Americans for Financial Reform

News Release: Revised CRA Regulations Have Teeth, Encourage Community Resilience Investments

Washington, D.C. — The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a joint final rule to revise the regulations implementing the Community Reinvestment Act (CRA). This decision caps a long-awaited effort to modernize the rules to reflect the changing structure of the banking system and needs for community loans, investments, and services.

News Release: SEC Commissioner Crenshaw Echoes AFR’s Concerns on Leveraged Loans Lacking Protection Under Securities Laws

Washington, D.C. — SEC Commissioner Caroline Crenshaw gave a notable speech at an event sponsored by the Center for American Progress on October 11th warning of the dangers posed by the fact that the $1.4 trillion leveraged loan market, often used to finance private equity takeovers, is not subject to securities laws, and therefore operates without many investor protections.

Letters to Congress: Letter in Support of Tanya Otsuka’s Nomination to Serve on the National Credit Union Administration Board

View or download a PDF of the letter here. AFR and other coalition members signed onto a letter supporting Tanya Otsuka to Serve on the National Credit Union Administration (NCUA) Board. Ms. Otsuka has dedicated her career to creating a more stable and equitable financial

News Release: NCRC, CRL And AFR Blast Senate Democrats For Betraying Small Business Owners With Vote To Rescind Section 1071

WASHINGTON, DC — Five Democratic Senators betrayed small business owners Wednesday by voting with Republicans to rescind recently finalized small business lending data rules known as Section 1071, leading consumer advocacy groups said.

News Release: SEC Finalizes Important Ownership Reporting Rules Despite Fierce Industry Backlash

Washington, D.C. – The Securities and Exchange Commission’s decision to finalize important amendments governing beneficial ownership reporting despite fierce backlash from the hedge fund industry represents a significant move towards creating a more equitable investment landscape increasing transparency for other investors.

News Release: New Protections from Junk Fees Will Save Consumers Billions

WASHINGTON, D.C. – The Federal Trade Commission and Consumer Financial Protection Bureau’s announcement of new actions to crack down on junk fees is a critical initiative in stopping companies from ripping off consumers with hidden and misleading fees and compelling firms to provide upfront and accurate pricing on products and services.

In The News: Lending Risk Is Growing Under the Radar (Bloomberg)

Alexa Philo of Americans for Financial Reform told the House Financial Services Committee last month that the 2008 crisis had devastating impacts on the wealth of people and communities of color. Foreclosures on subprime loans and falling home prices wiped out many Black and Latinx owners’ home equity, which was a large part of their net worth, she said.

Events: Jake Bittle and The Great Displacement: a Conversation about Housing Displacement and Climate Change

Jake Bittle and The Great Displacement: a Conversation about Housing Displacement and Climate Change On September 26, 2023 Americans for Financial Reform Education Fund hosted Jake Bittle, author of “The Great Displacement: Climate Change and the Next American Migration” along with housing experts and community

News Release: As Supreme Court Considers Argument to Defang the Watchdog, a New Poll Shows Wide, Bipartisan Support for CFPB

WASHINGTON, D.C. – Following oral arguments made before the U.S. Supreme Court on the future of the Consumer Financial Protection Bureau (CFPB), a new poll – commissioned by the Center for Responsible Lending and Americans for Financial Reform and released today – shows overwhelming support from Republican, Democratic, and independent voters for the CFPB’s mission and for the Bureau to establish several new consumer protections.

In The News: Supreme Court sounds skeptical of lenders’ challenge to Consumer Financial Protection Bureau (LA Times

“Today was a bad day for predatory payday lenders and the Wall Street lobby groups that lent their names to some very ridiculous claims,” said Elyse Hicks, consumer policy counsel at Americans for Financial Reform. “None of their legal arguments passed the red-face test, and even the questions from the conservative justices reflected that reality.”