Americans for Financial Reform

AFR Statement: AFR Urges the Senate to Reject Betsy DeVos for Education Secretary

“It is crucial that any nominee for Education Secretary of the Department of Education not only affirm the need to enforce existing rules that seek to protect both students and taxpayers from fraud, but also clearly articulate plans to rapidly pursue additional automatic group discharges. Betsy DeVos has done neither. Americans for Financial Reform urges the members of the Senate to reject Betsy DeVos’s nomination as Secretary of the Department of Education.”

AFR IN THE NEWS: How banks and Republicans plan to kill financial reform under Trump (Slate)

“‘Critics of altering Dodd-Frank believe the signs point to a regrettable return to a pre-recession era when large banks operated without significant regulatory oversight,’ said Marcus Stanley, policy director at Americans for Financial Reform…’We had experience with Wall Street self-regulation prior to the financial crisis, and it did not work out well,’ Stanley said. ‘When you let industry determine its own rules, it’s going to create more risks. The downside of those risks is going to be pushed to taxpayers and working families.'”

AFR Statement: We Need Straight Answers from Treasury Nominee

“Mnuchin’s failure to answer questions from committee members fully and honestly is one more example of an all too familiar Wall Street pattern: that rules are for little people. That is not an acceptable approach for a Treasury Secretary. Demanding answers before this nomination is rammed through is exactly the right thing to do.”

Joint Press Release: Google Takes Down Over Five Million Payday Loan Ads

“Along with fake prescription drug peddlers, scam weight loss regimes, and sneaky malware spreaders, Google has taken down 5 million attempts to trap Americans in predatory loans since mid-July… ‘While Google’s actions are helpful and important, an internet company cannot be the main barrier to abuse by these predators. The Consumer Financial Protection Bureau is working on smart, fair and flexible rules that, if finalized, will protect Americans from the worst abuses of payday lending. .. [I]t must not be undermined or weakened by the payday industry and their allies who want to keep getting away with debt trap 300% loans.’”

AFR In the News: Trump pledges to ‘do a big number’ on Dodd-Frank (CNN)

“Efforts to gut Dodd-Frank would spark a big fight. Supporters of the law believe it has significantly reduced the odds of another Wall Street meltdown. Lisa Donner, executive director of Americans for Financial Reform, said in a statement that it would be ‘wrongheaded and a betrayal of Trump’s campaign promises to reign in Wall Street abuses.'”

AFR in the News: Democrats are spoiling for a fight over the CFPB (American Banker)

“Democrats and progressive groups have drawn a line in the sand over Consumer Financial Protection Bureau Director Richard Cordray, hoping to capitalize on the successful march on Washington this past weekend to rally support for him and his agency… Roughly 500 advocacy groups across the U.S. are poised to rally their supporters if Trump fires Cordray, said Gynnie Robnett, a campaign director at Americans for Financial Reform.”

Press Release: Final Voting Record Issued for 114th Congress

“The AFR Advocacy Fund has released its final voting record for the 114th Congress. ‘Where They Stand on Financial Reform’ tracks more than 70 bills, amendments, and resolutions that, during the years 2015 and 2016, gave House members and Senators a chance to protect investors, consumers, borrowers and the stability, transparency, and accountability of the financial system, or, on the other hand, to make it easier for banks and lenders to inflate their profits at the economy’s and the country’s expense.”

CFPB Takes Action Against Two Debt Collection Law Firms for Intimidating Consumers with “Unfounded Threats of Potential Lawsuits”

On January 9, 2017, the Consumer Financial Protection Bureau (CFPB) took action against two law firms, and their president, for lying when collecting medical debts from thousands of patients. The Oklahoma firms (Works & Lentz) attempt collection on approximately 700,000 debts totaling more than $500

Joint Press Release: Consumer Advocates Join Fight to Protect CFPB in Court

“‘We are committed to protecting the CFPB’s independence, which is essential to stopping Wall Street and predatory lenders from fleecing American consumers. Director Cordray has been an effective and tireless leader of the CFPB and should serve his full five-year term without the threat of removal by Trump at the behest of industry lobbyists,’ said Lisa Donner, Executive Director of Americans for Financial Reform.”

AFR Statement: Navient attempts to evade responsibility for breaking the law

Navient’s CEO Jack Remondi lashed out at the Consumer Financial Protection Bureau for daring to do its job to protect student loan borrowers from up to $4 billion in unnecessary interest charges caused by Navient’s illegal servicing practices. Remondi’s complaints are a deceptive and self-interested attempt to evade responsibility for breaking the law.