riders on Budget for Benefit of Wall Street

Wall Street often seeks regulatory changes in budget bills, something the American public does not need. Any proposed changes to financial reform deserve an open debate.

AFR IN THE NEWS: Trump and Warren Are on a Collision Course (New Republic)

“‘Unlike other agencies, the CFPB’s complaint system is public and searchable,’ says Alexis Goldstein, a senior analyst with Americans for Financial Reform. ‘It’s become a great resource for anyone getting ripped off.’ Thirteen million Americans have used the CFPB’s education and training programs, and the agency routinely helps consumers force lenders to reduce or erase fees and overcharges. All told, the agency has chalked up nearly $12 billion in civil fines and consumer refunds for 29 million Americans defrauded by scams. It has returned another $8 billion to consumers by reducing predatory loans, or canceling them outright.”

AFR in the News: Trump’s choice for SEC could be busy with recusals (CBS)

“A financial disclosure report that Jay Clayton filed with the government reveals clients that pose potential conflicts of interest for the SEC job. They include financial industry powerhouses Goldman Sachs , Deutsche Bank, Barclays and UBS… ‘This is a sort of Who’s Who of Wall Street,’ said Marcus Stanley, policy director for Americans for Financial Reform… ‘I would think that this would force quite a lot of recusals…’”

AFR in the News: Wall Street’s big bucks in 2016 (Politico)

“Wall Street pumped $2.1 billion into the political process in 2015-2016, according to a new report by Americans for Financial Reform. Big banks, hedge funds and other financial giants contributed $1.1 billion to political campaigns in the last election cycle, and spent $898 million on lobbying in Washington. The report draws on a special data set AFR obtained. We don’t know how much ‘dark money’ that Wall Street put into American politics, so these are extremely conservative numbers.”

AFR Statement: House Bill Would Let Banks and Lenders Keep Ill-Gotten Gains

“The House passed legislation to effectively kill class action lawsuits, which are often consumers’ only chance to fight back against repeated corporate fraud and scams… ‘If this bill becomes law, those ill-gotten gains will instead be used to pad Wall Street’s bottom line,’ said Lisa Donner, Executive Director of Americans for Financial Reform… ‘H.R. 985 gives banks and lenders a license to steal and encourages more scandals like Wells Fargo’s fake account opening.'”