Letters to the Regulators: AFR and Public Citizen Letter to the New York State Department of Financial Services Proposal to Evaluate Nonbank Mortgage Lenders

Public Citizen and Americans for Financial Reform Education Fund submitted a comment to the New York State Department of Financial Services (DFS) on its proposal to evaluate nonbank mortgage lenders in New York based on their performance in meeting the credit needs of the communities where they operate, including needs related to increasing climate risks on housing

News Release: Organizations Urge Justice, Banking Regulators to Block Capital One-Discover Merger

Today, American Economic Liberties Project, Americans for Financial Reform Education Fund, National Community Reinvestment Coalition, and Public Citizen sent a letter to the U.S. Department of Justice, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) urging them to block the proposed Capital One-Discover merger under federal antitrust and banking statutes.

Blog: The Project 2025 Capital Formation Trojan Horse Attack on Mom and Pop Investors

At a time when far-right forces are literally dismantling the government, including stripping away most agencies’ regulatory and oversight capacity, further deregulation of the financial system would be a dangerous mistake that would help advance the far-right’s democracy-grab. The House and Senate Republicans are advancing so-called capital formation legislation that purports to be about helping companies raise capital but are really about undermining investor protections and exposing small investors—read people’s retirement and life savings—to the riskiest parts of the financial system.

News Release: House Committee Passes Crypto Bill Devoid of Fraud and Corruption Limits

The House Financial Services Committee today approved a massive giveaway to the cryptocurrency industry with a bill on stablecoins that lacks basic fraud and consumer safeguards and does nothing to address the corrupt crypto business deals that the Trump family is now pursuing. It also approved a bill to gut small business and farm lending transparency requirements under Section 1071 of the Dodd-Frank Act.

Testimony: AFR Testimony in Support of Connecticut HB 7174, Which Assesses a Five Percent Surcharge to Insurance Companies Supporting Fossil Fuel Infrastructure

Americans for Financial Reform Education Fund submitted testimony to the Connecticut General Assembly on a bill that would assess a five percent surcharge on insurers for policies that support fossil fuel infrastructure in the state. The funds collected would then help fund resilience and flood data transparency.

Blog: Tesla and the Case of the Dueling Financial Officers

In the wake of last weekend’s Tesla Takedown’s day of action at hundreds of dealerships across the country, financial officers on both sides of the political aisle weighed in on how to address Tesla’s tanking share price. New York City Comptroller Brad Lander called for accountability from Elon Musk and Tesla’s board of directors;

News Release: OCC’s Retreat on Climate Risk at Odds with Economic Reality

Today, the Office of the Comptroller of the Currency (OCC) announced its withdrawal from participation in the interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions. The climate principles covered large banks with over $100 billion in assets and were released jointly in 2023 by all three federal bank regulators: the OCC, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC).