Thank you for your strong commitment to opposing the Office of the Comptroller of the Currency (OCC)’s efforts to help tech companies dodge regulatory oversight, mix commerce and banking activities, and avoid compliance with consumer protection laws.
The Treasury Secretary has the authority to drive an ambitious agenda for economic, racial, and climate justice, and to use financial regulation as an important tool of that work. As Yellen has herself noted in recent remarks, this moment of crisis has made it particularly clear that a new administration needs to not only undo the dangerous Trump administration deregulation of Wall Street, but also move well beyond the preceding status quo.
AFR released a recommended set of systemic reforms outlining steps to create a safe and just financial system. These include both reversing the deregulation of the Trump years and taking positive steps to create a far more secure and inclusive financial system. The full document
Kraninger should resign, but if she does not her record makes it overwhelmingly clear that the incoming administration needs to fire her as soon as President-Elect Joe Biden takes office on Jan. 20 and replace her with an acting director who will steer the CFPB back to fulfilling its mission.
Kathleen Kraninger, the current director of the Consumer Financial Protection Bureau, told an audience of bankers at a November 2019 industry gathering that “you are really helping drive the agenda.” Unfortunately for the public and for consumer financial protection, the Kraninger agenda and the Wall Street lobby’s priorities are indeed all too similar, even during the COVID-19 pandemic and massive economic distress.
Today, over 235 organizations sent a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration.
239 organizations signed a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. The letter was led by Americans for Financial Reform, the Center for Responsible Lending, Demos, the National Consumer Law Center, and Student Borrower Protection Center.
Looser monetary policy is a dangerous combination paired with the aggressive weakening of financial regulation by Jerome Powell’s Fed
By creating a blanket exemption for a broadly defined group of “finders” to effectively act as solicitors and brokers in private investment markets without being subject to any of the requirements on registered broker-dealers as regards disclosure, qualifications, obligations to customers, pricing, record-keeping, business conduct, financial resources, or compliance with FINRA rules, the Commission would abrogate its responsibilities to protect investors and to maintain fair and orderly markets.
“The C.F.P.B. should make sure companies are complying with all emergency protections on the books, and maximizing assistance to consumers to prevent garnishments, foreclosures and repossessions,” said Linda Jun, senior policy counsel at Americans for Financial Reform.