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In the News: Consumer Watchdog Wants to Work With Financial Companies to Encourage Saving

Consumer advocates criticized Ms. Kraninger’s invitation to financial companies. “Americans don’t need the main federal consumer protection agency partnering with the financial services industry to conduct studies,” said Linda Jun, senior policy counsel at Americans for Financial Reform. “Americans need a strong CFPB that actually polices the industry from doing harm.”

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Statement: Income-share agreements are just student debt with a fancy name

“Income-share agreements are nothing more than student debt with a fancy name,” said Alexis Goldstein, Senior Policy Analyst at Americans for Financial Reform. “Financial investors hungry for yield are using ISAs to put student debt in an elaborate and confusing package, while forcing students to waive key rights and seeking to withhold the already too limited consumer protections federal student loans provide.”

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Letters to Congress: Statement to House Financial Services Committee on Facebook Libra Proposal

The AFR Education Fund sent a statement for the record to the House Financial Services Committee concerning Facebook’s proposal for the Libra digital token and payment system. The statement describes ways in which Facebook is attempting to create an unregulated financial product of potentially global scale and the dangers this would pose to the users of the token and the broader financial system.