Home » Archive by Category

Financial Reform News

AFR/CRL Poll: Bipartisan Majorities See $1.5 Trillion Student Debt Burden As Crisis
August 9, 2018 – 6:02 am

Majorities of American voters across parties believe that the student debt burden – now at $1.5 trillion – represents a crisis for the country, according to a new poll. The survey also found widespread concern with efforts by Mick Mulvaney, the Trump official installed at the head of the Consumer Financial Protection Bureau, to gut the agency’s student lending office.

AFR/CFA Memo: SEC Broker Standards Proposal Falls Far Short
August 7, 2018 – 11:26 am

Brokers too often steer investors into poorly performing, high-cost investments that are profitable for the broker, but bad for individual investors. The Securities and Exchange Commission has proposed a new regulation that purports to address the problem, but its remedy is too vague and too weak. By creating a veneer of protection, but not the reality, it would deliver a false sense of security that could leave investors worse off than they are now.

Joint Letter: SEC Broker Proposal Fails To Establish Strong Standard or Mitigate Conflicts
August 7, 2018 – 11:10 am

The rule’s most significant failing is that it does not establish a clear uniform best interest standard, one that is no less stringent than that found in the Investment Advisers’ Act, for all professionals who provide investment advice to retail clients. Instead, it adopts a weaker standard for broker-dealers that falls short of a true best interest standard and does not adequately address the conflicts of interest that too often are permitted to taint broker-dealers’ recommendations.

AFR/CRL Poll Shows Wide Discontent With Mulvaney Path at CFPB
July 31, 2018 – 6:01 am
AFR/CRL Poll Shows Wide Discontent With Mulvaney Path at CFPB

Voters of all political parties overwhelmingly oppose the actions taken by Mick Mulvaney to undermine the mission of the Consumer Financial Protection Bureau and feel a strong connection between lax enforcement of the rules on Wall Street and their daily welfare. Ten years after the 2008 financial crisis brought on a searing recession, the survey revealed enduring, strong, and bipartisan support for tougher regulation of Wall Street and predatory lenders.

AFR Conference: Regulating Wall Street Ten years Later
July 26, 2018 – 10:40 am

On July 24, Americans for Financial reform hosted a conference looking back at the response to the 2008 crisis, and towards future efforts to ensure that the financial system is more stable, and fair for all. Click here to access the agenda, video, and (soon) the transcript

AFR Statement: Hearing Shows Kraninger is No Champion of Consumers
July 19, 2018 – 2:08 pm

There was no evidence before her confirmation hearing that Kathy Kraninger would champion the interests of consumers, and there’s no evidence of it afterwards either.

AFR Statement: Mulvaney Makes Common Cause With Payday Lenders to Delay Rule
May 31, 2018 – 6:06 pm

Mick Mulvaney has been doing the bidding of payday lenders for years, but putting the CFPB’s weight behind a joint legal motion with their lobbyists is a new low, even for him. Mulvaney is now openly making common cause with payday lenders to gut the CFPB’s common-sense protections for borrowers

AFR Statement: Proposal to Overhaul Volcker Rule Would Unravel Key Response to Financial Crisis
May 30, 2018 – 3:21 pm

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. If implemented, these proposals could turn the Volcker Rule into a dead letter, a regulation that would not meaningfully restrict trading activities.