Americans for Financial Reform

Letters to Regulators: SEC Climate Disclosure – New Developments February 2023

We are writing on behalf of Public Citizen, Americans for Financial Reform Education Fund, and Sierra Club to supplement the information provided in previous comments we submitted. The purpose of this letter is to highlight a number of recent developments that further strengthen the rationale for the proposed rule.

As explained in our attached summary of developments related to climate-related financial risk, dramatic changes ushered in by the Inflation Reduction Act, the Russian invasion of Ukraine, and global market trends more generally, are accelerating a rapid transformation in the investment landscape.

News Release: Biden Address Confirms Focus on Protecting Consumers from Junk Fees

President Biden yesterday seized the moment of his State of the Union Address to reiterate his administration’s determination to crack down on junk fees – and especially credit card late fees – that companies use to rip off vulnerable consumers.

A book titled "Consumer Protection" on a desk with a gavel resting on top

Letters to Regulators: Letter to the FTC on Junk Fees

AFREF and partners led a letter to the FTC urging it to use its rulemaking authority to protect American consumers from junk fees and put money back into our pockets. Millions of consumers have expressed outrage at the imposition of service fees for live event tickets, “amenity” or “resort” fees charged by hotels, endless surprise rental car fees, hidden internet and cell phone charges, junk fees in the financial sector, and more. The federal government has taken a holistic approach to this problem, including the White House Competition Council, the Consumer Financial Protection Bureau (CFPB), the Department of Transportation (DOT) and now the FTC.

Letters to the Administration: Letter to the White House Task Force on New Americans on Language Access

AFREF joined a letter to the White House Task Force on New Americans Financial Access and Education Subcommittee urging them to incorporate policies that would explicitly expand language access within the financial services sector.

Letters to Regulators: Federal Reserve Must Finalize Climate Guidance for Banks with Strong Fair Lending Protections

Americans for Financial Reform Education Fund (AFREF) submitted letters to the Federal Reserve Board on its recent climate guidance for large banks. A coalition letter signed by 24 organizations urged the Fed to include enhanced safeguards and monitoring around fair lending violations, racial and economic

In The News: SEC Considers Easing Climate-Disclosure Rules After Investor Pushback (The Wall Street Journal)

A 1% threshold for all line-items in companies’ financial statements is “not the hill I would die on,” said Alex Martin, a senior policy analyst for climate at Americans for Financial Reform, which advocates for tougher financial regulation.

News Release: New CFPB Protections will Reduce Credit Card Late Fees, Save Consumers $9 Billion

Washington, D.C. – A new plan from the Consumer Financial Protection Bureau (CFPB) announced today should save real people real money – $9 billion each year – by capping the late charges that credit card companies impose on customers. But the consumer agency also faces an existential threat that the Supreme Court may soon address.

News Release: Voting Record Highlights Lawmaker Stands on Financial Reform in 117th Congress

A new report providing a snapshot of how every member of Congress voted on consumer protections, climate financial regulation, Wall Street, and financial industry legislative measures during the 117th Congress.

We need a robust IRS to stop Wall Street tax evasion

House Republicans rang in the New Year with a craven attempt to pander to their corporate cronies, making the 118th Congress’ very first vote one to defund the IRS and protect tax evaders. This comes after the agency finally received much-needed funding in last year’s Inflation Reduction Act after years of being under-resourced.

In The News: Senator Warren pulls no punches on crypto (Financial Times)

During a virtual event this week with the American Economic Liberties Project and Americans for Financial Reform, Warren came down hard on crypto once more, after an unprecedented year of failure that has left a black mark on the industry as a whole.