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

This report from Americans for Financial Reform compiles votes in the 115th Congress around financial reform, and makes clear Wall Street’s success in driving its deregulatory agenda. Ten years after the financial crisis, a majority of members of Congress have voted again and again for bills pushed by the bank lobby that are dangerous for our financial stability, undermine consumer and investor protections, and enable racial discrimination in lending.

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AFR in the News: Progressive Groups Criticize CFPB Fintech Proposal (Politico)
August 10, 2018 – 12:03 pm

“A coalition of 50 public interest groups today sharply criticized the Consumer Financial Protection Bureau’s proposal to gut important consumer-protection rules, especially for fintech companies, arguing the agency does not have the authority to create potentially unlimited exemptions from the very regulations that the CFPB is obligated to enforce.”

Letters to Regulators: AFR Education Fund submitted comment on proposed revisions to Volcker Rule.
October 18, 2018 – 12:08 pm

Click here to download a PDF version of the letter.

 

AFR Statement: Regulators were wrong to remove Prudential Financial from list of systemically important financial companies
October 17, 2018 – 10:22 pm

The Financial Stability Oversight Council (FSOC) announced that it has reversed its designation of Prudential Financial, Inc. as a systemically important financial institution (SIFI). The Council, under the leadership of Secretary Mnuchin, has now freed from Federal Reserve consolidated oversight the last of the four previously designated nonbank SIFIs.

AFR Statement: Court Sides with Students Over DeVos’s Pro-Corporate Agenda
October 16, 2018 – 2:54 pm

Americans for Financial Reform Education Fund applauds the news that a court has rejected the for-profit college industry’s attempt to stop the 2016 Borrower Defense rule. Today, the United States District Court for the District of Columbia sided with students over Betsy Devos’s attempts to let abusive for profit schools rip them off with impunity.

Joint Statement: Public Interest Groups Applaud FHFA Move to Expand Resources for LEP Borrowers
October 16, 2018 – 11:30 am

The clearinghouse is a valuable resource that will improve the homeownership experience for Limited English Proficient (LEP) borrowers by making available all in-language resources in one centralized place, including translated loan documents, glossaries, and other educational materials. The clearinghouse will be helpful to lenders, housing counselors, attorneys, and other advocates assisting LEP borrowers.

AFR Statement: Grupos de Interés Público Aplauden a la FHFA por Ampliar Recursos para Prestatarios con Conocimientos Limitados del Inglés
October 16, 2018 – 11:30 am

El repositorio es un recurso valioso que mejorará el proceso de adquisición de viviendas para prestatarios con Conocimientos Limitados del Inglés (LEP, por sus siglas en inglés) al hacer disponible en un mismo sitio toda la documentación en un mismo idioma, incluyendo traducciones de documentos de préstamos, glosarios, y otros materiales educacionales. El repositorio será de utilidad para prestamistas, asesores de vivienda, abogados, y otros ayudando a prestatarios con conocimientos limitados del inglés.

Joint Letter: AFL-CIO and Americans for Financial Reform sent a letter to the Senate opposing S. 488
October 11, 2018 – 2:19 pm

October 11, 2018
AFL-CIO and Americans for Financial Reform  wrote a letter to the Senate to state opposition to S. 488 (the so-called “JOBS and Investor Confidence Act of 2018”) which has been passed by the …

Joint Letter: AFR and 12 organizations sent a letter opposing Eric Dreiband’s nomination as Assistant Attorney General of the Civil Rights Division at the U.S. Department of Justice
October 11, 2018 – 12:41 pm

AFR and 12 organizations opposed the nomination of Eric Dreiband to serve as the Assistant Attorney General of the Civil Rights Division at the Department of Justice.

AFR and NCLC Statement: CFPB Sandbox Proposal Would Deny Consumers Key Information
October 11, 2018 – 6:01 am

The CFPB is exceeding its authority under the law that created the agency and would set a dangerous precedent with its “disclosure sandbox” policy, its label for granting companies exemptions from disclosure rules. The CFPB would allow firms to obfuscate or eliminate important information in the name of “financial innovation,” a label often applied to defend practices in mortgage lending that led to the 2008 crisis.