June 2014 - Page 2 of 3 - Americans for Financial Reform

AFR Urges Congress Not to Undermine the CFPB

AFR sent a letter to members of Congress urging them to reject proposed legislation within the House Appropriations Committee that make CFPB funding through Appropriations, and strip the Bureau of its independence. This change would leave the CFPB vulnerable to financial industry efforts to cut off funding in retaliation for doing its job. Bank regulators have historically been funded outside of the appropriations process to avoid this outcome, which poses serious risks to our financial system and our economy.

AFR Advocates for the CFTC, Urges Congress to Reject HR 4413

AFR sent a letter to members of Congress urging them to oppose HR 4413, “The Customer Protection and End User Relief Act”. This legislation would have a severe negative impact on the CFTC and its ability to police commodities and derivatives markets crucial to our economy.

AFR Comments on Regulators’ Capital Rules for Bank Borrowing

AFR offered comments to regulators on what kinds of risk exposures banks should be required to back with their own capital.

AFR Advocates for a Simple, Safer Banking System

AFR sent a letter to members of Congress urging them to co-sponsor and support the 21st Century Glass-Steagall Act. The proposal would narrow the scope of activities that banks are permitted to engage in, and refocus them on their traditional core functions of lending to businesses and individuals. This change would improve the safety of the banking system by simplifying banks’ structure and activities so that they are easier for directors to manage, for regulators to supervise and for investors to evaluate.

AFR Supports Accountability for Credit Rating Agencies

AFR has previously called on the SEC to strengthen its rules on credit ratings agencies. This proposal describes a method by which the SEC could change ratings agency incentives to prevent the kinds of large-scale misratings that helped trigger the financial crisis.

AFR Statement on House Financial Services Committee June 10 Markup

AFR issued a statement to the press regarding the June 10 markup in the House Financial Services committee.

AFR Urges Congress to Support Investor Protections — Oppose HR 2629, HR 4564, HR 4697

AFR sent a letter to members of Congress, urging them to oppose HR 2629, HR 4564, and HR 4697. These three proposals would reduce investor protections and market transparency without genuinely benefiting sustainable capital formation and job growth.

Preserve Financial Stability Protections — Reject HR 4387 (the FSOC Transparency and Accountability Act) and the FSOC Designation Moratorium Act”

AFR sent a letter to members of Congress urging that they reject HR 4387. The FSOC is crucial to protecting American families and workers from the impacts of a financial crisis. If enacted, this legislation would hinder FSOC operations.

Do Not Weaken Dodd-Frank Mortgage Protections – Oppose HR 3211

AFR and more than twenty public interest, consumer, and labor organizations sent a letter to members of Congress urging them to oppose HR 3211. This legislation would reopen the door to the higher fees borrowers faced in the lead up to the mortgage crisis.

AFR and Organizations Urge Members of Congress to Defend the CFPB

AFR and more than fifteen organizations submitted a letter to members of the House Financial Services Committee, calling on them to defend the CFPB from specific legislative attacks.