In place of a heartless free market of panicked investors who might want to cut their losses and sell, the plan is to simulate real buying and selling of financial products like mortgages and bonds with directed deployments of the Fed’s endless trillions. And they will be endless … Marcus Stanley of Americans for Financial Reform said, “The Fed’s perspective on this is, they want to create normalcy.” But what does “normal” mean in an economy that may be changed forever?
AFREF comment letter opposing the formation and work of the CFPB Task Force on Federal Financial Law.
Consumer advocates slammed the Office of the Comptroller of the Currency (OCC) for its final rule issued today that encourages online non-bank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The rules were strongly opposed by a bipartisan group of attorneys general as well as by numerous community, consumer, civil rights, faith and small business organizations, and may face legal challenges.
We write on behalf of the undersigned organizations to urge you to include conditions in the next COVID-19 response legislation that require all organizations that receive federal financial support to retain workers, preserve workers’ rights, and institute policies and procedures to protect workers from exposure to the virus.
Joint letter: CARES Act must include conditions for all companies that receive Federal financial support
The next COVID response legislation, must include clear conditions for all companies that receive Federal financial support that require worker retention and protection as well as limitations that ensure that government money will not be used to profit corporate insiders and Wall Street speculators.
News Release: Consumer, Banking Groups Applaud Bill to Exempt Economic Impact Payments From Garnishment
Consumer groups and banking industry organizations joined together today to support bipartisan legislation that would prevent Economic Impact Payments from being subject to garnishment.
Joint Letter: Letter to CFPB Asking for Suspension of All Regulatory Activity Unrelated to COVID-19 and Greater Consumer Protections During the Pandemic
Letter from over 90 groups calling on the CFPB to stop all regulatory activity unrelated to COVID-19 and take greater steps to protect consumers during the pandemic.
Before the onset of the COVID-19 pandemic, black homeownership was already at historically low levels nationwide and the racial wealth gap was widening, leaving communities of color with far less wealth and fewer resources for emergencies. COVID-19 has been particularly devastating for African-Americans, low-income families, and immigrants, who are bearing the brunt of the resulting economic fallout as well.
Fact Sheet: Private Equity Industry Poised to Profit from the Federal Reserve’s New Lending Programs
Private equity funds could access government assistance for their portfolio companies while avoiding any responsibility to repay any debt or obligations to the public purse. Private equity firms could also tap government aid to finance leveraged buyout purchases of additional companies, using public money to load target companies with debt and drain their assets while avoiding any responsibility for paying that debt back.
Cross-posted from AFR’s Medium page. Can BlackRock Benefit from Inside Information from Fed Facilities? The Fed’s Agreement with BlackRock Raises Questions about Inside Information In order to respond to the ongoing pandemic, the Federal Reserve has created several facilities to purchase financial securities in order