AFREF joined a comment letter that strongly supports the CFPB’s proposed safe harbor of $8 for credit card late fees. The CFPB provided ample evidence that this amount is fair, reasonable, and proportional to the costs incurred by issuers for late payments.
AFR, Center for Responsible Lending and Consumer Federation of America led a letter to Congress opposing a package of bills that undermine the CFPB.
Washington, D.C. — The Consumer Financial Protection Bureau (CFPB) proposed rulemaking to require that regulated nonbank entities annually register with the CFPB regarding their use of specific terms and conditions in form contracts for consumer financial products and services, will reinforce the agency’s ongoing efforts to bring transparency and accountability on how financial industries operate, according to Americans for Financial Reform Education Fund and consumer coalition advocates.
Letters to Regulators: Letter to the CFPB on Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders
AFREF joined a comment to the CFPB supporting the Bureau’s proposal to require nonbank covered persons that are subject to certain agency and court orders to register those orders with the CFPB. The registry will help the CFPB, law enforcement community, and the public limit the harms from repeat offenders.
AFR and partners submitted a letter to the House Financial Services Committee in opposition to the TABS Act.
AFREF and partners led a letter to the FTC urging it to use its rulemaking authority to protect American consumers from junk fees and put money back into our pockets. Millions of consumers have expressed outrage at the imposition of service fees for live event tickets, “amenity” or “resort” fees charged by hotels, endless surprise rental car fees, hidden internet and cell phone charges, junk fees in the financial sector, and more. The federal government has taken a holistic approach to this problem, including the White House Competition Council, the Consumer Financial Protection Bureau (CFPB), the Department of Transportation (DOT) and now the FTC.
The nation’s big-bank regulator, the Office of the Comptroller of the Currency, should help broaden and extend a crackdown on financial institutions that repeatedly violate the law – notably Wells Fargo – with all the tools at its disposal. Comptroller Michael Hsu is speaking on the problem of “too big to manage” today. The speech comes about a month after the Consumer Financial Protection Bureau ordered Wells to pay $3.7 billion over widespread mismanagement of auto loans, mortgages, and deposit accounts, and promised to work with other federal regulators to find durable solutions to its constant violations of the law.
Letters to Regulators: Letter to the CFPB Requesting Rulemaking to Ban Medical Debt from Credit Reports
AFREF joined 91 coalition partners in sending a letter to the CFPB in support of banning all medical debt from consumer credit reports. The letter asks the CFPB to take a step further and address this issue by beginning the rulemaking process to ban medical for medically necessary services.
AFREF joined a letter to the CFPB urging it to take action on the ongoing issue of forced arbitration in consumer financial services/products.
AFR joined a letter to the FTC in response to their Notice of Proposed Rulemaking on auto financing.