News Release: Senate Majority Betrays Consumers By Siding with Big Banks on Overdraft Fees

The Senate majority advanced the agenda of the nation’s biggest banks by voting for a Congressional Review Act resolution to roll back the Consumer Financial Protection Bureau’s (CFPB) cap on sky-high overdraft fees. The CFPB safeguard would lower these charges at big banks from $35 to $5, saving families and service members across the nation $5 billion each year, or roughly $225 per household impacted by overdraft fees. 

News Release: Consumer and Investor Protection Organizations Denounce the Weakening of Shareholder  Rights by Delaware Legislature

The passage of Delaware Senate Bill 21 – the Billionaires’ Bill – endangers the retirement  security of millions of families across the country. A coalition of consumer and investor groups  including Public Citizen, Americans for Financial Reform, and the Consumer Federation of  America opposed the legislation as did the largest retirement funds in the United States. 

sign for the CFPB outside a building

Statement: AFR Submits Statement for the Record for House Hearing Attacking the CFPB

Congress created the Consumer Financial Protection Bureau to prevent another financial crisis, and for the past 14 years it has diligently served the public, held financial firms accountable, cracked down on junk fees, and protected people from financial rip-offs. The vehemence of the Wall Street, Big Tech, and predatory financial industry’s attacks on the CFPB are a testament to its effectiveness in successfully standing up for people.

Letters to the Regulators: Letter to the FTC in Support of Collecting Information on Large-Scale Single Family Home Investors

Americans for Financial Reform Education Fund submitted a comment in support of the Federal Trade Commission’s proposed 6(b) study of large-scale single family home investors and the Commission’s plan to publicly disseminate information about homes owned by “mega investors,” defined as entities that own over 1,000 single family rental homes. 

Letters to Congress: AFR letter to House Financial Services Committee on Capital Formation Hearing

Americans for Financial Reform submitted a letter opposing several legislative proposals being considered at the House Financial Services Committee hearing “Beyond Silicon Valley: Expanding Access to Capital Across America.” Weakening investor protections in the name of capital formation threatens market integrity and exposes smaller, retail investors to unnecessary risk.

Letters to Congress: Letter in Opposition to SB 21

View or download a PDF of the letter here. Americans for Financial Reform, Consumer Federation of America, and Public Citizen led a letter in opposition to Delaware Senate Bill 21 (SB 21) with 29 additional signatories. If passed, SB 21 would overhaul Delaware corporate law