Tag Archives: Congress

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Letter to Congress: AFR and 43 Organizations Urge Congress to Support the CFPB

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.

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AFR Letter: Reject HR 185, the Regulatory Accountability Act

AFR sent a letter to members of Congress, urging them to oppose HR 185, the “Regulatory Accountability Act.” This legislation would hamstring agencies charged with the oversight of our largest banks by requiring them to comply with a host of additional bureaucratic and procedural requirements designed to make effective action virtually impossible.

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AFR Letter: Oppose Regulatory Rollback in HR 26 (TRIA)

AFR sent a letter to members of Congress urging them to reject HR 26, the “Terrorism Risk Insurance Act.” This legislation contains the inclusion of an irrelevant provision that would weaken financial regulatory protections by banning the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) from any oversight of margin and collateral for derivatives transactions with commercial end users.

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AFR Letter: Preserve Financial Protections, Oppose HR 37

AFR sent a letter to members of Congress, urging them to oppose HR 37, “Promoting Job Creation and Reducing Small Business Burdens Act.” This legislation includes numerous changes that could have significant negative impacts on regulators ability to police the financial markets so that they function safely and transparently.

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AFR Opposes House Bills That Would Weaken The CFPB

AFR sent a letter to members of the House Financial Services Committee today, urging their opposition to a series of anti-CFPB bills being discussed by the committee. The eleven measures under discussion would weaken the CFPB in a variety of ways and make it nearly impossible for the agency to do its job. The bills are part of a continuing pattern to mischaracterize the CFPB’s organization and processes, and if adopted, would harm consumers. The package of legislation being considered also includes a frontal attack on the Bureau’s authority to consider the impact of forced arbitration clauses on consumers—a bill that would eliminate consumers’ access to courts and force them into a rigged and secretive system to settle disputes.

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AFR Urges Congress Not to Undermine Financial Regulation

AFR sent a letter to members of the House Financial Services Committee to stop interfering in the efforts of FSOC and OFR to collect data essential to analyzing potential systemic risk. The letter also states AFR’s opposition to HR 4387, legislation that could undermine the ability of our financial regulatory system to respond the kind of risks that led to the financial crisis of 2008.

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AFR Opposes HR 2672

AFR joined five member organizations in sending a letter to members of Congress, urging that they oppose HR 2672, “The CFPB Rural Designation Petition and Correction Act.” This bill would amend the 2010 Dodd-Frank Act to allow for increased opportunity for lenders to sidestep important consumer protections, including rules to ensure borrowers have the ability to repay their loans.