Treasury Secretary Janet Yellen should prioritize repealing the 2019 Trump-era guidance that prevents federal regulators from properly policing institutions whose collapse would imperil the financial system.
AFR joined a letter to Congress in support of The Reforming Disaster Recovery Act.
Letters to Regulators: Letter to Secretary Yellen on Restoring FSOC’s Ability to Fully Execute its Authority Under Dodd Frank
AFREF and 30 allies sent a letter to Secretary of the Treasury Janet Yellen urging her to prioritize restoring FSOC’s ability to fully execute its authority under the Dodd-Frank by repealing the SIFI 2019 guidance; developing a data strategy for OFR; and using the statutory authority given in Title I of Dodd-Frank to apply a racial equity lens when designating a non-bank financial company as a SIFI.
AFREF submitted comments to the National Credit Union Administration on its strategic plan for 2022-26, urging further incorporation and consideration of climate change, environmental, economic, and racial justice within its strategic goals and regulatory agenda.
AFR joined a letter to Congress in support of Sandra Thompson’s nomination to be director of FHFA.
AFREF joined a letter to FHFA calling on the agency to rededicate itself to improving language access in mortgage origination and servicing.
Letters to Regulators: AFREF Comment on CFPB Proposal to Collect Small Business Lending Data to Enforce Fair Lending Laws
AFREF submitted a comment on the CFPB’s proposal to collect small business lending data to enforce fair lending laws.
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.
Letters to Regulators: Letter Urging CFPB Oversight of New Products like Buy Now, Pay Later (BNPL) Loans, Income Share Agreements, Cash Advances, “Fintech” Overdraft or Overdraft Avoidance Products, and Earned Wage Access Products or Look-Alike Products
AFREF joined a letter urging CFPB oversight of new products like buy now, pay later (BNPL) loans, income share agreements, cash advances, “fintech” overdraft or overdraft avoidance products, and earned wage access products or look-alike products that are evading consumer protection laws and creating debt traps for consumers. The letter states that the CFPB should supervise providers and ensure that each of these products are complying with applicable consumer protection laws.
News Release: AFREF and Partners Submit Comments On Labor Department Proposal to Allow Retirement Plans To Consider Sustainability, Jobs, Equity, Workers
Americans for Financial Reform Education Fund (AFREF) submitted comments to the Labor Department supporting a proposed rule that will allow and encourage private retirement plans and pensions to consider sustainability factors like climate change, workers’ rights, racial, economic and environmental justice, and corporate governance when investing and voting proxies.