Updated AFR Report: Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2014 Election Cycle – $1.9 million a day
March 18, 2015 – 10:34 am | Comments Off on Updated AFR Report: Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2014 Election Cycle – $1.9 million a day

Wall Street banks and financial interests reported spending more than $1.4 billion to influence decision-making in Washington. That two-year total works out to an average of $1.9 million a day or about $2.6 million to elect or influence each of the 535 members of the Senate and House of Representatives.

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AFR Statement: A Breakthrough for Financial Consumers
June 26, 2015 – 10:28 am

“The Consumer Financial Protection Bureau went live today with an important new feature of its complaint database. For the first time, the public now has access to accounts of actual consumer experiences. We applaud the CFPB for taking this step, which will vastly expand the value of its complaint system.”

Joint Press Release: Mayors from 18 Cities Call for an End to Fire Sales of Distressed Housing Assets to Wall Street Speculators
June 22, 2015 – 9:19 am

Following the release of a report by the Center for Popular Democracy and the ACCE Institute detailing sales of troubled mortgages to faulty players, mayors from across the country are calling for mortgage owners and holders to prioritize the sale of troubled mortgages to good actors who can help homeowners struggling in the aftermath of the crisis.

Joint Statement: 78,000 Consumers Urge CFPB to End Forced Arbitration
June 22, 2015 – 9:04 am

In petitions gathered by AFR and five allied organizations, more than 78,000 consumers urge the Consumer Financial Protection Bureau to take swift action against the use of forced arbitration clauses in financial services and products. The CFPB is empowered by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to ban or limit this anti-consumer device in products under its jurisdiction.

AFR in the News: Democrats Are Fed Up with the SEC’s Weak Financial Crimefighting (New Republic)
June 18, 2015 – 2:48 pm

“The lead agency for investor protection isn’t a natural target for the party’s liberal wing… But half of all Americans own some form of stock… More important, the securities industry has insinuated itself into more of American life. Individuals and small business increasingly get loans through the capital markets; our 401(k) plans are based on publicly traded investments… ‘We marketized our retirement system, we marketized our banking system, and the SEC is the main securities regulator,’ said Marcus Stanley, policy director for the coalition Americans for Financial Reform.”

Letter to Congress: AFR Opposes Anti-Consumer Amendments in Appropriations Bill
June 17, 2015 – 9:40 am

“On behalf of Americans for Financial Reform, we are writing to express our opposition to two amendments being offered to the Financial Services and General Government Appropriations bill… The first would bar the Consumer Financial Protection Bureau (CFPB) from issuing any rule or regulation related to payday lending until it has completed at least four new and unnecessary studies and reporting requirements… The second amendment would similarly delay and obstruct CFPB efforts to write a rule to eliminate forced arbitration in consumer financial contracts, action that the Dodd-Frank Act authorizes the Bureau to take. “

Letter to Congress: AFR Joins 46 Organizations in Expressing Support for Dept. of Labor’s Proposed Rule for Protecting Retirement Investors
June 16, 2015 – 5:10 pm

“As organizations that want to see protections for retirement savers strengthened, we write to express support for the Department of Labor’s proposed rule — now out for public comment — that would close loopholes and update the standards for retirement investment advice under the Employee Retirement Income Security Act (ERISA).”

Letter to Congress: AFR, 22 Organizations Urge Congress Not to Undermine the CFPB, SEC
June 16, 2015 – 4:30 pm

“On behalf of the undersigned organizations, we are writing to express our opposition to the Financial Services and General Government appropriations bill. Key elements of this bill would undermine the capacity of financial regulators to protect consumers and oversee our financial markets. By removing independent funding for the Consumer Financial Protection Bureau (CFPB), this legislation would subject the CFPB to limitations placed on no other banking regulator…This appropriations bill would also significantly underfund the Securities and Exchange Commission (SEC) by denying over $200 million in funding necessary to provide proper oversight of investment professionals and securities markets.”

Letter to Congress: AFR and The Consumer Federation of America Urge Congress to Oppose HR 2187
June 16, 2015 – 11:08 am

“This week the Capital Markets and Government Sponsored Enterprises Subcommittee has scheduled a hearing at which it will consider legislation (H.R. 2187) that would dramatically expand the categories of individuals who are permitted to invest in private offerings issued under Regulation D of the securities laws. We are writing on behalf of the Consumer Federation of America (CFA) and Americans for Financial Reform (AFR) to express our strong opposition to the legislation as currently drafted.”