The Urban Institute has documented that, even before the COVID-19 pandemic, 31% of adults in the United States with credit reports have debt in collection. That number goes up to 42% for those residing in communities of color.
AFR released policy recommendations to strengthen consumer financial protections and work towards reversing the damage caused by systemic racism, and products and systems that amplify inequality.
AFREF and 47 organizations submitted comments on the CFPB’s RFI on the Equal Credit Opportunity Act (ECOA) and Regulation B. Our comments urged the Bureau to take no action that would weaken the ECOA in any way and consider certain steps to improve and strengthen fair lending protections under ECOA to make it stronger and more effective tool for fighting credit discrimination.
AFREF and members of our LEP Task Force submitted joint comments on how to improve language access for LEP consumers in response to the CFPB’s question on limited English Proficiency as part of its RFI on the Equal Credit Opportunity Act.
Letter from 26 groups to the CFPB urging the agency to strengthen protections for LEP consumers in the next part of the debt collection rule.
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.
“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.
Americans for Financial Reform Education Fund joined our partners in sending a letter signed by 83 groups opposing the Consumer Financial Protection Bureau’s proposed reorganization of its Division of Supervision, Enforcement and Fair Lending because it would drastically weaken the office’s authority independence, and effectiveness, and leave consumers vulnerable to harm.
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, and that has proved true even during the COVID-19 pandemic and massive economic distress it has produced.
Letter to CFPB opposing seasoned mortgage proposal