Americans for Financial Reform

Letter to Congress: AFR Joins 14 Organizations in Opposition to HR 3192, Legislation Harmful to Homeowners

“We are writing to urge you to oppose H.R. 3192, which insulates lenders from accountability when they make misleading disclosures to homeowners. The bill, which suspends liability to individuals and government for the first four months after the new mortgage disclosure rules take effect, undermines compliance with the new rules by letting lenders off the hook even where homeowners have been harmed. “

Letter to Regulators: AFR Encourages Treasury to Monitor Peer to Peer Lending

“Americans for Financial Reform (AFR) is pleased to submit these responses to the RFI issued by the Department of the Treasury. The extraordinary diversity of on-line lending models and the rapid growth of the sector mean that continued monitoring will be necessary and the sector will likely fall into the purview of multiple regulators. We encourage the Treasury Department to remain active in determining the appropriate regulatory models, and we will further examine the responses to this RFI with interest to evaluate what types of regulation seem appropriate.”

AFR in the News: Nobody wants to be known as the senator from Goldman Sachs (Financial Times)

AFR’s Marcus Stanley: “Why are we thinking that the [financial] industry and the industry lobby knows better than the regulators? To say that Dodd-Frank is some straitjacket ignores the [truth] that regulators have lots of chances to adjust [its implementation].”

AFR Statement: Three Bad Bills Get Committee’s OK, But Fail to Win Broad Support

“The committee’s approval of these bills had not been in doubt. In fact, there had been speculation that in one or more cases, a substantial number of Democrats might join the Republican majority in their support. But that did not happen… HR 414 passed on a straight party-line vote, while HR 1090 won the backing of only a single Democrat… and HR 1266 just two… That qualifies as a victory.”

AFR Statement: CFPB’s Defenders Hold the Line in Financial Services Committee

“Industry forces made a big effort to win more Democratic votes. But in the end, they fell short: the Financial Services Committee approved HR 1266, but in a largely partisan vote that dimmed its prospects for becoming law. With their hard push, however, the bill’s backers made it very clear just who is pushing for a commission instead of a single director, and why.”

Letter to Congress: AFR Supports Pay Ratio Disclosure Rule, Opposes HR 414

“On behalf of Americans for Financial Reform (AFR), we are writing in opposition to HR 414, the “Burdensome Data Collection Relief Act”. This legislation would eliminate the requirement in Section 953(b) of the Dodd-Frank Act that firms publicly disclose the ratio between the pay of their chief executive officer and the pay of the median worker at the firm. The SEC has recently completed the rulemaking to implement this rule, and investors and the public are now anticipating that that important data will become available. “

Letter to Congress: AFR Joins 26 Organizations in Supporting Investors, Opposing HR 1090

“We are writing as organizations that strongly support the Department of Labor’s (DOL) efforts to strengthen protections for working families and retirees by requiring the financial professionals they turn to for retirement investment advice to act in their best interests. As such, we oppose H.R. 1090, the misnamed “Retail Investor Protection Act,” and urge you to vote NO when the bill comes up for a vote in the Financial Services Committee. “

Letter to Congress: AFR Urges Opposition to HR 957, Legislation Harmful to the CFPB

“On behalf of Americans for Financial Reform, we are writing to urge your opposition to HR 957, to establish an independent Inspector General for the CFPB. The proposal would not benefit consumers and, further, is an effort by the committee to make government bigger, not better.”

Letter to Congress: AFR, 75 Organizations Urge Congress to Reject HR 1266

“We are writing to express our opposition to H.R. 1266 (Rep. Neugebauer), the “Financial Product Safety Commission Act of 2015.” This bill would change the structure of the Consumer Financial Protection Bureau (CFPB); instead of being led by a single director, it would be headed by a Commission of five members…”

Letter to Congress: AFR, 25 Organizations Urge Congress to Stand Against Discriminatory Auto Lending and Reject HR 1737

“On behalf of the undersigned organizations, we urge you to oppose H.R. 1737, the so-called “Reforming CFPB Indirect Auto Financing Guidance Act.” This legislation is simply an effort to stop the CFPB from enforcing laws against discrimination. H.R. 1737 hides its intent behind a smokescreen of claims about process and regulatory jurisdiction. However, the bill is really about the unfair and discriminatory impact of car dealer interest rate markups. “