AFREF led a letter to regulators stating that the laissez-faire stance adopted by the Department of Justice and the federal bank regulators and current merger guidelines have hurt small businesses, community banks, and households, especially those in BIPOC communities. The letter urges regulators to temporarily halt consideration of pending bank mergers until the DOJ and banking agencies adopt a plan that strengthens the guidelines to protect consumers.
Letters to Regulators: AFREF, Sierra Club and 13 Partners Support DOL Sustainable Investing Proposal, Urge Further Action
Americans for Financial Reform Education Fund and Sierra Club were joined by 13 organizations in a comment letter to the DOL supporting a proposal to encourage fiduciaries to consider climate change and ESG factors, and calling for further actions to standardize sustainable investing for private retirement plans and pensions.
Event: The Hidden Racism of the Tax Code: a Fireside Chat with Dr. Dorothy A. Brown & Dr. Darrick Hamilton
The Take on Wall Street campaign of Americans for Financial Reform hosted a virtual fireside chat with Dr. Dorothy A. Brown, Professor of Law at Emory University and author of The Whiteness of Wealth and Dr. Darrick Hamilton, director of the Institute for the Study of Race, Power and Political Economy at The New School, to discuss the white supremacy inherent in our tax code and how American tax policies impoverish Black Americans while enriching white Americans, and how we can restructure our system to focus on justice and equity.
Letters to Regulators: Letter to the CFPB on the Need for Access to the Online Complaint System in Spanish
AFREF joined a letter to the CFPB highlighting the need for access to their online complaint system in Spanish.
Letters to the Administration: Advocates Urge President Biden to Delay Restarting Student Loan Payments Given New Omicron Variant and Ongoing System Failures
AFR and over 200 other organizations joined a letter urging President Biden to delay restarting student loan payments given the new Omicron variant and ongoing system failures.
Letters to Regulators: Memo to ED Supporting Continuity of Education From Carceral Setting to Reentry In Regulations on Pell Grants for Prison Education Programs
AFREF joined a memo to ED establishing their obligation to support education in reentry as Pell has been reinstated for incarcerated individuals and more individuals who will now begin a postsecondary education inside will not finish their degree within the correctional setting and will instead have to finish during reentry. The paper also demonstrates the types of support Prison Education Programs (PEP) could provide to help with the ‘education continuum’ from college inside to education outside.
We appreciate the work of the CFPB on drawing attention to the harms of overdraft fees, which take billions of dollars a year out of the pockets of mostly low- and moderate-income households to pad the bottom lines of the country’s big and small banks. And among those households, Black and Latinx households were also far more likely to incur overdrafts. We urge the CFPB to use all the tools that Congress gave it to protect consumers from abuses, including drafting tough new regulations.
Statement: The House-Passed Build Back Better Act is the First Step Next, it Must be Paid for by the Rich and Corporations
Today, the House passed the Build Back Better Act, sending historic investments in white, Black and Brown working people to the Senate.
AFR, joined by 14 other civil rights, social and racial justice, and immigrant organizations, sent a letter to Congress in support of President Biden’s nomination of Professor Saule Omarova to lead the Office of the Comptroller of the Currency.
Letters to the Administration: Letter Urging OMB and OIRA to Implement the January 20th Memo on Modernizing Regulatory Review
AFREF joined a letter urging the Biden Administration to immediately begin the process of implementing reforms outlined in the January 20th memo on “Modernizing Regulatory Review.”