Tag Archives: CFPB

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AFR in the News: Dodd-Frank is Not Perfect but a Boon for Consumers and Economy (Philadelphia Inquirer & other papers)

“The financial system that pushed the U.S. economy to the edge of collapse in 2008 was a doubly rigged game. It was set up to inflate the profits of banks and insiders twice over—first through products designed to bilk consumers and investors, and second through massive speculation, with taxpayers ultimately paying for the bets that went bad. It was a dishonest system and a dangerous one, and while Dodd-Frank was not a complete fix for either problem, it has made progress on both.”

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AFR Statement: Appropriations Bill Is Backdoor Financial Deregulation

“In addition to [a] dangerous and highly partisan rollback of financial regulations, the legislation takes aim at the Consumer Financial Protection Bureau, despite, or perhaps because of, the fact that is succeeding at its job of making the consumer finance markets safer and fairer. The appropriations bill contains policy riders that would dramatically weaken the CFPB by making it the only bank regulator which does not have independent funding, and by replacing the CFPB’s single director with a five-member commission – a known recipe for gridlock.”

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AFR/CRL Poll: National Survey Finds Bipartisan Opposition to Forced Arbitration as the Issue Heads for a Vote in the House

With the Consumer Financial Protection Bureau now in a position to regulate the practice, a new poll shows strong public sentiment against the use of forced-arbitration clauses in consumer finance contracts. The poll demonstrates wide, bipartisan opposition to forced arbitration as the House of Representatives prepares to vote on a multi-agency appropriations bill that would put roadblocks in the way of CFPB action.

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Joint Statement: 78,000 Consumers Urge CFPB to End Forced Arbitration

In petitions gathered by AFR and five allied organizations, more than 78,000 consumers urge the Consumer Financial Protection Bureau to take swift action against the use of forced arbitration clauses in financial services and products. The CFPB is empowered by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to ban or limit this anti-consumer device in products under its jurisdiction.

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Letter to Congress: AFR, 53 Organizations Urge Congress to Reject Legislation that Would Weaken the CFPB

“The undersigned organizations write to urge the Appropriations Committees to reject all proposals to weaken the powers and funding of the Consumer Financial Protection Bureau (CFPB or bureau). In particular, the Committee must oppose any proposals that would limit, delay or remove the authority of the CFPB to take action on the use of pre-dispute binding mandatory (or forced) arbitration in consumer financial contracts under its jurisdiction. “