Wall Street Regulation Needs to be Tougher,  Americans Overwhelmingly Agree in New Poll
July 18, 2014 – 11:17 am | Comments Off

Nearly five years after the financial crisis, a new national poll – conducted on behalf of Americans for Financial Reform and the Center for Responsible Lending – shows continued bipartisan support for tougher regulation of the financial industry and its products and services. A sweeping majority of voters (78%) believe that financial rules and enforcement need to be strengthened, and that Wall Street’s bad practices have not changed enough.

Read the full story »
AFR Supports Bipartisan Call for Limits on Federal Reserve Emergency Lending
August 18, 2014 – 3:08 pm

“A bipartisan group of 15 legislators… has released a letter calling for stronger limitations on the use of Federal Reserve emergency lending powers. The Dodd-Frank Act mandated new limits on such emergency lending. Today’s letter strongly criticizes the Federal Reserve’s proposal to implement these new limits, saying that the proposal places ‘no meaningful restrictions’ on lending powers and leaves the door open to a future ‘backdoor bailout’ of Wall Street. AFR welcomes this letter and applauds the efforts of legislators to address this issue.”

AFR in the News: U.S. Bank Bonus Curb Hit by Regulatory Squabble
August 16, 2014 – 3:10 pm

Americans for Financial Reform, Gina Chon of the Financial Times reports, “will soon send a letter to the agencies – it will also be circulated among lawmakers – urging them to finalise the proposal and strengthen it by not leaving implementation up to a bank’s board or management.” The article quotes AFR’s Marcus Stanley, who describes the executive-compensation provision as “one of the major pieces of unfinished business in Dodd-Frank.”

AFR in the News: Banks Push to Delay Rule on Investments (Wall Street Journal)
August 15, 2014 – 11:59 am

“Banks are pressing U.S. policy makers for a multiyear delay of a rule requiring them to sell investments in private-equity and venture-capital funds…,” the Journal reports. The article goes on to cite critics of the calls for delay, including AFR’s Marcus Stanley. “This is supposed to be a regulatory option in special circumstances,” he told the Journal. “It’s not supposed to be an automatic permission for every bank to get a 12-year period after passage of Dodd-Frank to divest from venture funds.”

AFR, Groups Statement on OCC Guidance to Banks on Selling of Charged-Off Debt
August 11, 2014 – 11:51 am

AFR join civil rights, consumer, and community groups in lauding the OCC for issuing a strong guidance regarding banks’ selling of charged-off consumer debts to debt buyers. The groups urged the agency to also take the next step and issue strong regulations to ensure that national banks do not continue to facilitate unfair, deceptive, and abusive debt collection practices.

AFR in the News: Financial Services Influence – Follow the Money (Politico)
August 5, 2014 – 1:13 pm

The financial industry has “spent more than $800 million on contributions to campaigns and on federal lobbying so far this election cycle,” PoliticoPro reports, citing AFR’s new report, “Wall Street Money in Washington,” which draws on data compiled by the Center for Responsive Politics. The report, as the paywalled story goes on to say, “found the financial sector has contributed $245 million to political campaigns, as of June 30, and spent nearly $560 million on lobbying through March.”

AFR and Allies Call for Congressional Action on Student Loan Products and Servicing
August 1, 2014 – 5:34 pm

“Against the backdrop of $1.2 trillion dollars in outstanding student loan debt that is currently dragging on individual borrowers and the economy more broadly, it is imperative that our federal lawmakers take steps to change banking and financial firm practices that contribute to that debt burden.” – joint letter to Senate Committee on Banking, Housing, and Urban Affairs.

AFR Statement on GAO Report on Expectations of Government Support for Bank Holding Companies
July 31, 2014 – 1:30 pm

AFR released a statement to the press regarding a GAO report on Too Big To Fail Banks and the expectations of government support for bank holding companies.

AFR Opposes Deregulatory Legislation in House Financial Services Committee
July 29, 2014 – 8:33 am

AFR sent a letter to members of Congress urging them to reject HR 3913, HR 4042, HR 5148, and HR 5018. These pieces of legislation contain dangerous deregulatory measures that would harm consumers.