Americans for Financial Reform is a nonpartisan, nonprofit coalition working to lay the foundation for a strong, stable, and ethical financial system.

Blog: Awaiting the Supreme Court Hearing, the CFPB Continues to Defend Consumers

Despite being in a legal fight for its very existence, the Consumer Financial Protection Bureau continues to carry out its mission to promote fairness and transparency in our financial system and ensure that consumers are protected from predatory and deceptive practices. Its ability to perform under pressure is one more reason why we need a strong CFPB.

Letters to Congress: Letter Opposing H.R. 3556 “Increasing Financial Regulatory Accountability and Transparency Act”

AFR sent a letter opposing H.R. 3556 “Increasing Financial Regulatory Accountability and Transparency Act,” a bill supposedly to make the Fed more transparent, which will instead hamstring the Financial Stability Oversight Council’s (“FSOC”) ability to effectively monitor risk in the financial system. This bill would subject the FSOC’s designation authority to Congressional review, which would allow any firm the FSOC designates as systemically important to lobby Congress to rescind the FSOC’s designation. This would render the FSOC designation authority under the Dodd-Frank Act futile and unnecessarily politicize the agency’s efforts to monitor companies that pose an outsized risk to our financial system. This bill comes at the heels of the FSOC’s announcement to reinvigorate its designation process, a welcome step in preventing the next financial crisis.

News Release: NEW REPORT: USPS Must Roll Out Basic Financial Services at Post Offices to Reach 10 Million Unbanked Households

Washington, D.C. – A new report released today, “Banking Fair: The Promise and Urgency of Doing Postal Banking Right,” calls for a public banking option to be restored within the U.S. Postal Service. USPS has a long history as a public service institution, despite the seeds of privatization sown by Republican presidents and Congress since 1970. 

Letters to Congress: Letter in Opposition to HR 3564

AFR submitted this letter in opposition to H.R. 3564, which would make mortgages more expensive for many middle-class American families. H.R. 3564 would rescind the FHFA’s more equitable mortgage pricing framework and instead require the FHFA to increase fees for many first-time home buyers and those who do not have a 20% down payment.

In the News: A New Vision for a Just Financial System (The Washington Monthly)

“Blaming deposit insurance itself, however much the rescue of SVB depositors sticks in the craw, would be precisely the wrong reaction to this year’s crisis. The true injustice of the moment lies not in extending deposit insurance but in the paucity of obligations that bankers face in return,” AFR’s Communication Director, Carter Dougherty wrote.

photo of Wall Street sign in NYC | Photo by Chris Li on Unsplash

Blog: Megabanks Scheme to Undermine New Capital Rules

Instead of having his most talented employees figuring out how to better serve customers or allocate credit to the real economy, Jamie Dimon has his best and brightest scheming how to evade tougher rules on bank capital that regulators are writing to make the financial system safer.