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Statements and Press Releases

AFR Statement: Weak SEC Proposal on Broker Standards
April 19, 2018 – 11:11 am

Statement from Marcus Stanley, policy director, Americans for Financial Reform: “The proposal we heard described today does not come close to measuring up. The standard of conduct the agency has articulated appears ambiguous at best. It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.”

AFR Backgrounder: Randy Quarles Testimony and Big Bank Regulation
April 18, 2018 – 6:39 pm

AFR released the document below to provide context on the Congressional testimony of Federal Reserve vice-chair for supervision Randy Quarles, and highlight several areas which we believe Congress should question him about.
AFR Backgrounder on Quarles …

Statement: Consumer Groups Launch Website Tracking Mick Mulvaney’s Anti-Consumer Actions
April 11, 2018 – 3:41 pm

FOR IMMEDIATE RELEASE
April 11, 2018
CONTACT:
Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700
Consumer Groups Launch Website Tracking Mick Mulvaney’s Anti-Consumer Actions
 WASHINGTON, D.C. – Today, as Mick Mulvaney, the unlawfully appointed Acting Director of the Consumer Financial Protection Bureau (CFPB), …

Stop the Debt Trap Statement: By Going to Court, Predatory Lenders Aim to Keep Distressed Borrowers in Debt
April 10, 2018 – 10:37 am

“Payday lenders have spent millions lobbying for rules that would let them exploit consumers, so it’s no surprise they are launching a lawsuit against the CFPB rule, which is about the most sensible consumer protection imaginable. It would require lenders to assess a borrower’s ability to repay a loan so they don’t fall into a cycle of debt, nothing more,” said Lisa Donner, Executive Director, Americans for Financial Reform.

Joint Statement: In Message to Congress, Mulvaney Betrays Mandate to Protect Consumers
April 3, 2018 – 12:52 pm

“Like other federal regulators, the Consumer Financial Protection Bureau is supposed to give regular updates to Congress on the work it has done to fulfill its statutory mandate. Under Mick Mulvaney, the consumer watchdog has used its just-released semiannual report for a very different purpose: to urge Congress to take away its power to fulfill that mandate.”

Stop the Debt Trap Statement: Mulvaney Continues to Let Payday Lenders Off the Hook
March 26, 2018 – 4:48 pm

“‘The temporary head of the consumer bureau is taking a wrecking ball to consumer protections,’ said José Alcoff, Payday Campaign Manager at Americans for Financial Reform. ‘Mulvaney should let the bureau do its job to enforce the law and win back tens of millions in refunds for consumers scammed by this company, instead of shamelessly using his role at the consumer bureau to help payday lenders.'”

AFR Statement: Omnibus Contains Yet More Gifts to Wall Street
March 22, 2018 – 2:27 pm

“The Omnibus budget package contains several policy riders designed to benefit Wall Street investment funds and big banks at the expense of the public. One provision in the omnibus allows Business Development Companies (BDCs), a type of private equity fund sold directly to retail customers, to double their permitted fund leverage from the current 1-1 level (one dollar of borrowed money for each dollar of investor equity) to 2-1. BDCs are already the beneficiary of regulatory exemptions since conventional closed-end mutual funds can only leverage 1-2, or borrow one dollar per two dollars of investor equity…”

Press Advisory: FRIDAY DC Activists Take on Trump and the Carlyle Group to Close the Carried Interest Loophole
March 22, 2018 – 1:42 pm

Washington, DC – Friday at noon, DC activists will rally to close the egregious carried interest loophole outside private equity firm The Carlyle Group.