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.

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AFR Urges Congress to Reject HR 5405 and the Insurance Capital Standards Act of 2014
September 16, 2014 – 10:29 am

AFR sent a letter to members of Congress urging that they oppose HR 5405 and The Insurance Capital Standards Act of 2014. These pieces of legislation include numerous technical changes that could have significant impacts on regulators ability to enforce new financial rules, and they deserve full debate and consideration from regulatory experts before being passed under suspension of the rules.

AFR Comment Letter to CFPB on Request for Input on Mobile Financial Services
September 10, 2014 – 5:32 pm

AFR offered comments to the Consumer Financial Protection Bureau in response to their Request for Input on how consumers are using mobile financial services to access products and services, and manage finances. While mobile technology can enhance access to safer and more affordable technology for consumers, benefits will only be seen if technological systems are safe, fair, and honest. Regulators can help consumers—as well as those in industry—by establishing strong minimum standards.

AFR Comment Letter to FHFA on Request for Input Around Raising Guarantee Fees
September 9, 2014 – 11:25 am

AFR offered comments to the Federal Housing Finance Agency in response to their Request for Input related to g-fee policy and implementation. AFR encouraged FHFA to refrain from instituting any increases in g-fees or loan-level price adjustments (LLPAs) at this time.

AFR in the News: Regulators Propose Rule to Reduce Risk of Derivatives (NY Times)
September 4, 2014 – 11:54 am

“’This is a really important rule,’” said Marcus Stanley, policy director at Americans for Financial Reform. ‘Margin is the first line of defense in the derivatives market.’ The regulators made the changes to bring American margin rules in line with new international ones approved in 2013, and in response to public comments.

“’While it has taken us some time to get to this point, today’s action does represent significant progress,’ Thomas J. Curry, the comptroller of the currency, said in a statement.”

AFR Statement on New Prudential Banking Rules
September 3, 2014 – 10:57 am

AFR issued a statement regarding new rules issued by banking regulators.

AFR Joins Our Members in Urging OCC to Update Preemption Rules
September 2, 2014 – 9:45 am

AFR joins our members in urging OCC to update preemption rules

AFR joined consumer organizations in urging the OCC to update its preemption rules to comply with Dodd Frank reduction of sweeping federal preemption of state consumer protection actions.

AFR Statement on SEC Final Rules Concerning Asset-Backed Securities and Credit Rating Agencies
August 27, 2014 – 4:02 pm

AFR issued a statement regarding the finalized rules issued by the SEC regarding asset backed securities and credit rating agencies.

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.”