Letters to Congress: Letter Urging Congress to Address Risks in Growing SPAC Mania
AFR wrote a letter to Congress providing a number of policy recommendations that would help reign in SPAC mania and better protect investors.
New Release: AFREF Statement: Consumer, Civil Rights, Housing and Small Business Groups Urge the Federal Reserve Board to Strengthen Community Reinvestment Act Framework with Focus on Increasing Equity in Bank Investments and Access to Sustainable Credit for Communities of Color and Low and Moderate Income Families
Americans for Financial Reform Education Fund (AFREF) and 20 consumer, civil rights, small business, and other public interest partners submitted a comment letter to the Federal Reserve Board of Governors (FRB) on its Advance Notice of Proposed Rulemaking to modernize the Community Reinvestment Act (CRA).
Letters to Regulators: Letter in Response to the Federal Reserve Board’s ANPR on the Community Reinvestment Act
Americans for Financial Reform Education Fund organized a letter to the Federal Reserve Board (FRB) in response to their advanced notice of proposed rule making (ANPR) on the Community Reinvestment Act (CRA). The letter outlined a number of guiding principles and approaches to ensure that any changes to the CRA framework would be limited to measures that will increase equity in bank investments and access to sustainable, wealth-building credit in underserved communities as the statute intended.
Letters to Congress: Letter in Support of the FAIR Act
AFR joined a letter strongly supporting the Force Arbitration Injustice Repeal Act (FAIR Act). The letter stated that the legislation would ensure that workers, consumers, servicemembers, nursing home residents, ordinary investors, and small businesses harmed by bad actors will be able to bring valid claims in court, and would not be forced into private, secretive, corporate-controlled arbitration systems required by nonnegotiable contracts. It argued for the particular need for Congress to move forward with this legislation in light of the economic hardship facing working families during the pandemic.
Letters to Congress: Letter Urging Congress to Provide Greater Assistance for Homeowners in COVID Relief Plan
AFR joined a letter urging Congress to expand assistance to homeowners in the upcoming COVID-19 relief package. The letter, which followed a previous letter to the Biden Administration urging for similar protections, requested that the upcoming COVID relief package include $25 billion for direct assistance to homeowners, with the bulk of the funds deployed through state housing finance agencies through the Homeowner Assistance Fund and including at least $100 million for housing counseling and $39.7 million for the Fair Housing Initiatives Program.
PANEL DISCUSSION: Small Business Needs In The Biden Administration Panel Discussion Series
Since the onset of the COVID-19 pandemic, AFR with our coalition partner, Main Street Alliance, have been advocating for more rational and equitable small business relief in response to the Coronavirus pandemic. Before the pandemic, AFR promoted the need for new and innovative means to
News Release: AFR Praises Leadership of Rep. Maxine Waters at Helm of Financial Services Panel
AFR congratulates Rep. Maxine Waters on her renewed position as chair of the House Financial Services Committee, an important panel with jurisdiction over a broad range of issues with profound impacts on people and communities across the country. We are heartened that the committee will continue to be led by a champion of economic and racial justice, one who does not hesitate to call Wall Street CEOs and predatory lenders on the carpet when necessary to protect the public interest.
NEWS RELEASE: Advocates Applaud Senate Bill Fund to Help Millions of Families Keep Their Homes; Urge Inclusion in Covid Stimulus Bill
“Facing the most economic distress and illness, low-income families and communities of color are most at risk of losing their homes to foreclosure without relief. The Homeowner Assistance Fund is a necessary measure to stem the impending foreclosure crisis and prevent devastating losses for families and neighborhoods.”
Joint Statement: Coalition Applauds Bicameral Resolution Calling on Biden to Cancel $50K of Student Debt
We, the undersigned 50 organizations, applaud Majority Leader Chuck Schumer, Senator Elizabeth Warren; Representatives Pressley, Adams, Bowman, Jones, Omar, and Torres; and Chairwoman Waters for their bicameral resolution urging President Biden to take executive action to cancel up to $50,000 in federal student loan debt using legal authorities already granted by Congress. Cancelling student debt will provide both immediate financial relief to millions of Americans and crucial economic stimulus for everyone during this protracted crisis. This action would also boost GDP and job creation at a time of intense labor shocks and economic uncertainty.
Letters to Regulators: Comment on the CFPB’s ANPR Regarding Consumer Access to Financial Records
AFR joined a letter with our partners The National Consumer Law Center, Center for Responsible Lending, Consumer Action, Consumer Federation of America, and USPIRG commenting on the CFPB’s Advanced Notice of Proposed Rulemaking regarding consumer access to financial records. The letter responded to several questions from the CFPB to assist in developing a proposed rule to implement Section 1033 of the Dodd Frank Wall Street Reform and Consumer Protection Act. It called for a rule that would ensure control and protection for consumers accessing their own account data.