Letter to Regulators: AFR Calls on CFTC To Strengthen Risk Controls for Derivatives Dealers
The full letter is linked below: Americans for Financial Reform Comment Swaps Entity Capital and Liquidity Requirements
Monthly Archives: May 2017
Letter To Congress: AFR, 63 Groups Oppose Regulatory Accountability Act
On behalf of the undersigned 63 organizations, we are writing to express our strong opposition to S. 951, the “Regulatory Accountability Act”, and to urge you to oppose this bill. The Regulatory Accountability Act (RAA) would have a crippling effect on regulation across the
AFR in the News: Mnuchin Said to Start Review That Could Ease Volcker Rule’s Bite (Bloomberg)
“At a closed-door meeting in Washington on Monday, Treasury Secretary Steven Mnuchin directed five key agencies to re-examine what’s permitted under the Volcker Rule… Marcus Stanley, policy director at Americans for Financial Reform, said he’s dubious that Volcker is handcuffing lenders. ‘You’re talking about banks that are making tens of billions a year on trading activity,” said Stanley, whose group supports aggressive oversight of Wall Street. “It doesn’t seem to me that they’ve exited the markets.’”
AFR in the News: Consumer advocates press Congress to keep CFPB intact (MarketWatch)
“More than 100 members of organizations… met with government officials of both parties and their staffs to lobby against several laws proposed recently… Brian Simmonds Marshall, policy counsel for Americans for Financial Reform, [said] , ‘We were very glad we had so many consumer advocates in Washington when these crucial issues to consumer protection are being actively considered by Congress…’”
Joint Statement: Prepaid Card Protections Escape Congressional Veto
“‘This rule will give consumers, including people who rely on prepaid debit cards instead of a bank account, the basic protections they need to manage their finances more safely and securely,’ said Lisa Donner, executive director at Americans for Financial Reform. ‘When people learned it was under threat, they made the case that this rule is important and workable, and it looks like enough lawmakers paid attention.'”
Joint Statement: Over 400,000 Call on Congress to Defend the CFPB
Today, a coalition of organizations representing workers, students, consumers, and borrowers delivered a petition with over 400,000 signatures calling on Congress to defend the crucial work of the Consumer Financial Protection Bureau.
AFR in the News: House Republicans Move to Gut Bank Regulations (NY Times)
“Progressive groups argued that the push to unravel Dodd-Frank was at odds with Mr. Trump’s populist campaign message that the economy was rigged in favor of corporate interests. ‘It is an enormous package of gifts for Wall Street and the worst actors in finance,” said Lisa Donner, executive director of Americans for Financial Reform, who said the bill House Republicans passed would increase the likelihood of another financial crisis.’ The banking industry’s top lobbyist, Rob Nichols, president of the American Bankers Association, cheered the committee’s vote.”
AFR in the News: Next On the House Republican Chopping Block: Post-Crisis Bank Regulations (Huffington Post)
“‘The [House Financial Services] committee has passed a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers, and investors, and would increase the likelihood of another financial crisis,’ said Lisa Donner, executive director of the group Americans for Financial Reform. ‘It is an enormous package of gifts for Wall Street and the worst actors in finance.’”
Joint Letter: AFR Joins 15 Organizations Praising, Pressing CFPB on Discriminatory Credit Practices
“We welcome the CFPB’s update of Regulation B, which implements the ECOA, and have joined in the comprehensive comments filed by the National Community Reinvestment Coalition. More changes are needed to Regulation B, however, to give consumers stronger protections against discrimination in the credit marketplace.”
AFR IN THE NEWS: Trump’s Threats to Break Up Banks Aren’t Scaring Wall Street Yet (Bloomberg)
“Marcus Stanley, policy director at Americans for Financial Reform, said that he has a hard time taking Trump at his word, especially since he has populated his administration with finance executives. ‘So far, Trump has just talked up Glass-Steagall without actually doing anything, which is what you’d expect from a guy who puts big banks in charge of policy,’ said Stanley, whose group would like to see the law reinstated.”