Americans for Financial Reform

Letter to Congress: AFR Urges Congress Not to Weaken Dodd-Frank Financial Protections

AFR sent a letter to members of Congress urging them to oppose HR 1309, the “Systemic Risk Designation Improvement Act of 2015.” This legislation would make major deregulatory changes in Dodd-Frank directives concerning the oversight of some of the largest banks in the country. It would make it harder for regulators to take action to manage dangers to financial stability, and make it easier for individual large banks to use special pleading to escape from oversight.

Online Petition: More than a Quarter of a Million Americans Tell Congress to Defend the CFPB and Oppose Efforts to Weaken the Bureau or its Rules

In petitions delivered today to all 535 members of the new Congress, more than 274,000 Americans sound the alarm against continued efforts to undermine the Consumer Financial Protection Bureau, which was created by the Dodd-Frank Act of 2010 to bring basic standards of transparency and fairness to the banking and lending markets.

Letter to Regulator: AFR Comment on CFPB Amendments to 2013 Mortgage Rules

AFR submitted comments to the CFPB on the agency’s proposed amendments to its mortgage servicing regulations. AFR appreciates the CFPB’s attention to dealing with continuing problems facing borrowers seeking loan modifications, supports proposed steps to address them, and urges further changes to do so more effectively.

AFR in the News: Wall Street Fires Back at Obama Over Broker Standards

The Department of Labor, backed by the rest of the Obama administration, has renewed its push to hold retirement advisers to tougher standards, seeking to require more brokers to act in the best interest of their clients. That effort has in turn spurred another bout of vigorous lobbying by Wall Street interests, keen on preserving the status quo… “There is just a tidal wave of opposition,” says Lisa Donner of Americans for Financial Reform, a consumer group that supports the proposed rules. “This has been a very long time coming.”

Letter to Congress: AFR Urges Congress Not to Weaken the CFPB

AFR sent a letter to members of Congress, urging them to oppose HR 1266, the “Financial Product Safety Commission Act of 2015.” This bill would change the structure of the CFPB; instead of being led by a single director, it would be headed by a Commission of five members, appointed by the President and confirmed by the Senate. This change in structure would reduce the Bureau’s effectiveness in standing up for the public interest, and reduce the accountability of its leadership.

Letter to Congress: AFR Opposes HR 1266

AFR sent a letter to members of Congress urging them to oppose HR 1266, and any legislation that weakens the authority of the CFPB to effectively protect consumer.

AFR in the News: Consumer groups accuse SEC of ignoring investors (Investment News)

“We are concerned that the Securities and Exchange Commission — which has always prided itself on serving as ‘the investors’ advocate’ — appears in recent years to have strayed from its primary focus on its investor protection mission,” the letter stated. “Given the vital role that average investors play in our markets and the overall economy, and the serious shortcomings that exist in the regulatory protections they receive, it is time in our view for these issues to be prioritized.”

AFR in the News: About That Bill Name (Politico)

“Americans for Financial Reform is urging Congress to reject Rep. Ann Wagner’s bill to halt Labor Department’s fiduciary duty rule. In a March 10 letter to Congress, AFR says: ‘On behalf of Americans for Financial Reform, we are writing to express our opposition to HR 1090, the ‘Retail Investor Protection Act.’ This misnamed legislation in fact eliminates needed protections for retail investors … Financial professionals not covered by a fiduciary duty are legally free to recommend investments that benefit them, the seller of the product, at the expense of the customer who is saving for their future.’”

AFR Statement: We Welcome the President’s Call for a “Student Aid Bill of Rights”

“AFR urges swift adoption of these changes, along with further measures to deal with the burden of student loan debt. The complaint system is one of a number of places we think steps can and should be taken ahead of the deadlines laid out by the Administration. While the Department is establishing a full system for dealing with complaints, which should be comprehensive, it should partner with the CFPB so that borrowers can immediately use that process to submit complaints about federal student loans (as they already can about private loans).”

AFR Statement: CFPB Makes a Compelling Case for Banning Forced Arbitration

“In its latest study of forced arbitration, the Consumer Financial Protection Bureau (CFPB) confirms what consumers and consumer advocates have long said about this practice: it is a private dispute system stacked against individuals seeking justice. AFR applauds the release of the CFPB’s report, and urges the Bureau to move forward swiftly with rulemaking to prohibit forced arbitration in consumer financial contracts.”