Letters to Regulators: Comments on FDIC RFI on standard setting for fintechs
AFREF and Demand Progress submitted comments to the FDIC on setting standards for fintech companies.
AFREF and Demand Progress submitted comments to the FDIC on setting standards for fintech companies.
As the Federal Deposit Insurance Corporation (FDIC) reassesses third-party partnerships regarding financial technology (fintech), we urge it to refrain from delegating its responsibilities to a public-private standard-setting organization (SSO) and instead to develop its own expertise in the context of a robust, precautionary, approach to oversight. Facilitating compliance with SSO standards is not an acceptable means of regulation, nor an acceptable alternative to regulation.
There’s a looming student debt cliff awaiting us in 2021. With America in the teeth of the Covid-19–enabled economic downturn, lawmakers suspended federal student loan payments for 80 percent of federal student loan borrowers. This measure, which President Donald Trump extended a few weeks ago, is set to expire on New Year’s Eve, which means borrowers will ring in the new year by restarting their student loan payments in one of the worst job markets in a decade.
We applaud Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren’s Resolution calling on the Trump Administration to cancel student debt. Cancelling student debt will provide both immediate financial relief to millions of Americans, and crucial economic stimulus for everyone during this protracted crisis — boosting GDP and job creation at a time of intense labor shocks and economic contraction.
Sixteen charts showing the lasting impact of the financial crisis on family finances and inequality.
In many ways, the private equity industry embodies some of the worst impulses of Wall Street, squeezing profits at the expense of workers and consumers, and insulating bad actors from risks. But these abuses are not inevitable. On the contrary, they are the result of laws and regulations that can and should be changed.
For over 45 years, the disparate impact doctrine has allowed people to chip away at policies that have a discriminatory effect even if there is no intent to discriminate. When the need to address systemic racism is so urgent, and the costs of failing to do so are so devastating, HUD has chosen to finalize a rule that effectively dismantles this essential tool for fighting injustice.
AFR and our national partners submitted detailed comments opposing the OCC’s proposed true lender rule.
Letter from 101 groups opposing OCC’s true lender rule
Wall Street has consistently opposed the return of postal banking since its destruction in the 1960s. Chase and other nefarious actors are attempting to prevent competition before it even forms. The 2020 Democratic Party Platform and Biden-Sanders Unity Task Force recommendations both call for postal banking. But they also call on policymakers to separate retail banking institutions from more risky investments and protect consumers from high rates, onerous fees, inequitable credit reporting, and other harms.