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AFR in the News

AFR in the News: Rule letting U.S. dismantle giant banks in crisis should stay, Treasury Department advises (LA Times)
February 22, 2018 – 3:32 pm

“Marcus Stanley, policy director for Americans for Financial Reform, said he was glad to see the authority embraced in the report, but alarmed by specifics of the bankruptcy recommendations that he said ‘would create special privileges for big banks, rely on unrealistic assumptions, and in their current form would likely increase risks to the financial system.'”

AFR in the News: Trump-appointed CFPB head eases up on Equifax probe (New York Post)
February 6, 2018 – 10:23 am

“This isn’t the first drastic turnaround for the CFPB under Mulvaney. Last month, the agency canned rules that made it harder for payday lenders to make high-interest loans — and automatically pull funds — from borrowers. ‘Mick Mulvaney wants to let Equifax off the hook for its reckless abuse and negligence that may have a lasting impact on millions of Americans,’ [said] Lisa Donner, executive director of Americans for Financial Reform.”

AFR in the News: Payday Rules Relax on Trump’s Watch After Lobbying by Lenders (New York Times)
February 3, 2018 – 10:12 am

“‘Payday lenders are clearly watching this with bated breath,’ said José Alcoff, manager of the Stop the Debt Trap campaign at Americans for Financial Reform. ‘I think this is clearly a case where the system is getting more and more rigged, where they have, as they say, the fox in charge of the henhouse.’”

AFR in the News: Trump administration strips consumer watchdog office of powers over lending discrimination (Washington Post)
February 2, 2018 – 1:26 pm

“The Trump administration has stripped enforcement powers from a [CFPB] unit responsible for pursuing discrimination cases, part of a broader effort to reshape an agency it criticized as acting too aggressively… ‘These changes . . . threaten effective enforcement of civil rights laws, and increase the likelihood that people will continue to face discriminatory access and pricing as they navigate their economic lives,’ Lisa Donner, executive director of Americans for Financial Reform, said in a statement.”

AFR in the News: Democrats need to stand with working Americans vs. big banks (Washington Post)
January 26, 2018 – 10:26 am

“Under current law, banks with more than $50 billion in assets are considered ‘systemically important financial institutions’ and therefore are subject to extra scrutiny. The Senate bill would lift that threshold to $250 billion, relaxing oversight of 25 of the 38 largest banks in the country. According to Americans for Financial Reform, those banks are collectively responsible for $3.5 trillion in assets and received nearly $50 billion in bailout money during the financial crisis.”

AFR in the News: Private Equity Cashes In On Payday Lending
December 17, 2017 – 11:04 pm

“[I]t is a telling sign of just how dysfunctional the American economy has become that some of the nation’s biggest private equity firms are now heavily invested in the payday loan business and its slightly more respectable cousin, subprime installment lending. A new report from Americans for Financial Reform and the Private Equity Stakeholder Project details dozens of such arrangements involving some of the biggest names on Wall Street and the scuzziest operations on Main Street.”

AFR in the News: Wall Street Wants to Kill the Agency Protecting Americans From Financial Scam (Intercept)
November 20, 2017 – 10:50 am

“[Director Cordray’s] departure will be ‘a huge loss,’ said Lisa Donner, executive director of Americans for Financial Reform. If Trump appoints a new director who is indifferent, or even hostile, to consumer issues, she said, ‘It will be incredibly costly to the American public.’”

AFR in the News: Scary thought: Trump now gets to pick the country’s top consumer watchdog (LA Times)
November 16, 2017 – 10:00 am

“Trump and Republican lawmakers have long characterized Cordray as an enemy of the people — a bureaucrat run amok, imposing his autocratic will on gentle, kindhearted businesses that only want to compete freely and fairly for people’s patronage… ‘And people who don’t understand what the bureau does might believe that,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘But if you describe the bureau’s work to people… they overwhelmingly support it.'”