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.
WASHINGTON – In response to the Consumer Financial Protection Bureau’s (CFPB) call for public input on how to save Americans billions in junk fees charged by financial companies, leading consumer advocacy organizations submitted an extensive comment letter detailing junk fees across a wide range of consumer financial products and services. The letter was submitted by Americans for Financial Reform (AFR), the Center for Responsible Lending (CRL), Consumer Federation of America (CFA), the National Community Reinvestment Coalition (NCRC), and National Consumer Law Center (NCLC) (on behalf of its low-income clients).
AFR joined CRL, CFA and NCLC in sending a comment letter to the CFPB in response to their request for information on junk fees.
Washington, D.C. — A broad coalition of bank and credit union associations and consumer organizations submitted a letter today 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.
AFREF joined a letter to the CFPB in response to their inquiry into Buy Now, Pay Later (BNPL) credit products that are proliferating across market areas.
WASHINGTON – More than 75 consumer, housing, civil rights, legal services, faith, community, small business, student borrower, and public interest organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) concerning Buy Now, Pay Later (BNPL) credit products. The groups are alarmed by the lack of regulation of this credit product, which is exploding in use, and urge the CFPB to view BNPL products as credit cards covered by the Truth in Lending Act (TILA), to start supervision of this market, and to look out for practices that harm consumers.
“The administration’s order includes the recognition that the rapid growth of digital assets as instruments for financial speculation is creating a wide range of serious risks and harms for consumers, investors, and the public at large. It is important that the order recognizes and articulates a set of these risks, and a whole of government approach can help address the scale and scope of the potential harm. It will be important for the studies authorized by the order to generate useful data and momentum for decisive regulatory action,” said Mark Hays, senior policy analyst with AFR and Demand Progress.
AFR joined NCLC and SBPC in a letter to Congress in support of the Economic Continuity and Stability Act, which would facilitate the credit industry’s smooth transition from the LIBOR index.