Joint Letter: CFPB Moves Forward on Nonbank Auto Lending

“Supervision of nonbank auto financial institutions will bring much-needed attention to otherwise
lightly-regulated companies, will ensure compliance with consumer financial laws, and will
ensure that auto financing by banks, already subject to CFPB supervision, is not at a competitive
disadvantage.”

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AFR Letter: CFTC and SEC Must Act Against Derivatives “De-Guaranteeing” Ploy

“On behalf of Americans for Financial Reform (AFR), we write today to ask you to ensure appropriate regulatory oversight of derivatives transactions conducted through foreign subsidiaries of multinational Wall Street banks. In particular, we urge you to prevent the inappropriate classification of such derivatives as ‘non-guaranteed’ by the parent company, a classification which could exempt them from numerous critical derivatives regulations.”

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AFR Joins More than 200 Other Groups in Urging FHFA Director Mel Watt to Reverse Fannie-Freddie Policy on Principal Reduction

Mel Watt is being urged again to end the policy of prohibiting mortgage modifications that reduce the balance of principal. In a joint letter delivered today, more than 200 housing, community, labor, civil rights and consumer groups call on Watt to reverse the Federal Housing Finance Agency’s longstanding ban on principal reduction – a policy put in place by his predecessor.

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AFR and More Than 50 U.S. and International Groups Warn that TTIP Could Undermine Financial Reform

In a letter to U.S. and EU trade negotiators and finance ministers, more than 50 civil society groups on both sides of the Atlantic have come together to warn that the Transatlantic Trade and Investment Partnership (TTIP) currently under discussion could undermine new financial regulations and potentially create significant risks to the global financial system, as well as to investors and consumers.

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AFR and 47 Organizations Support CFPB’s Proposal to Publish Consumer Complaint Details

AFR joined 47 organizations in supporting the CFPB’s work to make its complaint database public and accessible by consumers. This will help consumers make more informed decisions about how to choose the best products and services for their needs, and how to protect themselves from problems.

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