The Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule will discourage financial institutions from abusive and predatory overdraft practices, which often target servicemembers and military families. Banks charge overdraft fees for covering transactions that exceed account balances, but these charges can be illegally or unfairly applied and overdraft fee revenue has become a major profit […]
AFR submitted a statement for the record hearing that challenges the notion of so-called de-banking, which is really a red herring to obscure the real risks from reckless speculation, egregious self-dealing, or illegal and harmful financial transactions by the companies that complain. The post Statement: AFR Statement for the Record for the Senate Banking Hearing on So-Called […]
AFR submitted a Statement for the Record to the House Financial Services Committee to oppose both the resolution of disapproval of the CFPB’s overdraft fee rule as well as the legislative proposals that would repeal or weaken the small business and farm lending transparency rules. These proposals will hurt everyday people, including consumers and their […]
The Consumer Financial Protection Bureau (CFPB) has finalized a rule allowing it to supervise larger nonbank companies that offer services like digital wallets and payment apps, also known as peer-to-peer or P2P apps. Supervision of these companies will make sure they comply with the law and do not facilitate fraud. Banks are already supervised for […]
The Consumer Financial Protection Bureau’s (CFPB) new overdraft fee rule closes a paper-check era loophole that has promoted abusive practices and allowed the biggest banks to earn billions in profits off of the most vulnerable families. The rule will help everyone, but especially families that are struggling with high prices and making ends meet. The […]
The Consumer Financial Protection Bureau’s (CFPB) Personal Financial Data Rights Rule (Rule 1033) helps create a more consumer-friendly and competitive financial services marketplace by allowing people to easily and securely move their personal financial data between financial institutions. Prior to this rule, many banks and financial institutions limited how consumers could use their financial data, […]
The Consumer Financial Protection Bureau’s (CFPB) final rule to remove medical bills from most credit reports will prohibit credit reporting companies like Equifax, TransUnion, and Experian from sharing medical debt information with lenders as well as barring lenders from considering these medical debts in underwriting decisions. The post Fact Sheet: AFREF Coalition Fact Sheet on […]
The Consumer Financial Protection Bureau (CFPB), created after the devastating 2008 financial crisis, exemplifies the government working for the people by vigorously protecting consumers and their families, including by reducing junk fees and holding corporations and financial institutions accountable when they engage in unfair and illegal conduct. Since its creation, the CFPB has stood up […]
AFREF and 36 partners led a letter urging the Department of Treasury’s Federal Insurance Office (FIO) to swiftly release the homeowner insurance data that the National Association of Insurance Commissioners collected from over 330 insurers representing over 80% of the property and casualty market while also urging FIO to swiftly release a robust report analyzing […]
Americans for Financial Reform Education Fund, joined by 9 signatories, submitted a letter to the Securities and Exchange Commission strongly endorsing the Public Company Accounting Oversight Board’s (PCAOB) proposed standards. The standards would require firms to disclose standardized and comparable metrics that facilitate cross-firm comparisons and assessments of audit quality, providing critical data for investors […]