Americans for Financial Reform

Joint Letter: AFR and 280 Allies Strongly Support CFPB Action Against Forced Arbitration

“The undersigned… organizations strongly support the Consumer Financial Protection Bureau (CFPB)’s proposed rule to limit pre-dispute binding mandatory (or forced) arbitration clauses in consumer finance contracts. The CFPB rule, which will restore consumers’ ability to band together in court to pursue claims, is a significant step forward in the ongoing fight to curb predatory practices in consumer financial products and services and to make these markets fairer and safer. “

AFR in the News: How Predatory Payday Lenders Plot to Fight Government Regulation

“VICE has obtained exclusive transcripts of this year’s annual meeting of the Community Financial Services Association of America… at the Atlantis Paradise Island Resort. That’s where lenders were taught exactly what it might take to beat back an existential threat to their business. Trapping people in unaffordable debt is ‘their business model,’ said Gynnie Robnett [of] Americans for Financial Reform… ‘And they seem determined to preserve it, any weasel-y way they can.'”

Letter to Regulators: Over 18,000 AFR Members call on the CFPB to Rein in Forced Arbitration Ripoff Clauses

Over 18,000 members of Americans for Financial Reform signed a petition calling on the Consumer Financial Protection Bureau to ensure that consumers aren’t deprived of their day in court.

Letter to Regulators: AFR Comments to SEC on Corporate and Financial Disclosures

“This extensive concept release poses many questions concerning technical and detailed issues of disclosure. It is also part of a larger set of efforts relevant to financial disclosures, including the Disclosure Effectiveness Initiative, the Reg S-K study mandated by the JOBS Act, the recent proposed changes to materiality standards by the Financial Accounting Standards Board (FASB), and the lengthy and highly technical proposed rule on Disclosure Update and Simplification released on July 13th.”

AFR Statement: Trump economic plan would block progress on financial reform

Speaking in Detroit on August 8, Donald Trump outlined the very broad brushstrokes of an economic plan that included a “temporary moratorium on new agency regulations.” Such a moratorium would block the implementation of crucial Dodd-Frank rules that have yet to be written or put into final effect. It would also slam the brakes on many ongoing efforts to protect American consumers. Proceeding with these much-needed financial regulations is vital not just to the economic security of American families, but also to the economic stability of the country as a whole.

Representative DeFazio Reintroduces A Financial Transaction Tax to Put Main Street FIRST

Tapping into the strong anti-Wall Street sentiment, on July 13th, Representative DeFazio reintroduced his financial transaction tax legislation as the “Putting Main Street FIRST Act: Finish Irresponsible Reckless Speculative Trading Act.” The reintroduction of this bill comes with a fresh score from the Joint

AFR Press Release: More than 100 Lawmakers Call for Swift CFPB Action on Forced Arbitration

“More than 100 U.S. Senators and Representatives are asking the Consumer Financial Protection Bureau (CFPB) to move ahead with its efforts to restore the right of consumers to join together to hold corporations accountable when they break the law. In separate House and Senate letters, the lawmakers voice their support for a CFPB proposal that would limit the financial industry’s use of forced arbitration “ripoff clauses,” typically buried in the fine print of take-it-or-leave-it contracts, to block consumers from challenging hidden fees, fraud, and other illegal behavior.”