consumer protection Archives - Americans for Financial Reform

Blog: Vacated MoneyGram Case Will Hurt the World’s Most Vulnerable Populations

This week, the Trump administration withdrew a 2022 Consumer Financial Protection Bureau (CFPB) lawsuit against MoneyGram for its persistent failure to comply with consumer protection laws by failing to promptly deliver transfers, resolve disputes, and implement policies to comply with the law. The Trump CFPB’s refusal to hold MoneyGram accountable for its repeated and ongoing unlawful behavior is part of a pattern of willfully ignoring lawbreaking and letting financial scofflaws off the hook.

Blog: Republicans Push to Repeal Payment App Rule Benefiting Big Tech and Musk

Congressional Republicans are showing their Big Tech true colors. Today, House Republicans will push to repeal a commonsense rule that requires payment apps like Cash App and PayPal to follow the same consumer protection rules as the payment apps the banks offer.

News Release: Purging Democratic FTC Members Subverts Consumer Protection and Corporate Accountability

Trump’s illegal termination of Rebecca Kelly Slaughter and Alvaro Bedoya, the two Democratic Commissioners at the Federal Trade Commission (FTC), violates a nearly century old Supreme Court precedent that prohibits the firing of FTC Commissioners over policy or political disagreements.

Blog: Republicans Take Aim at Families Struggling with Medical Debt

This week, Republicans in Congress introduced a resolution to undo a Consumer Financial Protection (CFPB) rule that prevents medical debt from capsizing people’s credit scores. More than 100 million people have medical debt and it shows up on the credit reports of 15 million people.

Letters to Congress: Letter to The Senate Banking Committee Opposing the FIRM Act

AFR and 24 partners sent a letter to the Senate Banking Committee opposing the FIRM Act. The bill purports to curb banking discrimination and enable equal opportunity to obtain financial services. But it would do nothing to prevent actual discrimination or improve access to financial services for people in protected classes.

News Release: Senate Republicans Vote to Enrich Musk by Killing Payment App Protections

Senate Republicans voted to give Elon Musk and Big Tech the ability to operate payment apps without any meaningful oversight or accountability, a step that will leave millions vulnerable to financial predators and scammers.

Blog: Trump CFPB Drops Case against Zelle, Siding with Banks Over Defrauded Users

The Trump-appointed CFPB leadership dropped its case against digital payment app Zelle, a joint venture between Wells Fargo, JPMorgan Chase, and Bank of America, delivering a de facto pardon to the company for failing to protect its users from fraud and identity theft that cost customers more than $870 million over seven years. The move comes only a day before the Republican Senate is expected to vote on legislation to permanently weaken oversight of digital payment apps.

Blog: Trump’s CFPB Drops Case Against Repeat Offender TransUnion For Bait-and-Switch Subscription Hustle

Trump’s CFPB Drops Case Against Repeat Offender TransUnion For Bait-and-Switch Subscription Hustle TransUnion deceived millions into signing up for hard to cancel monthly subscriptions By Christine Chen Zinner Last week, the CFPB dropped 5 pending enforcement cases against companies that swindled or gouged consumers that

In the News: Consumers need the CFPB. Remember the Great Recession?

As Christine Chen Zinner, a senior policy counsel at the nonprofit Americans for Financial Reform, pointed out in an interview, the agency has been politically under siege since its creation. “We have a bad feeling about the direction that it’s going,” she said. “This is an agency that was created after a devastating financial crisis because there were regulatory gaps.”

News Release: Trump CFPB Dumps Plan to Recover $2 Billion for Consumers

At the behest of the new Trump-appointed leadership, the Consumer Financial Protection Bureau has abandoned an enforcement case against megabank Capital One, a step that will cost consumers $2 billion in restitution.