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Letters and Statements

AFR Statement: Kavanaugh and Anniversary of Wall Street Reform
July 20, 2018 – 11:18 am

Brett Kavanaugh’s ruling, later overturned by the full DC circuit, that an independant CFPB is unconstitutional, is but one powerful indicator of the danger he would pose as a Supreme Court justice. Stripping financial regulators like CFPB of their independence means weaker consumer protections.

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: Kavanaugh on Scotus Would Signal Attack on Wall Street Regulation
July 10, 2018 – 12:41 pm

Kavanaugh found that the structure of the Consumer Financial Protection Bureau was unconstitutional but was overturned in a thoughtfully reasoned decision that found many faults with his analysis. Independent agencies, which have existed in the United States for nearly a century, are vital institutions for creating a government that does not only serve wealthy interests.

AFR Statement: Federal Reserve Stress Tests Stand or Fall on Regulator Assumptions
June 21, 2018 – 4:07 pm

Stress tests are forecasts based on models. They stand or fall on the approach of regulators, whose assumptions can seriously underestimate bank losses. Before the 2008 financial crisis regulatory models also showed Wall Street was safe, but that turned out to be fantasy.

AFR Statement: CFPB Needs a Champion of Consumers, Not an Employee of Mick Mulvaney
June 17, 2018 – 8:27 am

The President should have nominated someone with a commitment to that mission months ago, not waited until the last minute to reveal a nomination designed to keep Mick Mulvaney in charge. This nomination is a move to keep the CFPB hobbled and under the thumb of the payday lenders and Wall Street law breakers.

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.

AFR Statement: S. 2155 Ignores Lessons of Financial Crisis, Flouts Will of Voters
May 22, 2018 – 5:48 pm

This legislation ignores the lessons of the financial crisis that cost so many Americans their jobs and homes, and pays no heed to the overwhelming majority of voters who correctly understand the need for tougher, not weaker, oversight of the financial services industry.