Category Archives: Financial Reform News

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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.

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Letters to Congress: Statement to House Financial Services Committee on Facebook Libra Proposal

The AFR Education Fund sent a statement for the record to the House Financial Services Committee concerning Facebook’s proposal for the Libra digital token and payment system. The statement describes ways in which Facebook is attempting to create an unregulated financial product of potentially global scale and the dangers this would pose to the users of the token and the broader financial system.

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Letter to Regulators: Comment to HUD on FHA Servicing Defect Taxonomy

Developing clear and appropriate standards for the servicing taxonomy will help ensure that servicers are properly held accountable for non-compliance with FHA’s requirements. It promises to improve the quality of FHA servicing, which in turn will benefit homeowners and the Mutual Mortgage Insurance (MMI) fund. HUD must ensure that its taxonomy tool encompasses these loss mitigation regulations and allows for borrower input into servicer performance in order to truly gauge whether loss mitigation is working for neighborhoods and for the MMI fund.

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Letter To Regulators: Comment on Bank Ownership of Unsecured G-SIB Debt

We commented to the banking regulators criticizing proposed rules on bank ownership of unsecured debt issued by systemically important (G-SIB) banks. This debt is intended to absorb losses in a potential future financial crisis, which may not be feasible if other banks are permitted to own significant amounts of it.

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Media Advisory: Teleconference With SEC Commissioner Robert Jackson

Following the SEC meeting, Americans for Financial Reform will host a conference call with guest SEC Commissioner Robert Jackson. AFR and other groups have criticized the commission’s plan on investment advice for leaving ordinary Americans vulnerable to harmful industry practices. The call will include the AFL-CIO, AARP, and the Consumer Federation of America.

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Fact Sheet: SEC’s “Regulation Best Interest” Will Harm Vulnerable Investors

Do not be deceived by the label. The so-called “best interest” standard doesn’t require brokers to do what’s best for their customers. It will not require them to recommend the investments they reasonably believe are the best match for the customer, and it will not require them to consider costs except when comparing otherwise identical securities. That’s why state securities regulators have warned that the proposal “subverts,” rather than protects, investors’ best interests.