Home » Archive by Category

Statements and Press Releases

TOWS Joint Statement: Groups demand Wall Street pay its fair share in taxes
September 19, 2017 – 5:01 pm

Washington DC – On Tuesday, groups with the Take on Wall Street campaign made their voices heard outside a Senate Finance Committee hearing, opposing tax cuts for millionaires, billionaires, and wealthy corporations, and demanding that …

Joint Statement: House Approves Special Protections for Payday Lenders
September 15, 2017 – 2:27 pm

“The vote [came] during the debate over the Financial Services and General Government bill, which funds some basic functions of the federal government, including the Treasury Department… Rep. Keith Ellison (D-Minn.) introduced an amendment to take this language out of the appropriations bill and continue to allow the CFPB to regulate payday lenders as it regulates all financial services businesses. The amendment failed with four Republicans joining Ellison to protect borrowers and three Democrats choosing to side with payday predators.”

Joint Press Release: Wells Fargo May Have Lied to Congress, Say 33 Groups led by AFR and Public Citizen
August 31, 2017 – 4:12 pm

“‘Wells Fargo used forced arbitration clauses and class-action bans to hide abuses and prevent its customers from securing justice or even realizing that problems the bank causes them are widespread,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘It now appears that they have also tried to hide the breadth of problems inside the bank, even in the face of direct questions from members of Congress. Leaders of the relevant committees should be demanding answers and further hearings to get them.’”

AFR Statement: Wells Fargo’s Latest Attempt to Get Away with Fraud
August 24, 2017 – 1:08 pm

“This Wells Fargo case is yet another demonstration of the harm consumers will suffer if Congress chooses to repeal the CFPB arbitration rule and restore banks’ ‘Get out of Jail Free card.,” said Lisa Donner, Executive Director for Americans for Financial Reform. “It is also yet another reminder why lawbreaking banks are pushing for the rule to be overturned: blocking consumers right to go to court makes it easier for them to rip people off.”

TOWS Press Release: Leading Members of Congress Propose An Agenda to Take on Wall Street
July 19, 2017 – 12:39 pm

“Seven years ago this week the Dodd Frank act was signed into law, setting in motion measures to protect consumers and make the financial system more stable. Unfortunately, some lawmakers wish to turn back the clock and undo these reforms, and we are stepping up the fight to stop them. But the important work of defending Dodd-Frank must not be the end of the story. We need to do more to build a financial system that works for most Americans, not against them.”

AFR Statement: Quarles represents failed policies of the past
July 12, 2017 – 5:30 pm

“Mr. Quarles was part of the regulatory team at the Bush Treasury Department that missed the oncoming 2008 financial crisis and failed to take any effective action to stop that crisis. [He] did not take action or speak up against Wall Street excesses in advance of the 2008 crisis. Since the crisis he has made his opposition clear to strong regulatory action to prevent the re-emergence of the same risks in the future… The American people need and deserve better in this critical post.”

New Report Shows Need for Federal Oversight of Secret Arbitration: All Firms in Flagrant Violation of California’s Disclosure Law
June 28, 2017 – 3:27 pm
New Report Shows Need for Federal Oversight of Secret Arbitration: All Firms in Flagrant Violation of California’s Disclosure Law

A major new report released today found that private arbitration firms that decide claims against corporations accused of fraud, sexual harassment, wage theft, abuse of nursing home residents, and other illegal activity are themselves violating the law.

AFR Report: Treasury Does Bidding of Big Banks in Dodd-Frank Report
June 21, 2017 – 6:45 am

In its rush to eviscerate the Dodd-Frank reforms, Treasury Department adopted over three-quarters of the ideas put forth by The Clearing House, an association of the biggest U.S. and international banks