AFR submitted a statement for the record for the House hearing on the 15-year record of the Dodd-Frank Act, which Congress passed to reduce the likelihood and severity of future financial crises and to protect people from financial predation and it has made a difference. Congress and financial regulators should be building on the pieces it put in place, not rolling them back.
AFR and 67 community, civil rights, consumer, civic, and other organizations urged members of the House Financial Services Committee to oppose a slew of bills that would undermine the Consumer Financial Protection Bureau’s (CFPB) structure, funding, independence, and undermine the Bureau’s ability to protect people from financial harm, fraud, and scams.
“Every legal loophole that the previous administration tried to close is now open again,” [Christine Chen Zinner, senior policy counsel at Americans for Financial Reform] told the Prospect. “With no meaningful oversight and accountability, there is no safety in the financial marketplace. People are on their own now.”
The giveaways to private equity firms subsidize predatory and extractive practices that harm workers, families, and communities. At the same time, the big, brutal bill dismantles critical agencies like the Consumer Financial Protection Bureau, making people more vulnerable to scams, rip-offs, and junk fees.
The Trump administration could really lend a hand to veterans and servicemembers. Instead, it’s opening the door for scams targeting military families.
This week, the Trump Consumer Financial Protection Bureau (CFPB) terminated its previous order for the Navy Federal Credit Union to return $80 million to customers who had been charged illegal overdraft fees.
Today a group of 193 civil rights, community, consumer, labor, faith-based, small business, farm, and other organizations urged the Senate to stand up for the Consumer Financial Protection Bureau (CFPB) and oppose devastating attacks on its budget and independence in the budget reconciliation bill.
Faith leaders, union members, and consumer advocates rallied outside CFPB headquarters on June 5 with a unified message to Congress: gutting the Consumer Financial Protection Bureau’s budget is a direct attack on the people that the CFPB protects every day.
AFREF sent a letter to the CFPB opposing proposed rescissions that would create blanket confidentiality for all CFPB orders and decisions about non-bank supervisory determinations that would strip away transparency for some of the riskiest and least regulated nonbank financial products.
AFREF sent a letter to the CFPB opposing its proposal to rescind a repeat offender database of nonbank enforcement and agency orders. This will help state and federal regulators, advocates, and the public identify repeat offenders and more easily spot patterns and practices of misconduct.