AFR Conference: Looking Back, and Ahead, on the Fifth Anniversary of the Dodd-Frank Act
July 22, 2015 – 3:19 pm | Comments Off on AFR Conference: Looking Back, and Ahead, on the Fifth Anniversary of the Dodd-Frank Act

Senators Sherrod Brown and Elizabeth Warren joined regulators and experts for a discussion of the progress made, and the work yet to be done, in building a financial system that is safer and fairer and does a better job of serving the real economy and the country as a whole.

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President Obama Declares Veto Threat Over any Legislation that Rolls Back Financial Reform
July 25, 2015 – 1:49 pm

“This law is only bad for business if your business model depends on recklessness that threatens our economy or irresponsibility that threatens working families. We can’t put the security of families at risk by returning to the days when big banks or bad actors were allowed to write their own rules. And if any bill comes to my desk that tries to unravel the new rules on Wall Street, I will veto it.”

AFR Statement: Sneak Attack on Financial Regulation
July 24, 2015 – 3:10 pm

“A funding measure approved by the Senate Appropriations Committee yesterday contains an outrageous sneak attack on the Consumer Financial Protection Bureau and the reforms of the Dodd-Frank Act. The FY2016 Financial Services and General Government Appropriations bill incorporates the entirety of a 229-page financial deregulation bill – one that had been rejected by every Democrat on the Banking Committee, the proper venue for such legislation.”

AFR in the News: Dodd-Frank is Not Perfect but a Boon for Consumers and Economy (Austin American-Statesman & other papers)
July 23, 2015 – 4:34 pm

“The financial system that pushed the U.S. economy to the edge of collapse in 2008 was a doubly rigged game. It was set up to inflate the profits of banks and insiders twice over—first through products designed to bilk consumers and investors, and second through massive speculation, with taxpayers ultimately paying for the bets that went bad. It was a dishonest system and a dangerous one, and while Dodd-Frank was not a complete fix for either problem, it has made progress on both.”

Letter to Congress: AFR, 19 Organizations: CFPB, Dodd-Frank are Constitutionally Sound
July 23, 2015 – 1:20 pm

“On behalf of Americans for Financial Reform, the leading public interest coalition that supported enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and its members, including the undersigned, we write both to explain the importance of the Act and to point out that, while numerous opponents of financial reform have challenged the act’s constitutionality, none have prevailed, in any court. “

AFR Statement: Appropriations Bill Is Backdoor Financial Deregulation
July 22, 2015 – 2:20 pm

“In addition to [a] dangerous and highly partisan rollback of financial regulations, the legislation takes aim at the Consumer Financial Protection Bureau, despite, or perhaps because of, the fact that is succeeding at its job of making the consumer finance markets safer and fairer. The appropriations bill contains policy riders that would dramatically weaken the CFPB by making it the only bank regulator which does not have independent funding, and by replacing the CFPB’s single director with a five-member commission – a known recipe for gridlock.”

AFR Statement: AFR Welcomes Final Rules to Close Gaps in Military Lending Act
July 22, 2015 – 11:30 am

Today, in a win for servicemembers—who are too often the targets of harmful lending practices—the Department of Defense announced finalized rules to close gaps in the Military Lending Act (MLA) regulations that have allowed …

Letter to Regulators: AFR Calls on Department of Labor to Protect Retirement Investors
July 22, 2015 – 11:15 am

“This is a huge problem – one that, over time, can easily add up to a difference of tens or even hundreds of thousands of dollars in retirement savings. Under the current rules, some of the financial professionals offering retirement investment advice are legally bound to look out for the best interests of their clients; but other professionals, while perceived as having such a duty and clearly benefiting from the perception, are free to put their own interests first, even if that means saddling their clients with needlessly high fees or inappropriate risks.”

Letter to Congress: Lawmakers Should Let Federal Reserve Do Its Job
July 22, 2015 – 9:48 am

“On behalf of Americans for Financial Reform (AFR), we are writing to express our opposition to “The Federal Reserve Reform Act of 2015”. Among other responsibilities, the Federal Reserve is the single most significant regulator of U.S. financial institutions, including the large Wall Street banks that played a central role in the 2008 financial crisis. “