New Report: Where They Stand On Financial Reform
October 17, 2018 – 12:33 pm | Comments Off on New Report: Where They Stand On Financial Reform

Ten years after the financial crisis, a majority of members of the Congress that wrapped up work in 2018 voted again and again for bills pushed by the bank lobby that endanger financial stability, undermine consumer and investor protections, and enable racial discrimination in lending. The change in control of the House and a heightened awareness of the dangers posed by these actions provide an opportunity to see what changes in the 116th Congress.

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In The News: Former Fed Heavyweight Blasts Trump-era Financial Deregulation (Washington Post)
May 22, 2019 – 8:00 am
In The News: Former Fed Heavyweight Blasts Trump-era Financial Deregulation (Washington Post)

The speech, delivered at Americans for Financial Reform in Washington, amounted to a rare rebuke of Tarullo’s successors from the man the Wall Street Journal once called “the most powerful man in banking,” and Wall Streeters themselves nicknamed “the Wizard of Oz” for his quiet power over their industry.

News Release: Civil And Consumer Rights Advocates Applaud House Passage Of Consumers First Act
May 22, 2019 – 5:26 pm

“An effective consumer financial protection agency saves families billions of dollars a year, and makes their economic lives more secure. It fights lending discrimination, and shuts down tricks and traps” said Lisa Donner, executive director of Americans for Financial Reform. “Unfortunately, the evidence keeps piling up that the current leadership at the agency is focused on rolling back protections and enabling bad financial actors to rip people off. It is so important that members of Congress continue pressing the CFPB to live up to its consumer protection mandate and fulfill its basic responsibilities, as the House has in passing the Consumers First Act today.”

Joint Letter: Coalition Letter in support of the Green amendment to the Consumers First Act restoring the CFPB arbitration rule
May 22, 2019 – 5:06 pm

As part of the Fair Arbitration Now (FAN) coalition, AFR sent a letter in support of Rep. Green’s amendment to the Consumers First Act, which would restore the Consumer Financial Protection Bureau’s arbitration rule that …

News Release: AFR and Take on Wall Street Coalitions Applaud Inclusive Prosperity Act
May 22, 2019 – 4:37 pm

On Wednesday, Senator Sanders (I-VT) and Representative Lee (D-CA) introduced the Inclusive Prosperity Act, a bill that would impose a sales tax of 50 cents, 10 cents, and 1/2 a cent per $100 on each trade of stock, bonds and derivatives respectively.

Letter to Congress: Letter from 30 Groups in Support of the Inclusive Prosperity Act of 2019
May 22, 2019 – 4:33 pm

Dear Representative or Senator, We are writing on behalf of 30 undersigned organizations to urge you to co-sponsor the Inclusive Prosperity Act of 2019.

Event: Former Fed Governor Tarullo Decries “Low-Intensity Deregulation”
May 21, 2019 – 11:21 am

“[A] good bit of that progress … could be endangered by a kind of low-intensity deregulation, consisting of an accumulation of non-headline-grabbing changes and an opaque relaxation of supervisory rigor. There are things to be concerned about in many of the individual proposals on such matters as the leverage ratio, resolution planning, and foreign banking organizations. It’s the cumulative effect, though, that is truly worrisome.”

Letter to Regulators: Comprehensive Comment On CFPB’s Proposal To Repeal Payday Rule
May 17, 2019 – 5:04 pm

The Proposal—a plainly outcome-driven, 47-page exercise in grasping for straws—has offered no reasonable basis to rescind that Rule. Based on a distorted focus on the Rule’s “dramatic impacts” on lenders’ ability to engage in a predatory practice, rather than on the need to protect consumers, the Proposal claims that the evidence must somehow be “more robust.” If the Rule requires significant changes for payday and vehicle title lenders, it is because the harm to consumers is dramatic. The Bureau’s new approach would ignore its consumer protection mandate and require the agency to hesitate when consumer harm is the most severe.

News Release: In Comprehensive Official Comment Letter, Broad Coalition Rebukes Trump-Appointed CFPB Director’s Plan To Gut Payday Loan Rule
May 16, 2019 – 9:57 am

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.