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AFR in the News: Ohio Must Reform Payday Lending (Canton Record-Courier)
October 17, 2017 – 9:49 am | Comments Off on AFR in the News: Ohio Must Reform Payday Lending (Canton Record-Courier)

“Oversight of payday loans is particularly lax in Ohio… State voters approved reforms in 2008, but the industry found ways around the restrictions on interest rates and other measures designed to protect borrowers… ‘Payday and car title lenders profit from repeatedly dragging hard-pressed people deeper and deeper into debt, and taking advantage of families when they are financially vulnerable,’ Lisa Donner, with Americans for Financial Reform, told the Associated Press. ‘Curbing the ability to push loans that borrowers clearly cannot repay is a key protection.'”

AFR Report: The Same Old Song – Wall Street’s repeatedly discredited but endlessly repeated arguments against common-sense financial regulation
October 13, 2017 – 3:42 pm | Comments Off on AFR Report: The Same Old Song – Wall Street’s repeatedly discredited but endlessly repeated arguments against common-sense financial regulation

A look back at the financial lobby’s robotic opposition to one proposed reform after another, and how Wall Street’s claims have squared with real-world events. This new AFR report homes in on three pre-financial-crisis case studies, involving credit cards, mortgages, and derivatives.

Letter to Congress: AFR Urges House Financial Services Committee To Reject 19 Deregulatory Bills
October 11, 2017 – 1:34 pm | Comments Off on Letter to Congress: AFR Urges House Financial Services Committee To Reject 19 Deregulatory Bills

AFR sent the letter below to the House Financial Services Committee urging them to reject nineteen deregulatory bills.
AFR Letter Re HFSC 10-11 Markup

Letter to Regulators: AFR Urges Federal Reserve to Maintain and Expand Accountability for Bank Boards of Directors
October 11, 2017 – 12:28 pm | Comments Off on Letter to Regulators: AFR Urges Federal Reserve to Maintain and Expand Accountability for Bank Boards of Directors

AFR sent a comment letter to the Federal Reserve Board urging them to modify proposed rules that would reduce accountability for bank Boards of Directors, and also to examine further changes that would expand such …

AFR Statement: New Report on Goldman Sachs and the Trump Administration
October 10, 2017 – 9:12 am | Comments Off on AFR Statement: New Report on Goldman Sachs and the Trump Administration

The New York investment bank has had other periods in the sun, but never before have its priorities been so hardwired into an administration in Washington. The report details Goldman’s interests in areas of public policy including financial regulation, tax cuts and infrastructure.

AFR Report: Government Sachs And The Trump Administration
October 10, 2017 – 9:04 am | Comments Off on AFR Report: Government Sachs And The Trump Administration

Goldman Sachs-linked appointees in the Trump administration are pursuing a broad agenda of deregulation and privatization that will directly benefit the New York investment bank.

AFR in the News: Trump administration calls for rollback of financial regulations (Washington Post)
October 9, 2017 – 9:23 pm | Comments Off on AFR in the News: Trump administration calls for rollback of financial regulations (Washington Post)

“Marcus Stanley, policy director for Americans for Financial Reform, expressed concern about the report’s guidance. ‘The recommendations are “almost uniformly deregulatory.’ he said. ‘It is written pretty technically, but what they are saying is that a lot of things that were done after the crisis to try increase our safety margins and improve our risk control on derivatives they want to cut back on.’”

Open Letter to Banks (and OCC): Don’t Make Debt Trap Payday Loans
October 7, 2017 – 10:01 am | Comments Off on Open Letter to Banks (and OCC): Don’t Make Debt Trap Payday Loans

“In 2013, the FDIC and OCC issued guidance aimed at curbing the harms of these debt trap loans. At the same time, the Federal Reserve issued a supervisory statement to the same end… But today, banks are attacking the FDIC and OCC protections that have prevented banks from trapping people in unaffordable payday loans.”
We write to ask for the bank’s pledge that it will not begin making payday loans, and that it will oppose the
rollback of the regulatory guidance, which would make it easier for other banks to do so.