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AFR in the News

AFR In The News: A Restriction on Payday Lenders Was Just Delayed. Democrats Want to Know Why (TIME)
March 8, 2019 – 9:27 am

“It is well documented that payday and car title loans create a deliberate debt trap that locks the borrowers into long-term debt because they cannot afford to repay the high-cost loan,” Linda Jun of the Americans for Financial Reform advocacy group said in her written testimony. “The 2019 proposal rests on the false premise that the 2017 rule was not supported by the evidence, when in fact the CFPB has simply chosen to listen to the payday lenders defending their own predatory business model rather than the extensive evidence gathered through its own rulemaking, supervision, and enforcement.”

AFR In The News: The Consumer Financial Protection Bureau’s Top Six Dubious Accomplishments In 2018 (Talking Points Memo)
December 26, 2018 – 8:00 am

“The failure of Mulvaney’s CFPB to properly carry out the law, whether by failing to supervise companies or dropping cases that were underway is a green light for direct and immediate harm to ordinary Americans,” Carter Dougherty, communications director for Americans for Financial Reform, told TPM via email.

AFR in the News: Trump Asks SEC to Study Quarterly Earnings Requirements for Public Firms (NY Times)
August 20, 2018 – 4:20 pm

“’Quarterly disclosures are very important. A lot can happen in six months, and it’s just not appropriate to reduce disclosures,’ said Marcus Stanley, the policy director for Americans for Financial Reform, a coalition of foundations, unions and public interest groups that pushes for stronger financial regulation. ‘It’s just going to advantage insiders further.’”

AFR in the News: Congress to roll back post-crisis rules as banks post record profits (Washington Post)
June 5, 2018 – 2:48 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 in the News: Banks would be freer to trade for profit under Fed proposal (Virginian Pilot)
June 4, 2018 – 10:29 am

“‘The proposal ‘is an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement. ‘If implemented, these proposals could turn the Volcker Rule into a dead letter.'”

AFR in the News: Fed votes to scale back hated ‘Volcker Rule’ on Wall Street (NY Post)
June 4, 2018 – 10:20 am

“’What is critical is that simplification not undermine the core principle at stake — that taxpayer-supported banking groups, of any size, not participate in proprietary trading at odds with the basic public and customers’ interests,’ Paul Volcker said in a statement…

‘This proposal is no minor set of technical tweaks to the Volcker Rule, but an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,’ said Marcus Stanley, policy director at Americans for Financial Reform.”

AFR in the News: Progressives Ask Schumer to Pick Like-Minded Financial Watchdogs (Bloomberg News)
May 29, 2018 – 1:36 pm

Unions, civil rights organizations and so-called netroots political activists all signed onto the letter, aligning with groups like the Consumer Federation of America and Americans for Financial Reform that typically monitor the agencies.

AFR in the news: Student debt hurts the whole economy. So why is Trump making the problem worse? (NBC THINK)
May 10, 2018 – 4:35 pm

“Mulvaney dismantling the Office for Students is a move that deliberately makes life harder for America’s 44 million student loan borrowers. At a time when student borrowers need allies in government more than ever, Mick Mulvaney and the Trump Administration have left them out in the cold.”