Category Archives: Statements and Press Releases

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News Release: HUD Proposing to Roll Back Civil Rights Protections in Housing

“HUD’s proposed rule makes it virtually impossible for a disparate impact claim to stand in court,” says Linda Jun, senior policy counsel for Americans for Financial Reform Education Fund. “By raising the threshold for disparate impact, the new rule creates a nearly unsurmountable bar for plaintiffs to prove discriminatory outcomes and makes it much easier for defendants to shield themselves from any responsibility for discrimination.”

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News Release: AFR Education Fund Statement on Office of Financial Research Staff Working Paper on the Volcker Rule

This new paper does not contradict previous comprehensive studies finding that liquidity in the corporate bond market has been robust and has shown no signs of deterioration over the period in which the Volcker Rule was implemented. The OFR staff working paper does find evidence that banks affected by the Volcker Rule charge significantly lower markups for newly issued bonds they underwrite (that are exempt from most Volcker Rule restrictions on proprietary trading) than they do for other types of bond trades covered by the Volcker Rule.

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Joint Statement: Advocates Oppose FHFA’s Decision to Remove Language Preference Question from Loan Application

The Americans for Financial Reform (AFR) Language Access Task Force strongly opposes the decision announced yesterday by the Federal Housing Finance Agency (FHFA) to remove the question about a borrower’s language preference from the revised Uniform Residential Loan Application (URLA). The Task Force members include the Americans for Financial Reform Education Fund, the Center for Responsible Lending, Connecticut Fair Housing Center, Consumer Action, Empire Justice Center, NAACP, National Coalition for Asian Pacific American Community Development (National CAPACD), National Consumer Law Center, National Council of Asian Pacific Americans, and National Fair Housing Alliance.

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Stop Wall Street Looting Act Would Curb Worst Private Equity Abuses

“Private equity and hedge funds now wield enormous influence over the American economy, often with terrible consequences for workers and communities,” said Lisa Donner, executive director of Americans for Financial Reform. “We need effective rules of the road to stop predatory practices by these Wall Street giants.”

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Legislation: Summary and Analysis of Stop Wall Street Looting Act

The Stop Wall Street Looting Act would curb the worst abuses of Wall Street private equity executives by making them liable for damage they cause, protecting the interests of workers, preventing looting of target companies, and improving transparency for investors.

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News Release: AFR Statement on Financial Services Committee Markup on Credit Reporting

“Credit reports and credit scores play a critical role in the economic lives of Americans. They are the gatekeeper for affordable credit, insurance, rental housing, and sometimes unfortunately even a job. Yet they suffer from unacceptable rates of inaccuracy. This package would enact a sea change that would make the American credit reporting system more accurate and fairer to consumers.”

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News Release: Groups Sign Stock Buyback Petition

“The money that is being siphoned off from earnings to increase executive bonuses doesn’t just make wealthy insiders wealthier,” said Heather Slavkin Corzo, senior fellow at Americans for Financial Reform. “It is money that could have been used to invest in making the business more competitive and pay workers living wages.”