In a joint letter to Congress, Americans for Financial Reform and 340 organizations–state, local and national consumer groups, civil rights groups, faith-based groups, housing groups, labor unions and others–warn against efforts to “dismantle, weaken, or change the structure of the Consumer Financial Protection Bureau.”
AFR and 340 additional organizations sent a letter to members of Congress urging them to oppose any efforts to dismantle, weaken, or change the structure of the CFPB, which was established by Congress to ensure that markets work in an open, transparent, and fair way for consumers. Failure to appropriately regulate the consumer financial marketplace was a central cause of the financial crisis that devastated the U.S. and global economies; the CFPB is a shining success story of the efforts to correct the mistakes and close the gaps that led to that failure. The letter urges members of Congress to support the CFPB in fulfilling its consumer protection mission, rather than undermine it.
“H.R. 650 would not expand access to sustainable credit and would not serve the interests of homeowners and communities. Instead, this bill would undermine already vulnerable homeowners by stripping away protections created by Congress and implemented by the Consumer Financial Protection Bureau.”
AFR and 43 additional organizations sent a letter to members of Congress urging them to oppose any efforts to dismantle, weaken, or change the structure of the CFPB, which was established by Congress to ensure that markets work in an open, transparent, and fair way for consumers. Failure to appropriately regulate the consumer financial marketplace was a central cause of the financial crisis that devastated the U.S. and global economies; the CFPB is a shining success story of the efforts to correct the mistakes and close the gaps that led to that failure. The letter urges members of Congress to support the CFPB in fulfilling its consumer protection mission, rather than undermine it.
“Supervision of nonbank auto financial institutions will bring much-needed attention to otherwise
lightly-regulated companies, will ensure compliance with consumer financial laws, and will
ensure that auto financing by banks, already subject to CFPB supervision, is not at a competitive
disadvantage.”
Members of the Americans for Financial Reform coalition have argued that all homeowners should enjoy the same basic protections in their dealings with mortgage loan servicers. On November 20, the CFPB announced a set of proposed new rules that would bring that goal closer to
With the new rules it proposed this week, the Consumer Financial Protection Bureau (CFPB) has moved to make the rapidly expanding world of prepaid and payroll cards a safer and more straightforward place. The CFPB’S proposal would limit, though not prohibit, overdraft programs that blur
“Broad consensus on the real-life harms caused by these lending products has united consumers in all 50 states and forged an unprecedented call of concern linking 467 organizations including civil rights leaders, clergy, labor, veterans, elder and consumer advocates. Pending legislation and an upcoming rule by the Consumer Financial Protection Bureau (CFPB) together triggered a deluge of advocacy with a single purpose: stop the debt trap of triple-digit interest rates on a range of predatory products like payday, car title and high-cost installment loans.”
AFR was joined by 546 civil rights, consumer, labor, faith and community organizations from all 50 states in a letter urging the CFPB to put in place strong rules that will end abusive practices in ‘quick fix’ consumer lending such as payday, auto-title and installment loans.
We urge the Department of Defense to proceed expeditiously to finalize and implement this new proposal, which would carry out the MLA’s clear intent by providing broad protection for servicemembers against loans designed to lead them into a cycle of debt. We hope to see the Consumer Financial Protection Bureau move forward with its own rulemaking process soon in this important area.