AFREF and 47 organizations submitted comments on the CFPB’s RFI on the Equal Credit Opportunity Act (ECOA) and Regulation B. Our comments urged the Bureau to take no action that would weaken the ECOA in any way and consider certain steps to improve and strengthen fair lending protections under ECOA to make it stronger and more effective tool for fighting credit discrimination.
Letters to Regulators: Letter to CFPB on Need for Greater Debt Collection Protections for LEP Consumers
Letter from 26 groups to the CFPB urging the agency to strengthen protections for LEP consumers in the next part of the debt collection rule.
Letter to Congress: Letter from 92 groups urging inclusion of consumer protections in covid-19 relief
Letter from 92 groups urging Congress to include consumer protections in covid-19 relief.
Joint consumer advocate comments to CFPB on LIBOR transition
In The News: Following Mark Zuckerberg’s Hearing, FACEBOOK’s Libra Project Hangs in the Balance (The American Prospect)
By most accounts, FACEBOOK CEO Mark Zuckerberg fared poorly at a recent hearing in the House Financial Services Committee. This is perhaps especially true with respect to questions about FACEBOOK’s Libra project—the technotrust’s ambitious attempt to mint “real money” for worldwide use.
“The first five-and-a-half years of the CFPB’s history has vindicated the decisions that Congress made in 2010 to create a strong independent agency to protect consumers from fraud and abuse in the financial marketplace. …It’s action have begun to reform the industry by making banks andother financial services companies more attentive to consumers’ rights…”
Letters to Regulators: 17 Organizations Comment on CFPB Request for Information Regarding Consumer Access to Financial Records
“…The digital economy should ensure consumers can access and use records about themselves, and that consumers can choose to authorize third-parties to access such data on their behalf to support their financial health and facilitate competition among financial services providers.”
“The REINS Act is radical legislation that would upend decades of administrative law practices dating back to the New Deal era in the 1930s. The bill requires explicit approval of any ‘major regulation’ by both the House and Senate within 70 days in order for that rule to take effect. This requirement would create crippling barriers to administrative actions necessary to protect the public and implement the law.”