Message to Washington: S 2155 Is a Giveaway to Wall Street!
March 16, 2018 – 3:09 pm | Comments Off on Message to Washington: S 2155 Is a Giveaway to Wall Street!

A bipartisan majority of senators has chosen to commemorate the 10th anniversary of the worst financial crisis since the Great Depression by handing big banks and their lobbyists a package of deregulatory gifts, increasing the risks to financial stability and the likelihood of consumer abuse, including racial discrimination in mortgage lending. This legislation doesn’t serve families or communities, nor is it policy that most Americans support. It puts the interests of financial institutions ahead of the rest of us.

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AFR in the News: Congress rolls back post-crisis financial rules as banks post record profits (Washington Post)
May 23, 2018 – 1:36 pm

“‘When lawmakers vote for banking deregulation even though banks are raking in record profits, it exposes what is really at work,’ said Lisa Donner, executive director of Americans for Financial Reform. “The bank lobby has flooded the political system with money, and is getting a return on its investment. The result is legislation that makes the financial system less safe and less fair, and puts consumers at greater risk of abuse.’”

AFR Statement: S. 2155 Ignores Lessons of Financial Crisis, Flouts Will of Voters
May 22, 2018 – 5:48 pm

This legislation ignores the lessons of the financial crisis that cost so many Americans their jobs and homes, and pays no heed to the overwhelming majority of voters who correctly understand the need for tougher, not weaker, oversight of the financial services industry.

Letters to Regulators: AFR opposed roll back of transparency disclosures to investors in SEC proposed rule “Investment Company Liquidity Disclosures.”
May 22, 2018 – 12:03 pm

AFR commented on the roll back of transparency disclosures to investors in the SEC proposed rule “Investment Company Liquidity Disclosures.”

Letters to Congress: AFR urges opposition to two bills in House Committee on Financial Services markup.
May 22, 2018 – 11:47 am

AFR sent a letter to members of the House Committee on Financial Services urging them to oppose two bills in today’s markup.

Letters to Congress: AFR Urges House Members to Oppose S. 2155 in Order to Preserve Financial Protections.
May 18, 2018 – 3:16 pm

AFR sent a letter to members of the House of Representatives urging them to vote in opposition to the Bank Lobbyist Act.

AFR Statement: Statement on Appointment of Andrew Smith as Head of FTC Bureau of Consumer Protection
May 17, 2018 – 2:29 pm

“The least likely candidate to run the FTC’s consumer protection unit ought to be the former lawyer for a notorious payday lender that the FTC itself pursued for a billion-dollar settlement and who is now in prison on a racketeering conviction,” said José Alcoff, Payday Campaign Manager at Americans for Financial Reform.

AFR Statement: Statement on Passing of Deadline to Roll Back CFPB Payday Rule
May 17, 2018 – 11:12 am

“Congress has done the right thing in allowing the rule to stand. Now the spotlight is on Mick Mulvaney. Will he move ahead on his plans to unravel it, and continue to cater to the payday lenders who gave generously to his campaigns?” said Lisa Donner, executive director at AFR.

Joint Letter: 8 Organizations Warn Regulators Against Bank Payday Loans and Rent-a-Bank Arrangements
May 15, 2018 – 6:25 pm

“Deposit advance” loans are payday loans, pure and simple, and data clearly show they create the same debt trap caused by non-bank payday loans. High-cost longer-term loans facilitated by banks and credit unions would also cause customers substantial harm. We also urge you to ensure that all financial institutions engaged in small dollar lending (1) limit interest rates to 36% or less, and (2) determine borrowers’ ability to repay their loans by assessing both income and expenses rather than engaging in collateral-based income-only underwriting.”