Lordstown Motors was supposed to be a promising electric vehicle startup backed by General Motors that would help revolutionize low-emissions vehicles while also revitalizing America’s “Rust Belt”. Instead, many of its promises, exploiting the loopholes in the SPAC model, were soon found to be untrue, reiterating the important changes that need to be made to the business model of companies taken public through SPACs.
Today, the Consumer Financial Protection Bureau (Bureau) released its final rule under the Real Estate Settlement Procedures Act (RESPA) related to helping homeowners impacted by the COVID-19 pandemic. The rule contains important consumer protections to help stave off unnecessary foreclosures, but the time period for the rule’s foreclosure protections should be extended and the Bureau should vigorously enforce it to ensure homeowners receive the intended protections.
“This vote ends the Trump administration’s enabling of predatory lending in blatant violation of state consumer protection laws,” Jun added.
AFREF, NCLC, CRL and NHLP sent a letter in support of the Improving FHA Support for Small Dollar Mortgages Act. This bill will increase access to sustainable mortgage lending for homebuyers who are buying homes with sale prices under $100,000.
AFR joined a letter calling on President Biden to extend the pause on student loan payments until the
Administration has delivered on its promises made to student loan borrowers to fix the broken
student loan system and cancel federal student debt.
AFR joined over 100 groups in sending a letter urging the Biden administration to ensure that any zoning reform incentives or requirements actually do the job of opening up exclusionary areas to more economic and racial diversity; do not further the displacement of low-income communities and communities of color, do not result in the loss of affordable housing, and do not further entrench profit-driven commodification of housing. Federal action to eliminate exclusionary zoning has the potential to expand racial and economic justice, but, if not crafted carefully, the effort could be ineffective or even harmful to communities of color.
AFREF and 154 organizations sent a letter urging HUD to extend the foreclosure moratorium and deadline to request forbearance for FHA borrowers to give them the best opportunity to sustain homeownership beyond the pandemic.
AFR joined a letter to Congress in support of The Used Car Safety Recall Repair Act.
Americans for Financial Reform Education Fund and Public Citizen submitted a joint comment letter to the SEC calling for mandatory climate and ESG disclosures for all issuers, in response to Commissioner Allison Herren Lee’s Request for Public Input. “A growing chorus of bipartisan U.S. financial regulators
Americans for Financial Reform Education Fund and Public Citizen were joined by 60 organizations and securities law experts in a comment letter to the SEC calling for mandatory climate and ESG disclosures for all issuers.