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Statements and Press Releases

AFR Comment: The Volcker Rule And Market Making in Times Of Stress
February 24, 2017 – 5:18 pm

” ‘The Volcker Rule And Market Making In Times of Stress’ paper does not represent the official view of the Federal Reserve, and is not a Federal Reserve Report. …It is simply false to present this paper as demonstrating that the Volcker Rule has created market costs that exceed its risk reduction benefits.”

Letters to Regulators: Federal Reserve Commodity Proposal
February 24, 2017 – 4:58 pm

“AFR strongly supports measures to both limit and control risks of physical commodity involvement at financial holding companies. …Specifically, we support the new consolidated limits on the total size of commodity holdings, the capital increase to 300 percent risk weights applied to commodities held under 4(k), and more…”

Joint Statement: The CFPB’s Work Is Important to Military Families and Veterans
February 15, 2017 – 12:22 pm

“There is a clear and compelling public interest that Congress continue to support vigorous enforcement of laws that protect military families from wrongful financial practices… [T]he strong record of the Consumer Financial Protection Bureau and its Office of Servicemember Affairs underscores the need for Congress to resist efforts that seek to hamstring this work. Tampering with the agency’s authorities, structure, and independence would be harmful to military families and honest companies across the country.”

Joint Statement: Public Interest Groups Urge Financial Industry Leaders to Call a Halt to Anti-Investor Tactics of Trade Associations Seeking to Overturn DOL Protections for Retirement Savers
February 9, 2017 – 4:43 pm

“Financial services companies that support giving retirement investors investment advice that is in their best interests should stand up against the aggressive anti-investor lobbying tactics of their trade associations seeking to overturn the Department of Labor’s (DOL) conflict of interest rule, according to three national organizations that have supported DOL efforts to strengthen protections for retirement savers.”

AFR Statement: Attack on common-sense rules for prepaid cards
February 6, 2017 – 5:15 pm

“The Consumer Bureau’s continued progress on making financial markets fairer and safer confirms once again how important it is to have an independent and effective regulator with a consumer protection mission. The rule making prepaid cards fairer and safer is one more example of ‘unrigging’ the system for the American people, and it should be left in place.”

AFR Statement: Trump Hands Financial Regulation Over To Wall Street
February 6, 2017 – 3:43 pm

We can, and will, fight at every step against Wall Street burning it all down — again. And we’ll fight for a financial system that serves an economy that works for the rest of us.

AFR Statement: We Need Straight Answers from Treasury Nominee
January 31, 2017 – 11:36 am

“Mnuchin’s failure to answer questions from committee members fully and honestly is one more example of an all too familiar Wall Street pattern: that rules are for little people. That is not an acceptable approach for a Treasury Secretary. Demanding answers before this nomination is rammed through is exactly the right thing to do.”

Joint Press Release: Google Takes Down Over Five Million Payday Loan Ads
January 30, 2017 – 4:15 pm

“Along with fake prescription drug peddlers, scam weight loss regimes, and sneaky malware spreaders, Google has taken down 5 million attempts to trap Americans in predatory loans since mid-July… ‘While Google’s actions are helpful and important, an internet company cannot be the main barrier to abuse by these predators. The Consumer Financial Protection Bureau is working on smart, fair and flexible rules that, if finalized, will protect Americans from the worst abuses of payday lending. .. [I]t must not be undermined or weakened by the payday industry and their allies who want to keep getting away with debt trap 300% loans.’”