Washington, DC – A bill introduced by Sens. Kirsten Gillibrand and Cynthia Lummis to revamp regulation of cryptocurrencies is little more than a giveaway to an industry that wraps itself in the mantle of innovation but poses serious risks to investors, consumers, and possibly even financial stability.
AFR led a letter from a broad coalition of 33 groups representing civil rights, financial reform, and consumer advocate groups in support of H.R. 5912 the “Close the ILC Loophole Act.”
AFR joined a letter to Congress in support of S. 4145, the Consumer Protection Remedies Act of 2022. This bill would restore the Federal Trade Commission’s (FTC) authority to stop misconduct in the marketplace, and critically, to provide timely refunds and equitable relief to victims of consumer fraud and deception.
AFR led a letter to Congress with 26 signers in support of the Opportunity Zone Reform Act.
In this statement, AFR focuses in particular on the CFPB’s recent enforcement successes, the need to retain its authority, and some of the CFPB’s existing and future priorities.
AFR’s Senior Policy Analyst Renita Marcellin testified at the House Financial Services Committee’s Task Force on Financial Technology’s hearing “What’s in Your Digital Wallet? A Review of Recent Trends in Mobile Banking and Payments.”
AFR joined a broad coalition of bank and credit union associations and consumer organizations in submitting a letter to the U.S. House Committee on Financial Services urging passage of the Close the ILC Loophole Act, introduced by Representatives Chuy Garcia (D-IL) and Lance Gooden (R-TX).
AFR’s Consumer Policy Counsel Elyse Hicks testified at today’s hearing in the House Financial Services Committee examining overdraft fees.
AFR led a letter to the House Financial Services Committee in support of Rep. Carolyn Maloney’s Overdraft Protection Act of 2021.
Today, in a letter to Congress, 17 national advocacy organizations representing consumers, investors, and digital rights concerns called on the House Financial Services Committee to hold a hearing scrutinizing the steps tech giant Google (Alphabet) is taking to enter the cryptocurrency and digital assets markets, and how such moves might negatively impact privacy rights, consumer protections and safeguards against economic concentration. The call echoes concerns raised previously by advocates regarding Facebook’s designs on the financial services sector with the introduction of its now scuttled stablecoin, Libra (renamed Diem).