Big Banks Archives - Page 2 of 3 - Americans for Financial Reform

Letter to Regulators: AFR Opposes SoFi’s Deposit Insurance Application

“…The essence of SoFi’s application is a request to seek the benefits of federal deposit insurance without subjecting SoFi itself or its private equity owners to the well-founded requirements for bank holding companies. The FDIC should not approve the application to facilitate this regulatory arbitrage. …If its application is granted, SoFi will be the first new ILC to secure deposit insurance in over a decade. That will send a clear signal to the marketplace that the FDIC intends once again to approve ILC deposit insurance applications. FDIC should not grant SoFi’s application and allow the ILC loophole to be revived.”

Congressional Testimony: Reject legislation to radically decrease bank oversight

“Americans for Financial Reform (AFR) appreciates the opportunity to provide this statement for the record of this Financial Institutions and Consumer Credit Subcommittee hearing, which considers several bills that would significantly undermine consumer financial protection and the safety and soundness of the financial system. Although the hearing is entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions,” the bills under consideration are not focused principally on community financial institutions. The most sweeping provisions of these bills apply to all institutions, many of which would radically decrease oversight of the nation’s largest banks and increase the risk of harm to the public.”

AFR Report: 2017 Big Bank Stress Tests Less Stressful Than Ever

The slide presentation linked below documents AFR’s findings on the 2017 CCAR stress tests. AFR Assessing the 2017 Stress Tests A Medium blog post is also available here: https://medium.com/@RealBankReform/stress-tests-less-stressful-than-ever-fbe68b8e161a

AFR Report: Wall Street Lobby and Campaign Cash Tops $2 Billion for 2016 Elections

During the 2015-16 election cycle, Wall Street banks and financial interests spent more than $2 billion to influence decision-making in Washington, according to a report released today by Americans for Financial Reform. That total, derived from an exclusive data set, works out to more than $2.7 million a day.

AFR Statement: Hensarling Budget Plan Delights Wall Street But Hurts Everyone Else

The chairman’s opening move in this year’s budget debate might delight Wall Street, but it would make life harder and more dangerous for the rest of us. His plans would make it easier for big banks and predatory lenders to rip off their customers, and easier for Wall Street billionaires to crash the economy — again.

Joint Statement: 104 Organizations Respond to Sen. Carper’s interest in exploring changes to CFPB structure

“With a single director at its head the CFPB is doing exactly what it is supposed to do. It has recovered $12 billion for over 29 million people. The only plausible reason to change it, after nearly 6 years of good work, is to stop that good work from happening. The banks and predatory lenders who are pushing this want to be able to abuse consumers with impunity. There is no good reason to enable them.”

Letter to Congress: Twenty Leading Public Interest and Labor Organizations Oppose HR 6392

AFR joins 19 other organizations to express our opposition to H.R. 6392, the “Systemic Risk Designation Improvement Act of 2015.” This legislation increases the likelihood of big bank failures that could put at risk the economic security of millions of families.

AFR in the News: Wells Fargo, PNC Draw Protest of Arbitration Clauses (American Banker)

“The activists hand-delivered protest petitions Thursday that, they said, contained 67,000 signatures. Arbitration clauses put consumers at an unfair disadvantage in disputes with their banks, the groups said… Consumer Action, Americans for Financial Reform, Public Citizen, the Other 98%, Alliance for Justice, the American Association for Justice and the National Association of Consumer Advocates helped organize the petitions.”

Press Release: AFR joins 8 Allied Groups and More than 67,000 People in Telling PNC and Well Fargo to Stop Using Forced Arbitration

“These non-negotiable terms are one of the ways that companies rig the financial system against consumers and avoid accountability. These terms deny customers access to courts should they seek to pursue legal claims against your company and deprive your customers of important legal protections. The result is that consumers cannot practically or fairly resolve disputes with you or
seek remedies for harm caused by your wrongful conduct.”

NYTimes: In U.S. Monetary Policy, a Boon to Banks

June 29, 2011 By Jesse Eisinger, Propublica “The most pronounced development in banking today is that executives have become bolder as their business has gotten worse. The economy is clearly weaker than expected, and housing prices are falling throughout the land, eroding bank asset values.