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Statements and Press Releases

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

Letter to Congress: Oppose H.R. 10 – The Wall Street’s CHOICE Act Would Devastate Financial Regulation
June 7, 2017 – 10:49 am

“H.R. 10, the ‘Financial CHOICE Act’… would be better dubbed ‘Wall Street’s CHOICE Act,’ as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis.”

Joint Statement: Over 222,000 Call on Congress to Reject the CHOICE Act
June 6, 2017 – 2:17 pm
Joint Statement: Over 222,000 Call on Congress to Reject the CHOICE Act

A coalition of organizations delivered a petition with over 222,000 signatures calling on Congress to oppose the Financial CHOICE Act.

AFR Statement: Budget Takes Aim at CFPB and Student Loan Holders
May 23, 2017 – 10:52 am

“Without exception, the proposals we’ve seen to de-fund or restructure the Consumer Financial Protection Bureau are about making it less effective at doing its job,” said Brian Marshall, policy counsel at AFR. “The agency has won relief worth $12 billion for 29 million Americans since it started work. All these proposed changes to the CFPB would do is make it easier for Wall Street and assorted predatory lenders to rip people off.”