Home » Archive by Author

Articles by

AFR in the News: Wells Fargo Scandal Helps Consumer Advocates in CFPB Rule Fight (Bloomberg BNA)
August 14, 2017 – 5:39 pm | Comments Off on AFR in the News: Wells Fargo Scandal Helps Consumer Advocates in CFPB Rule Fight (Bloomberg BNA)

“Consumer groups are invoking Wells Fargo as they seek to persuade a handful of Republican senators to help defeat a potential September vote on a resolution blocking the arbitration rule. ‘We’ve definitely pointed to Wells Fargo as pretty much the poster child for why we need this rule,’ Amanda Werner, campaign manager at consumer groups Americans for Financial Reform and Public Citizen, told Bloomberg BNA.”

AFR in the News: The Great Escape: How Credit Raters Ducked Reform (Bloomberg)
August 2, 2017 – 4:20 pm | Comments Off on AFR in the News: The Great Escape: How Credit Raters Ducked Reform (Bloomberg)

“The issuer-pays model remains an incentive for raters to go easy on clients, says Marcus Stanley, policy director at Americans for Financial Reform… ‘As long as ratings agencies are both central to securities markets and face incentives to inflate ratings and mislead investors, they pose a risk to the financial system…'”

AFR in the News: New U.S. rule on class actions survives first challenge (Reuters)
August 2, 2017 – 4:16 pm | Comments Off on AFR in the News: New U.S. rule on class actions survives first challenge (Reuters)

“A new U.S. rule aimed at restoring consumers’ ability to band together to sue financial companies has survived its first challenge, as a top banking regulator on Monday said he would not petition for it to be suspended… ‘The rule is a well thought-out response to the serious consumer harm of forced arbitration,’ said Brian Marshall, policy counsel for advocacy group Americans for Financial Reform.”

Letter to Congress: AFR opposes nomination of Joseph Otting for Comptroller of the Currency
July 26, 2017 – 6:00 pm | Comments Off on Letter to Congress: AFR opposes nomination of Joseph Otting for Comptroller of the Currency

“Mr. Otting previously served as the CEO of OneWest from 2010 to 2015. During that time, the bank had a well-documented record of consumer complaints, a questionable response to regulatory inquiries, and executed tens of thousands of foreclosures. “

AFR Statement: House Vote on CFPB Forced Arbitration Rule a Victory for Big Banks and Predatory Lenders
July 25, 2017 – 5:25 pm | Comments Off on AFR Statement: House Vote on CFPB Forced Arbitration Rule a Victory for Big Banks and Predatory Lenders

House vote to roll back CFPB rule limiting forced arbitration aids big banks and predatory lenders while stopping ordinary Americans from getting their day in court.

Letter to Congress: Randal Quarles should not be confirmed as Federal Reserve Vice-Chair for Supervision
July 25, 2017 – 4:15 pm | Comments Off on Letter to Congress: Randal Quarles should not be confirmed as Federal Reserve Vice-Chair for Supervision

“In selecting Mr. Quarles, the Trump Administration has reached back to the economic team of the Bush Treasury, where Mr. Quarles served from 2001 to 2006…. Like the rest of the Bush Administration team, Mr. Quarles showed no evidence of being aware of the historic meltdown of the U.S. and global financial sector that was about to occur, or of the significance of the toxic and fraudulent Wall Street activities that were taking place on his watch.”

AFR Statement: House Lawmakers Voting to Roll Back CFPB Forced Arbitration Rule Defy Public Sentiment
July 25, 2017 – 11:49 am | Comments Off on AFR Statement: House Lawmakers Voting to Roll Back CFPB Forced Arbitration Rule Defy Public Sentiment

In a tough test for the public’s view of the rule, likely voters concluded the rule helps hold companies accountable, and rejected notions that it will encourages frivolous lawsuits.

AFR/CRL Poll: Bipartisan, National Majorities Support CFPB Rule Curbing Forced Arbitration
July 25, 2017 – 10:27 am | Comments Off on AFR/CRL Poll: Bipartisan, National Majorities Support CFPB Rule Curbing Forced Arbitration

Strong, bipartisan majorities nationwide back the Consumer Financial Protection Bureau’s rule curbing forced arbitration and giving consumers their day in court.