Letter to CFPB opposing seasoned mortgage proposal
Testimony: License to Bank – Examining the Legal Framework Governing Who Can Lend and Process Payments in the Fintech Age
What industry calls “innovation” is often easily mapped to a longstanding financial service and therefore the existing laws should apply. At the same time, certain tools and certain forms of partnerships should have no place in our economy whatsoever. Treating innovation as an unqualified good leads regulators to ignore both considerations of equity and long-term, sustainable innovation. Give the interface between powerful corporations, complex products, and the public, precaution should be the norm, as it is in food and drug regulation.
Ten years after Congress passed a major reform of Wall Street in response to the financial crisis voters overwhelmingly support more and tougher regulation of finance and they strongly approve of the mission of the Consumer Financial Protection Bureau. And, as the decade after the 2008 crisis unfolded to reveal continuing abuses by Wall Street, and the growth of predatory financial practices, notably by private equity, the public’s appetite for additional reform has strengthened. And the results underscore the need for rigorous oversight to ensure consumers aren’t victimized by unscrupulous lending practices.
Letters to Regulators: Joint Letter Asking CFPB to Rescind Guidance Allowing Credit Reporting Agencies to Ignore Statutory Deadlines
AFR joined our partners in calling on the CFPB to rescind its guidance allowing credit reporting agencies and furnishers to disregard statutory deadlines.
Letters to Regulators: Letter to CFPB on Urging In-Language Outreach to LEP Consumers Facing COVID-19 Hardship and Expansion of Language Access in Mortgage Origination and Servicing
Letter to CFPB urging focused outreach to LEP mortgage borrowers during COVID-19 and expanding language access in mortgage origination and servicing.
Joint consumer advocate comments to CFPB on LIBOR transition
Letter from 84 organizations raising concerns about the CFPB’s time-barred debt collection disclosure proposal.
Ten Years of Dodd-Frank: What We Need Next to Create a Resilient, Equitable, and Sustainable Economy
To mark the tenth anniversary of President Obama signing the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, Americans for Financial Reform hosted a series of virtual events asking what we have learned, and what changes we think are needed now to protect consumers, uproot systemic racism, and transform finance so that it contributes to a resilient, equitable and sustainable economy.
The director of the Consumer Financial Protection Bureau, Kathleen Kraninger, today announced the agency will strip out the core of a rule written and finalized under previous leadership that would shield consumers from debt trap payday and car-title loans. The decision will leave millions of people vulnerable to grave financial abuses at a time of economic crisis, and will harm people of color who are suffering higher rates of illness and of unemployment, and whom this industry targeted even before the pandemic.
In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm.