NEWS RELEASE: Advocates for Workers and Investors Call on Labor Department to Withdraw Policy that Lets Private Equity Loot Retirement Plans
Policy Recommendations: AFR Education Fund Financial Policy Responses to the COVID-19 Pandemic
Nineteen organizations and individuals that advocate on behalf of consumers, workers, investors and retirees have called on the Department of Labor to withdraw its controversial policy statement opening the door to private equity investments in 401(k) plans.
News Release: HUD Proposing to Roll Back Civil Rights Protections in Housing
The COVID-19 pandemic requires an aggressive economic response that creates the best possible conditions to preserve public health and helps individuals, families, and communities weather the disruptions that efforts to contain the pandemic require.
News Release: In Comprehensive Official Comment Letter, Broad Coalition Rebukes Trump-Appointed CFPB Director’s Plan To Gut Payday Loan Rule
“HUD’s proposed rule makes it virtually impossible for a disparate impact claim to stand in court,” says Linda Jun, senior policy counsel for Americans for Financial Reform Education Fund. “By raising the threshold for disparate impact, the new rule creates a nearly unsurmountable bar for plaintiffs to prove discriminatory outcomes and makes it much easier for defendants to shield themselves from any responsibility for discrimination.”
News Release: Mulvaney Plan to Gut Payday Lending Rule Defies Common Sense
Americans for Financial Reform Education Fund, as part of a coalition of civil rights, consumer, and labor groups, submitted an official comment letter to the Consumer Financial Protection Bureau excoriating CFPB Director Kathy Kraninger’s proposal to gut a 2017 rule that was issued to stop payday loan debt traps. The coalition’s comment letter, submitted on the last day of the comment period, is a comprehensive rebuttal to Kraninger’s rationales for rolling back consumer protections on payday loans.
StoptheDebtTrap Statement: 49 Senators Tell the CFPB to Protect Service Members
The rule, which was years in the making, created vital protections for consumers of payday, car title, and some longer-term loans to ensure that predatory lenders don’t trap customers in unaffordable loans. Underlying the rule is the common-sense principle that lenders should consider whether borrowers have the ability to repay a loan before they risk their financial well-being.
Letter to Regulators: AFR Opposes Proposed Delay Of Department of Labor Rules To Protect Retirement Investors
Today, Senator Reed (D-RI), Senator Brown (D-OH), and forty-seven other senators sent a letter to acting Consumer Financial Protection Bureau Director Mick Mulvaney, calling on the bureau to continue supervision of lending made to active duty service members and their families to ensure that lenders are complying with the Military Lending Act.
Letters to Regulators: Federal Reserve Commodity Proposal
AFR submitted the comment letter linked and excerpted below that strongly opposes the Department of Labor’s proposal to delay fiduciary protections for retirement investors.
Joint Letter: AFR, 163 Groups Call for Strong CFPB Action Against Forced Arbitration
“AFR strongly supports measures to both limit and control risks of physical commodity involvement at financial holding companies. …Specifically, we support the new consolidated limits on the total size of commodity holdings, the capital increase to 300 percent risk weights applied to commodities held under 4(k), and more…”
Letter to Regulators: AFR Urges Federal Reserve and FDIC to Take Opportunity to End Too Big to Fail
“Yesterday, 164 organizations that advocate on behalf of consumers, students, civil rights, labor, small business, and more, sent a letter to the Consumer Financial Protection Bureau (CFPB), urging the agency to use its Congressional authority to restrict forced arbitration – the abusive practice in which corporations bury “ripoff clauses” in the fine print of take-it-or-leave-it contracts to block consumers from challenging hidden fees, fraud, and other illegal behavior in court.”
“AFR sent a letter to banking regulators today concerning their review of bank resolution plans. The Dodd-Frank Act requires regulators to review these plans to ensure that major banks are no longer ‘too big to fail’ – that they can go through a conventional (Chapter 11) private bankruptcy in an orderly manner, without creating substantial economic disruption. “