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In the News: Why is Trump’s Consumer Protection Agency Helping to Promote H&R Block’s Credit Card?
July 19, 2019 – 1:33 pm | Comments Off on In the News: Why is Trump’s Consumer Protection Agency Helping to Promote H&R Block’s Credit Card?
In the News: Why is Trump’s Consumer Protection Agency Helping to Promote H&R Block’s Credit Card?

“Financial education isn’t going to stop a company from misapplying your mortgage payment or the wrongful repossession of a car,” observes Linda Jun, a senior policy counsel at Americans for Financial Reform. “The financial crisis wasn’t about people suddenly forgetting how to save. That was a very minor aspect of what happened. There were these bad actors that preyed on people with deceptive fees and unfair practices and discrimination. The point of having a financial regulator that protects consumers is to bring these shady behaviors to an end.”

In the News: Elizabeth Warren’s Latest Wall Street Enemy: Private Equity
July 19, 2019 – 10:13 am | Comments Off on In the News: Elizabeth Warren’s Latest Wall Street Enemy: Private Equity
In the News: Elizabeth Warren’s Latest Wall Street Enemy: Private Equity

“Private equity and hedge funds now wield enormous influence over the American economy, often with terrible consequences for workers and communities,” said Lisa Donner, executive director of Americans for Financial Reform, one of the groups backing the bill, in a statement.

In the News: Eugene Scalia, Trump’s Pick to Head the Labor Department, Scares Worker Advocates to Death
July 19, 2019 – 10:07 am | Comments Off on In the News: Eugene Scalia, Trump’s Pick to Head the Labor Department, Scares Worker Advocates to Death
In the News: Eugene Scalia, Trump’s Pick to Head the Labor Department, Scares Worker Advocates to Death

“He was at the center of the industry effort to undo Dodd-Frank in the back rooms, and in terms of intimidating regulators and overturning important parts of it, he had a lot of success,” recalled Marcus Stanley, policy director of Americans for Financial Reform, a group that supports the law.
“Most of the rules that were costing industry a lot of money, he was the lead on trying to overturn them,” Stanley added.

News Release: Stop Wall Street Looting Act Would Curb Worst Private Equity Abuses
July 18, 2019 – 9:10 am | Comments Off on News Release: Stop Wall Street Looting Act Would Curb Worst Private Equity Abuses

“Private equity and hedge funds now wield enormous influence over the American economy, often with terrible consequences for workers and communities,” said Lisa Donner, executive director of Americans for Financial Reform. “We need effective rules of the road to stop predatory practices by these Wall Street giants.”

Advisory: Briefing for Media on Stop Wall Street Looting Act at 3pm ET
July 18, 2019 – 9:10 am | Comments Off on Advisory: Briefing for Media on Stop Wall Street Looting Act at 3pm ET

Briefing on Stop Wall Street Looting Act of 2019 will be at 3pm ET. To join call RSVP to Kyra Sandovi, kyra@ourfinancialsecurity.org and dial (800) 230-1096 and ask for “Private Equity Legislation” conference call.

News Release: Public Interest Groups Support Bill to Address Private Equity Abuses
July 18, 2019 – 9:10 am | Comments Off on News Release: Public Interest Groups Support Bill to Address Private Equity Abuses

Over 15 major public interest groups have signed on to support the Stop Wall Street Looting Act of 2019, which was introduced today in the House and Senate.

Legislation: Summary and Analysis of Stop Wall Street Looting Act
July 18, 2019 – 9:10 am | Comments Off on Legislation: Summary and Analysis of Stop Wall Street Looting Act

The Stop Wall Street Looting Act would curb the worst abuses of Wall Street private equity executives by making them liable for damage they cause, protecting the interests of workers, preventing looting of target companies, and improving transparency for investors.

In the News: Consumer Watchdog Wants to Work With Financial Companies to Encourage Saving
July 18, 2019 – 8:59 am | Comments Off on In the News: Consumer Watchdog Wants to Work With Financial Companies to Encourage Saving
In the News: Consumer Watchdog Wants to Work With Financial Companies to Encourage Saving

Consumer advocates criticized Ms. Kraninger’s invitation to financial companies. “Americans don’t need the main federal consumer protection agency partnering with the financial services industry to conduct studies,” said Linda Jun, senior policy counsel at Americans for Financial Reform. “Americans need a strong CFPB that actually polices the industry from doing harm.”