Message to Congress: The CFPB Has Our Back!
April 11, 2016 – 4:21 pm | Comments Off on Message to Congress: The CFPB Has Our Back!

What made the latest congressional hearings on the Consumer Financial Protection Bureau different from other hearings? A delegation of consumer advocates from around the country wearing lime-green t-shirts that said “Stand Up for the CFPB” and “The CFPB Has My Back.” They were there to remind lawmakers that the great majority of Americans, across party lines, don’t just like the idea of such an agency; they also support the major steps it has taken to bring a sense of fair play to the financial marketplace.

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AFR Issue Brief: Fair Treatment of Homeowners with Limited English Proficiency
May 26, 2016 – 9:00 am

A newly released paper urges regulators to make it easier for people with limited English proficiency (LEP) to understand and navigate the financial system, especially the mortgage loan market. A companion paper tells the stories of several LEP homeowners who belatedly discovered unfavorable mortgage terms and had great difficulty securing loan modifications.

AFR in the News: Occupy movement has grown up — and looks to inflict real pain on big banks (Washington Post)
May 25, 2016 – 4:37 pm

“The group, Take On Wall Street, plans to combine the efforts of some of the Democratic Party’s biggest traditional backers, from the American Federation of Teachers and the AFL-CIO to the Communications Workers of America. The group says it will aim to turn the public’s lingering anger at the financial sector into policy initiatives that could change the way that Wall Street works.”

AFR in the News: Occupy Wall Street is back – and it might actually succeed this time (Salon)
May 25, 2016 – 3:26 pm

“The banks are larger now than they were before the bailouts, and the stench of corruption persists. As Lisa Donner, executive director of Americans for Financial Reform, put it, ‘The tone of the election as reminded many people just how deeply felt the frustration and anger is about the way that Wall Street has shaped the economy in its own interest.’”

AFR Statement: House appropriations bill would “use backdoor means to achieve unpopular ends”
May 25, 2016 – 2:12 pm

“In what has almost become an annual ritual, the 2017 Financial Services and General Government appropriations bill set for mark-up in the House of Representatives today is packed with policy riders that would loosen rules, weaken agencies charged with protecting the public interest, and make it easier for Wall Street banks, shadow banks, and predatory lenders to take advantage of consumers and investors.”

Letter to Congress: AFR Opposes Current Draft of FSGG Appropriations Bill
May 25, 2016 – 8:36 am

“On behalf of Americans for Financial Reform, we are writing to oppose the current draft of the Appropriations bill on Financial Services and General Government (FSGG)…Unfortunately, this appropriations legislation is once again loaded with ideological policy riders aimed at weakening Wall Street oversight…These ideological policy riders would weaken consumer and financial protections and should not in any case be attached to a funding bill. Even as a funding bill, this legislation falls short, as it cuts the SEC’s budget by $100 million…”

AFR Statement: DOL retirement investment rule deserves Senate backing, not blocking
May 24, 2016 – 1:28 pm

The Senate will vote today on a resolution to disapprove the Department of Labor’s rule requiring retirement advisers to put their clients’ best interests first. The principal sponsors of the Senate resolution – Johnny Isakson of …

AFR Statement: Appeals court reopens the door to justice in LIBOR rate rigging
May 23, 2016 – 5:35 pm

“Despite admissions of wrongdoing by major banks, the many victims of this fraud – from governments to pension funds to smaller banks – have yet to be compensated for their losses. With today’s ruling, they have a better chance to recover the money wrongfully taken from them by a group of the world’s largest banks.”

Letter to Congress: AFR Urges Congress to Maintain the Integrity of Financial Reporting, Reject HR 4139
May 23, 2016 – 1:05 pm

“On behalf of Americans for Financial Reform, we are writing to reiterate our opposition to HR 4139, the “Fostering Innovation Act”. This legislation would double the length of the existing exemption from compliance with Sarbanes Oxley Section 404(b) for “emerging growth companies”, from five years to ten years… Ten years is an excessively long exemption. This is especially true given the significance to the public and the financial markets of accurate financial reporting. “