Letter To Congress: Reject S 2155 — A Gift to Bank Lobbyists
AFR sent a letter urging Senators to reject S 2155, which contains some two dozen deregulatory gifts to bank lobbyists and only minimal consumer benefits AFR Opposition Letter to S 2155
Tag Archives: CFPB
AFR Statement: Congressional Move Is a Sellout to Payday Loansharks
“Attempts to roll back this protection for consumers are nothing more than a sellout to the predatory payday lenders who want to continue to enrich themselves by trapping people in a painful cycle of debt. Congress should reject this and other attempts by payday lenders to undo a common sense rule based on the common sense principle of ability to repay.”
AFR Statement: English is Rightful Acting Director While Courts Rule on CFPB Leadership
In the meantime, the CFPB still has work to do holding Wall Street to account on behalf of American consumers, and Ms. English and the CFPB staff can continue its successful run. Now, the president should nominate someone with a track record of fighting for consumers who will enjoy bipartisan support in the Senate.
AFR Statement: Attempt to Put Mulvaney in at CFPB Shows Contempt for American Consumers
Mulvaney has said he is opposed to the very existence of the CFPB, and as a member of Congress he voted in favor of Wall Street banks and predatory lenders — his largest donors — again and again. The CFPB has recovered $12 billion in ill-gotten gains on behalf people around this country. It is this work that the administration apparently wants to destroy
AFR Statement: No Budget Riders Weakening Wall Street Reform or CFPB
Congress should abandon budget rider proposal that would eliminate independent funding for the CFPB and other poison pills.
AFR in the News: Wall Street Wants to Kill the Agency Protecting Americans From Financial Scam (Intercept)
“[Director Cordray’s] departure will be ‘a huge loss,’ said Lisa Donner, executive director of Americans for Financial Reform. If Trump appoints a new director who is indifferent, or even hostile, to consumer issues, she said, ‘It will be incredibly costly to the American public.’”
AFR in the News: Scary thought: Trump now gets to pick the country’s top consumer watchdog (LA Times)
“Trump and Republican lawmakers have long characterized Cordray as an enemy of the people — a bureaucrat run amok, imposing his autocratic will on gentle, kindhearted businesses that only want to compete freely and fairly for people’s patronage… ‘And people who don’t understand what the bureau does might believe that,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘But if you describe the bureau’s work to people… they overwhelmingly support it.'”
AFR Statement: On the Resignation of Richard Cordray from the CFPB
“Following a Wall Street-induced financial crisis that cost millions of people their homes and jobs, the CFPB began its work as the first federal body with the mission and capacity to stand up for everyday Americans in their dealings with the financial services companies who have such an impact on our lives each and every day. Obtaining $12 billion in relief for over 29 million Americans is a great accompishment.”
Joint Statement: President Trump Signs Bill that Strips Choice to Seek Justice in Court
“’President Trump had a clear choice to make today between Wall Street and the rest of us,’ said Amanda Werner of Americans for Financial Reform and Public Citizen. ‘He chose Wall Street. But the rest of us will keep fighting to restore our rights so we can fight back the next time a company like Wells Fargo or Equifax tries to rip us off and get away with it.’”
AFR in the News: Lawmakers Just Made It Nearly Impossible to Sue Companies Like Equifax and Wells Fargo (Money Magazine)
“‘This vote marks a truly shameful moment in Congress,’ [AFR’s] Amanda Werner, who plays the Monopoly Man, said in a statement. ‘Just weeks after holding hearings on scandals of historic proportion, the Senate granted Equifax and Wells Fargo a Get Out of Jail Free card. Rather than pass meaningful legislation to help the 145 million Americans harmed by the data breach, a slim Republican majority chose to take away our only chance at holding financial giants accountable.’”