Americans for Financial Reform

Letter to Congress: AFR, 53 Organizations Urge Congress to Reject Legislation that Would Weaken the CFPB

“The undersigned organizations write to urge the Appropriations Committees to reject all proposals to weaken the powers and funding of the Consumer Financial Protection Bureau (CFPB or bureau). In particular, the Committee must oppose any proposals that would limit, delay or remove the authority of the CFPB to take action on the use of pre-dispute binding mandatory (or forced) arbitration in consumer financial contracts under its jurisdiction. “

AFR in the News: Canada Just Threw a Grenade Into Elizabeth Warren’s Trade Fight With Obama (Huffington Post)

“‘The administration can say whatever it wants about its interpretation of these trade agreements,’ said Marcus Stanley, policy director at Americans for Financial Reform, a Wall Street watchdog group. ‘The problem is, under the terms of these agreements, they are not going to be interpreting them. Private tribunals of trade lawyers are going to be interpreting them, and there are going to be plenty of openings, as this shows, to make claims that critical prudential regulations conflict with trade agreements. And eventually one of those is going to win out.'”

AFR Statement at CFPB Field Hearing on Student Loan Servicing

“The CFPB should use the authority that it has to make sure that borrowers are treated fairly, and that they get the information they need to take advantage of any repayment plans available to them. This means that abusive, profit-increasing practices that are banned in other consumer debt industries, but are still used by companies that collect payments on private student loans, must be curbed.”

AFR in the News: Banks Would Get Boost for Overseas Swaps in House CFTC Bill (Huffington Post)

“The legislation would make it easier for Wall Street to escape tough rules designed to make trading more competitive and transparent, Marcus Stanley, policy director for Americans for Financial Reform, said in an interview. ‘It could undo various parts of the Dodd-Frank Act by permitting American banks to transact in locations where swaps are not as well-regulated,’ Stanley said.”

AFR Statement on Senator Shelby’s Draft Bill

“Senator Shelby’s 216-page draft legislation makes sweeping changes that would significantly weaken key financial reforms passed in direct response to the events of the 2007-2009 financial crisis. It puts the wish list of the financial sector above protecting the stability of the US economy, and the safety of mortgage markets and of homebuyers. “

Letter to Regulator: AFR, 3 Organizations Call for Strong Guidance on “Management Fee Waiver”

“After finally addressing the fee waiver tax abuse after all of these years, the least the IRS can do is to vigorously enforce the law for all open years. Anything less would accurately be described as a tax amnesty program for billionaires.”

Joint Letter: Corinthian Students Deserve Federal Loan Relief, Say AFR and 14 Cosigners

“Corinthian Colleges made many promises to its students – promises of a good education and job opportunities on the other side – but behind the slogans was an institution that churned out big profits by targeting unsuspecting, low-income students with predatory recruitment and lending practices. “

AFR in the News: Dodd-Frank Supporters Argue Safer Financial System Justifies Cost of Regulation (Wall St. Journal)

“The {American Action Forum] paper doesn’t argue that [the] costs outweigh the benefits. But it doesn’t attempt to quantify any of those benefits, either. That’s a significant flaw, according to Americans for Financial Reform… ‘Extensive economic research shows that the benefits of greater financial sector stability alone will exceed the costs claimed by the AAF,’ the group argued.”

AFR Responds to Study Claiming High Costs of Dodd-Frank Act

The American Action Forum has released a study claiming that the Dodd-Frank Act will reduce total U.S. economic output by $895 billion between 2016 and 2025. But the study has multiple significant flaws. In sum, the AAF study both exaggerates the growth costs of regulation and fails to include benefits from regulation that would substantially exceed even these exaggerated costs.

Joint Letter: Corinthian Students Deserve Federal Loan Relief, Say AFR and 33 Cosigners

“Given the extensive evidence of widespread fraud at Corinthian Colleges, we believe all current and former students deserve federal loan discharges. We are particularly concerned that students whose entitlement to federal loan discharges is crystal clear – those recently enrolled in the 30 Corinthian campuses that closed on Monday – are being given incomplete, incorrect, and harmful information about their options from Education Department staff as well as from schools that do not have these students’ best interests in mind. “