consumer protection Archives - Page 3 of 7 - Americans for Financial Reform

News Release: Consumer Advocates Urge CFPB to Protect Consumers From “Junk Fees”

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).

Letters to Regulators: Letter in Response to the CFPB’s Request for Information on Junk Fees

AFR joined CRL, CFA and NCLC in sending a comment letter to the CFPB in response to their request for information on junk fees.

News Release: Banks, Credit Unions and Consumer Groups Call for Passage of Bipartisan Solution to Close ILC Loophole

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).

Congressional Testimony: Elyse Hicks, AFR’s Consumer Policy Counsel, Testifies Before the House Financial Services Committee

AFR’s Consumer Policy Counsel Elyse Hicks testified at today’s hearing in the House Financial Services Committee examining overdraft fees.

Letters to Congress: Letter in Support of the Overdraft Protection Act of 2021

AFR led a letter to the House Financial Services Committee in support of Rep. Carolyn Maloney’s Overdraft Protection Act of 2021.

Letters to Regulators: Letter in Response to the CFPB’s Inquiry into Buy Now, Pay Later

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.

News Release: Groups Urge CFPB to Treat “Buy Now Pay Later” Products Like Credit Cards and Protect Consumers from Harmful Practices

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 outside exterior of the U.S. Treasury Department building

News Release: Statement in Response to Biden Administration Executive Order on Digital Assets

“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.

Letters to Congress: Letter in Support of the Economic Continuity and Stability Act

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.

Letters to Regulators: Comment Letter in Response to CFPB’s Inquiry into Big Tech Payment Platforms

AFREF joined a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter urges the CFPB to require person-to-person payment providers to protect consumers from fraud and errors, and to work with the Federal Reserve Board to ensure protections are in place before the Fed launches its new FedNow person-to-person service.