New Report: Where They Stand On Financial Reform
October 17, 2018 – 12:33 pm | Comments Off on New Report: Where They Stand On Financial Reform

This report from Americans for Financial Reform compiles votes in the 115th Congress around financial reform, and makes clear Wall Street’s success in driving its deregulatory agenda. Ten years after the financial crisis, a majority of members of Congress have voted again and again for bills pushed by the bank lobby that are dangerous for our financial stability, undermine consumer and investor protections, and enable racial discrimination in lending.

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AFR In The News: ‘I Lost My Home Because Of A Computer Glitch:’ Wells’ Victims Seek Answers (American Banker)
November 13, 2018 – 3:11 pm

“Until proper compensation is provided and Wells Fargo demonstrates that it has reformed its systems and practices to prevent problems like this in the future, Wells Fargo’s apologies are hollow and insufficient,” said Linda Jun, senior policy counsel at Americans for Financial Reform.

Letters to Regulators: AFR submitted letter to the SEC opposing efforts to weaken shareholder rights.
November 15, 2018 – 2:00 pm

AFR opposes policy proposals that would silence shareholders voice and that would make it harder for proxy advisory firms to advise investors.

Letters to Regulators: Joint Letter to the Federal Reserve about Wells Fargo’s Wrongful Foreclosures
November 14, 2018 – 5:13 pm

Joint letter to the Federal Reserve asking that Wells Fargo be kept accountable for the computer error that resulted in at least 870 incorrect mortgage modification denials and caused at least 545 homeowners to lose their homes to foreclosure.

Letters to Congress: AFR Opposes the Financial Institution Bankruptcy Act — Changes Would Benefit “Too Big to Fail” Banks
November 13, 2018 – 2:02 pm

View or download a PDF version of the letter.
November 13, 2018
Dear Senator,
On behalf of Americans for Financial Reform (AFR), we are writing to express our opposition to HR 1667, the “Financial Institution Bankruptcy Act” (FIBA).[1] …

AFR Statement: SEC Advisory Committee Right to Seek Major Changes to Broker Standards Proposal
November 7, 2018 – 3:56 pm

What we heard today from the diverse membership of the SEC’s own advisory committee is that they share our view that the proposed Reg BI would not protect investors. The IAC has called on the SEC to instead pass rules that make clear that brokers have a legal obligation to act in the best interests of their clients.

AFR Statement: Wells Fargo Must Compensate Wrongfully Evicted Homeowners
November 6, 2018 – 3:19 pm

Wells Fargo must complete a comprehensive review that identifies every single homeowner affected by this problem, and must adequately compensate them for the serious harm they have suffered as a result of losing their homes to wrongful foreclosure or paying for a more expensive modification.

AFR Statement: Throwing Out Derivatives Reform Strengthens Too-Big-To-Fail Oligopoly
November 6, 2018 – 1:24 pm

We strongly disapprove of the new proposal to change rules for derivatives trading announced in today’s meeting of the Commodity Futures Trading Commission (CFTC). The requirement that complex derivatives be traded whenever possible in open, competitive markets was a crucial element of Dodd-Frank derivatives market reforms.

AFR Statement: Fed Proposal Chips Away At Post-Crisis Reforms
October 31, 2018 – 12:27 pm

Today’s proposals to restructure capital and liquidity requirements for large banks represent the latest chapter in the gradual chipping away of post-crisis financial reforms. The proposals go well beyond anything required by Congress, and significantly weaken requirements for large banks to hold cash and easily salable liquid assets to satisfy payment requirements in times of economic stress.