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Articles tagged with: Dodd-Frank

AFR in the News: More problems at Wells Fargo: Feds probing sales practice concerns in new area (Charlotte Observer)
March 1, 2018 – 4:22 pm

“Lisa Donner, executive director of Americans for Financial Reform, used Thursday’s disclosures to argue against Trump administration efforts to roll back financial regulations: ‘Mounting evidence of just how pervasively and systematically Wells Fargo has abused consumers is a powerful argument for more robust regulation and enforcement to hold big banks accountable.’”

AFR in the News: Is it time to roll back US bank regulation? (Financial Times)
March 1, 2018 – 10:50 am

“The financial services industry pumped a record $2bn of campaign contributions into the political system in the two years leading up to the 2016 elections. And the flood of cash has continued, with a particular focus on senators whose votes will be decisive. The influence that money buys is creating a massive shift away from the moderate reforms made in and around Dodd-Frank, which were making the system safer and helping consumers and investors keep billions of dollars each year that an already profitable industry would otherwise siphon off.”

AFR in the News: Rule letting U.S. dismantle giant banks in crisis should stay, Treasury Department advises (LA Times)
February 22, 2018 – 3:32 pm

“Marcus Stanley, policy director for Americans for Financial Reform, said he was glad to see the authority embraced in the report, but alarmed by specifics of the bankruptcy recommendations that he said ‘would create special privileges for big banks, rely on unrealistic assumptions, and in their current form would likely increase risks to the financial system.'”

TOWS Brief: Wall Street Makes Bank on Trump
January 31, 2018 – 9:41 am

On the first anniversary of the Trump administration, the Take on Wall Street coalition catalogs the ways that Wall Street made bank on Trump in 2017.

TOWS Statement: Wall Street Makes Bank on Trump: 2017 in Review
January 30, 2018 – 3:07 pm

The report includes facts about lobbying spending that hit $2 billion in the last election cycle, and continues unabated, Wall Street executives in the Trump administration and regulatory agencies, tax cut windfalls for the finance industry, and a deregulatory free-for-all. It also includes a case study of how Wells Fargo’s outrageous conduct somehow earned it the distinction of being the biggest winner from the Trump-Republican tax bill.

AFR Statement: Bipartisan Senate Bill Rewards Banks While Leaving out Consumers
December 13, 2017 – 10:10 pm

A bipartisan majority of lawmakers on the Senate Banking Committee last week rejected a series of public interest amendments in order to advance a bill full of gifts to banks.

Testimony: AFR Policy Director Marcus Stanley Testifies to HFSC On Deregulatory Bills
December 7, 2017 – 5:58 pm

AFR Policy Director Marcus Stanley testified to the Financial Institutions subcommittee of the House Financial Services Committee on five pieces of proposed legislation.
Written Testimony:
Marcus Stanley Testimony To House Financial Services FI Subcommittee December 7 2017 …

AFR Statement: Senate Dodd-Frank Changes Would Benefit Banks Not Look Out for Consumers
November 13, 2017 – 5:16 pm

Congress ought to be passing robust new consumer protections, not doing favors for banks. Annual industry earnings by banks set a new record in 2016, and community banks saw even faster growth than big banks. Over 95 percent of community banks turned a profit last year.