Tag Archives: Congress

Joint Letter: AFR, 6 Organizations Urge Congress to Stand Up for Homebuyers, Reject HRF 685

“This bill will unnecessarily raise the cost of mortgages for millions of prospective homebuyers by allowing some of the higher fees borrowers faced in the lead up to the mortgage crisis… H.R. 685 would allow high-cost loans to qualify as QM loans by creating exceptions to the points and fees threshold. These exceptions would exclude fees paid to certain title companies affiliated with the lender. The points and fees definition is designed to include all compensation received by the lender. It is a reasonable standard that provides basic protections for homebuyers.”

Letter to Congress: AFR Urges Congress Not to Weaken Dodd-Frank Financial Protections

AFR sent a letter to members of Congress urging them to oppose HR 1309, the “Systemic Risk Designation Improvement Act of 2015.” This legislation would make major deregulatory changes in Dodd-Frank directives concerning the oversight of some of the largest banks in the country. It would make it harder for regulators to take action to manage dangers to financial stability, and make it easier for individual large banks to use special pleading to escape from oversight.

Letter to Congress: AFR Urges Congress Not to Weaken the CFPB

AFR sent a letter to members of Congress, urging them to oppose HR 1266, the “Financial Product Safety Commission Act of 2015.” This bill would change the structure of the CFPB; instead of being led by a single director, it would be headed by a Commission of five members, appointed by the President and confirmed by the Senate. This change in structure would reduce the Bureau’s effectiveness in standing up for the public interest, and reduce the accountability of its leadership.

Letter to Congress: AFR Urges Congress to Protect Retirement Savings

AFR sent a letter to members of Congress urging them to protect retirement savings and reject HR 1090. This legislation would significantly delay and possibly prevent the Department of Labor from proposing a rule addressing flaws in protections for retirement savings, protections that have not been updated for some forty years.

Letter to Congress: AFR and 340 Organizations Urge Congress to Support the CFPB

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.

Joint Letter: AFR Joins 15 Organizations in Supporting Low Income Families, Opposing HR 650

“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 Joins 34 Organizations in Urging Congress to Oppose HR 527

AFR joined 35 other organizations in urging Congress to reject HR 527, the “Small Business Regulatory Flexibility Improvements Act of 2015” (SBRFIA.) SBRFIA expands the reach and scope of the Regulatory Flexibility Act and would increase unnecessary and lengthy regulatory delays, increase undue influence by regulated industries and encourage convoluted court challenges.

Letter to Congress: AFR Joins 23 Organizations in Urging Congress to Oppose HR 50

AFR joined 23 organizations in sending a letter to members of Congress, urging them to oppose HR 50. This legislation would make it even more difficult for agencies to implement laws already enacted by Congress.

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.

AFR Letter: AFR Again Urges Congress to Preserve Financial Protections, and Reject HR 37

AFR sent an updated 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.