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Financial Reform News

AFR Statement: Treasury Report Pushes Rollbacks for Wall Street and Predatory Lenders
June 12, 2017 – 7:08 pm

Treasury proposal advances ideas that have been pushed by industry lobbyists since Dodd-Frank was passed. We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders.

AFR Statement: Lawmakers Supporting CHOICE Act Voted for Fraud and Crisis
June 8, 2017 – 4:40 pm

Consumers, investors and anyone who felt the impact of the financial crisis and recession will want to fight to ensure that not just the whole bill, but the set of dangerous proposals it includes, die in the Senate.

AFR IN THE NEWS: Trump’s Threats to Break Up Banks Aren’t Scaring Wall Street Yet (Bloomberg)
May 4, 2017 – 2:11 pm

“Marcus Stanley, policy director at Americans for Financial Reform, said that he has a hard time taking Trump at his word, especially since he has populated his administration with finance executives. ‘So far, Trump has just talked up Glass-Steagall without actually doing anything, which is what you’d expect from a guy who puts big banks in charge of policy,’ said Stanley, whose group would like to see the law reinstated.”

AFR IN THE NEWS:‘Financial CHOICE Act 2.0’ Rolling Back Consumer Protections Moves Forward (Consumerist)
May 4, 2017 – 1:54 pm

“’Contrary to its title, H.R. 10 would deprive consumers and investors of any choice of their day in court when resolving serious disputes with powerful financial institutions and force them into a rigged system,’ Amanda Werner, arbitration campaign manager with Americans for Financial Reform and Public Citizen, said in a statement.”

AFR Statement: House Committee Approves Gift to Wall Street and Predatory Lenders
May 4, 2017 – 12:17 pm

The committee has passed a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and would increase the likelihood of another financial crisis. If it became law it would make life harder for American families and for small businesses of all types.

AFR Statement: Oppose Hensarling’s Bid to Dismantle Wall Street Reform and CFPB
May 2, 2017 – 9:21 am

The committee, with the backing of the Trump administration, is gearing up to pass a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and raise the likelihood of another financial crisis. Congress should be looking for ways to enforce the rules on Wall Street, not reward their army of lobbyists.

Letter to Congress: Oppose Wall Street’s CHOICE Act–Devastating to Financial Protections
April 25, 2017 – 4:35 pm

“…We are writing to express our opposition to the “Financial CHOICE Act” and to urge you to oppose this measure. This legislation would be better dubbed “Wall Street’s CHOICE Act,” as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis. “

AFR IN THE NEWS: Legislation Could Follow Executive Order on Failing Bank Provision (Morning Consult)
April 25, 2017 – 11:21 am

“’If the government doesn’t have the powers it needs to liquidate and wind down a failing mega-bank, we will just see banks holding up the taxpayer again during the next crisis,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement Friday.”