AFR along with NCLC and other allies submitted a comment to the Department of Treasury on finanical inclusion.
Press Release: Consumer Advocates Renew Call for Fully Functioning Consumer Financial Protection Bureau
“I want to draw attention to one of the biggest financial issues facing seniors and this country today – elder financial abuse and exploitation. Whether you call it a hidden epidemic or the Crime of the 21st Century, as some have, it is a serious problem that we need to address. The numbers paint a sobering picture. According to a study by the MetLife Mature Market Institute, Americans over the age of 65 lost more than $2.9 billion to financial abuse and exploitation in 2010, a 12 percent increase from the $2.6 billion estimated in 2008. …More disturbing is the $2.9 billion the MetLife study estimated represents only a fraction of all instances of financial exploitation against older Americans because elder financial abuse and exploitation is underreported.”
“News reports indicate that House-Senate conference committee is cutting the administration’s $308 million budget request for the Commodities Futures Trading Commission (CFTC) by one-third, to $205.3 million, a near funding freeze. This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform. This is not just a budget question: this is a question of whether Washington is serious about bringing oversight and reform to Wall Street at all.”
AFR sent a letter to members of the House Financial Services Committee asking that they oppose legislation in today’s Capital Markets Subcommittee hearing that would provide regulatory loopholes to big banks.
Read our fact sheet, “The Fight for a Strong Consumer Financial Protection Bureau and Director” here Read our talking points on Richard Cordray’s Nomination to Lead the CFPB here ————————————————————————————————- The Fight for a Strong Consumer Financial Protection Bureau and Director There’s good news and
Click here to view this week’s highlights and lowlights in Wall Street Reform – November 5, 2011 – November 10, 2011.
Senators cite MF Global as Volcker rule rationale – Ronald D. Orol (MarketWatch)
“Two senators on Wednesday urged approval of regulations to adopt key provisions in the Volcker rule, arguing that the recent failure of MF Global illustrates why it should be approved. …during a gathering organized by Americans for Financial Reform, a progressive-leaning group.” Click here for more.
Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)
“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today…at an Americans for Financial Reform conference in Washington.”
How lobbyists make government regulations more burdensome – Suzy Khimm (Washington Post)
“One of the chief complaints you hear about Obama’s Wall Street reform law is that it imposes hugely complex, burdensome regulations on businesses. But why did that happen? It’s partly because industry lobbyists have pushed so hard to carve out exemptions in the law. That’s what happened with the Volcker Rule…The rule originally started out a 10-page provision that has ballooned to nearly 300 pages with scores of exemptions in place, as some supporters of the reform pointed out at an event on Wednesday. …at the gathering, sponsored by Americans for Financial Reform.”
AFR sent a letter to the Senate opposing S. 1720, which would give big business veto power over any effective regulation.