“Senator Shelby’s 216-page draft legislation makes sweeping changes that would significantly weaken key financial reforms passed in direct response to the events of the 2007-2009 financial crisis. It puts the wish list of the financial sector above protecting the stability of the US economy, and the safety of mortgage markets and of homebuyers. “
“On behalf of Americans for Financial Reform (AFR), we are writing to express our opposition to several of the bills under consideration in today’s subcommittee hearing, as well as our support for HR 1847, the “Swaps Data Repository and Clearinghouse Indemnification Act”.
“The undersigned national consumer organizations would like to express our strong opposition to H.R. 347 (Royce and Hinojosa), the misleadingly-named “Facilitating Access to Credit Act of 2015.” This bill would unnecessarily allow credit bureaus to be exempt from coverage by the Credit Repair Organizations Act (CROA).”
“The undersigned civil rights and consumer organizations urge you to oppose any measures to restrict the Department of Justice’s Operation Choke Point or bank regulator efforts to prevent money laundering and payment fraud. In particular, H.R. 766 (Luetkemeyer), the Financial Institution Customer Protection Act of 2015, H.R. 1413 (Luetkemeyer), the Firearms Manufacturers and Dealers Protection Act 2015, and similar bills would make it harder for government agencies to protect the public. In these days of escalating data breaches, terrorism threats, and internet fraud, we need to encourage, not discourage, efforts to deprive criminals of access to the banking system.”
“…we write to convey our strong opposition to the “Supporting Academic Freedom through Regulatory Relief Act” (HR 970, S 559). In particular, we oppose these bills because they repeal the gainful employment regulation and create new loopholes in the federal ban on incentive compensation, harming both students and taxpayers.”
“…we are writing in strong opposition to the addition of language to H.R. 1195 that would pay for new procedural requirements on the CFPB by cutting or capping its budget, thereby reducing its ability to carry out its important consumer protection mission.”
“…we are writing in strong opposition to the addition of language to H.R. 1195 that would pay for new procedural requirements on the CFPB by cutting or capping its budget, thereby reducing its ability to carry out its important consumer protection mission.”
“We are writing to urge your opposition to the following series of bills, which are expected to come up for a vote in the House of Representatives the week of April 13th. Many of these bills would undercut important protections on mortgages, and re-open the door to higher fees and other practices that contributed to the devastating housing crisis. Others would undermine or put barriers in front of the important work of the Consumer Financial Protection Bureau (CFPB), and are part of a strategy to weaken the CFPB and disrupt the good work the Bureau is doing preventing financial tricks and traps.”
AFR sent a letter to members of the House Financial Services Committee, urging them to oppose a number of the bills being included in today’s markup. The bills opposed by AFR would undermine the CFPB and help return us to an environment of predatory lending, irresponsible underwriting, and excessive fees that paved the way for our recent devastating housing crisis.
AFR and seven organizations sent a letter to Senators urging opposition to oppose Senator Inhofe’s amendment 384 to the budget resolution, which would restrict the Department of Justice’s Operation Choke Point or bank regulator efforts to prevent money laundering for terrorists and drug dealers. Operation Choke Point is focused only on banks that help scammers and other illegal activity, and Congress should not hinder these critical activities.