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Letters and Statements

AFR Statement: Trump Tweets Tough on Wall Street As Record Shows Opposite
December 8, 2017 – 2:13 pm

The notion that this administration is or will be tough on Wall Street doesn’t pass the laugh test, and that fact is evident in deeds, not tweets. Trump has put Goldman Sachs executives in the most senior positions in the government, and pushed for a giant tax cut for Wall Street.

AFR Statement: House Bill to Reauthorize the Higher Education Act opens the floodgates to waste, fraud, and abuse
December 1, 2017 – 2:13 pm
AFR Statement: House Bill to Reauthorize the Higher Education Act opens the floodgates to waste, fraud, and abuse

Today, Rep. Virginia Foxx, Chairwoman of the House Education and the Workforce Committee, introduced a bill to reauthorize the Higher Education Act (HEA) that includes language that opens the floodgates to waste, fraud, and abuse by for-profit colleges.

AFR Statement: English is Rightful Acting Director While Courts Rule on CFPB Leadership
November 27, 2017 – 6:01 pm

In the meantime, the CFPB still has work to do holding Wall Street to account on behalf of American consumers, and Ms. English and the CFPB staff can continue its successful run. Now, the president should nominate someone with a track record of fighting for consumers who will enjoy bipartisan support in the Senate.

AFR Statement: Attempt to Put Mulvaney in at CFPB Shows Contempt for American Consumers
November 27, 2017 – 5:47 pm

Mulvaney has said he is opposed to the very existence of the CFPB, and as a member of Congress he voted in favor of Wall Street banks and predatory lenders — his largest donors — again and again. The CFPB has recovered $12 billion in ill-gotten gains on behalf people around this country. It is this work that the administration apparently wants to destroy

Letter to Regulators: AFR Urges Federal Reserve To Increase Risk Controls on Cleared Derivatives
November 23, 2017 – 5:57 pm

“On behalf of Americans for Financial Reform, we are writing to express our support for proposed changes…by the Federal Reserve Board of Governors… to the FR Y-15 systemic risk reporting form… regarding the treatment of cleared over-the-counter derivatives transactions.”

AFR Statement: No Budget Riders Weakening Wall Street Reform or CFPB
November 20, 2017 – 8:18 pm

Congress should abandon budget rider proposal that would eliminate independent funding for the CFPB and other poison pills.

AFR Statement: On the Resignation of Richard Cordray from the CFPB
November 15, 2017 – 3:20 pm
AFR Statement: On the Resignation of Richard Cordray from the CFPB

“Following a Wall Street-induced financial crisis that cost millions of people their homes and jobs, the CFPB began its work as the first federal body with the mission and capacity to stand up for everyday Americans in their dealings with the financial services companies who have such an impact on our lives each and every day. Obtaining $12 billion in relief for over 29 million Americans is a great accompishment.”

AFR Statement: Senate Dodd-Frank Changes Would Benefit Banks Not Look Out for Consumers
November 13, 2017 – 5:16 pm

Congress ought to be passing robust new consumer protections, not doing favors for banks. Annual industry earnings by banks set a new record in 2016, and community banks saw even faster growth than big banks. Over 95 percent of community banks turned a profit last year.