Letters to Regulators: AFREF Comment on CFPB Proposal to Collect Small Business Lending Data to Enforce Fair Lending Laws
AFREF submitted a comment on the CFPB’s proposal to collect small business lending data to enforce fair lending laws.
In The News: Wall Street Braces for More Rules With Trump-Era FDIC Chief Gone (Bloomberg News)
“Having a Fed vice chair for supervision is crucial to a progressive agenda,” said Renita Marcellin, a senior banking policy analyst at Americans for Financial Reform, which has called for a halt on all bank mergers, more rules for cryptocurrency firms and a crackdown on the private equity industry. “There’s a lot more to do than simply repairing the damage caused by Trump regulators.”
Letters to Regulators: Comment Letter in Response to CFPB’s Inquiry into Big Tech Payment Platforms
AFREF joined a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter urges the CFPB to require person-to-person payment providers to protect consumers from fraud and errors, and to work with the Federal Reserve Board to ensure protections are in place before the Fed launches its new FedNow person-to-person service.
Letters to Regulators: Letter Urging CFPB Oversight of New Products like Buy Now, Pay Later (BNPL) Loans, Income Share Agreements, Cash Advances, “Fintech” Overdraft or Overdraft Avoidance Products, and Earned Wage Access Products or Look-Alike Products
AFREF joined a letter urging CFPB oversight of new products like buy now, pay later (BNPL) loans, income share agreements, cash advances, “fintech” overdraft or overdraft avoidance products, and earned wage access products or look-alike products that are evading consumer protection laws and creating debt traps for consumers. The letter states that the CFPB should supervise providers and ensure that each of these products are complying with applicable consumer protection laws.
Letters to Regulators: Second Comment Letter in Response to CFPB’s Inquiry into Big Tech Payment Platforms
AFREF, American Economic Liberties Project and Revolving Door Project sent a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter expresses concern about Big Tech exploitation of digital payments technology, and expresses support for their recently opened inquiry into Big Tech’s power in this vital and growing market.
Letters to Regulators: AFREF Joins More Than 100 Groups Calling on CFTC to Shut Down Dangerous Water Futures Market
AFREF joined more than 100 groups in a letter calling on the CFTC to shut down the dangerous water futures market.
Statement: AFR Encouraged by SEC’s Proposals Addressing Regulatory Loopholes
Americans for Financial Reform is encouraged by the Securities and Exchange Commission (SEC) proposals to address several long-standing loopholes exploited by financial market participants and provide greater transparency to investors and address issues of safety and soundness across the financial system.
Letters to Regulators: Letter Urging FSOC to Take Action Against Stablecoin Issuers
AFREF led a letter urging the Financial Stability Oversight Council (FSOC) as the coordinating body for several regulatory agencies to imminently take action against the various misdeeds that may be conducted by the issuers of stablecoins. The letter explains that such urgency cannot be overstated given how quickly the market continues to grow, posing greater threats to the broader financial system.
Letters to the Administration: Letter in Support of the Majority on the FDIC Board
AFR joined a letter to President Biden expressing support for the majority on the FDIC board, and calling on President Biden to remove the chair if she continues to attempt to thwart majority action.
News Release: OCC Seeks Input on Climate Risk Management for Large Banks
Americans for Financial Reform Education Fund (AFREF) applauds the Office of the Comptroller of the Currency (OCC) for seeking comment on this strong first draft of principles to guide large banks on how to manage the risk that climate change poses to their safety and soundness.