team, Author at Americans for Financial Reform

Letters to Regulators: Americans for Financial Reform Education Fund letter opposing the FDIC relaxing the process of resolution planning for Insured Depository Institutions

Americans for Financial Reform Education Fund raised concerns over weakening resolution planning requirements intended to prepare large bank holding companies for an orderly resolution in conventional bankruptcy without risk to financial stability and without any reliance on extraordinary public support of the failed bank or its counterparties.

Letters to Regulators: Americans for Financial Reform Education Fund letter opposing banking regulators weakening big banks’ resolution planning requirements

Americans for Financial Reform Education Fund sent a letter to banking regulators opposing a proposal that would make the resolution planning process substantially less stringent than it currently is, and raising concerns over the safety and soundness of individual banks and the effect on U.S. financial stability.

Letters to Regulators: Bank regulators should not weaken prudential rules for U.S. operations of foreign banks.

Regulatory agencies purport to “tailor” prudential rules, but they are severely undermining capital and liquidity requirements for foreign banks operating in the U.S.

In The News: Mobile Home Affordability Threatened By Private Equity (Nonprofit Quarterly)

Private Equity Giants Converge on Manufactured Homes, a report released this year by three nonprofits—Manufactured Housing Action, the Private Equity Stakeholder Project and Americans for Financial Reform—maps this rapidly changing industry. The report notes, “The top 50 manufactured housing community owners own around 680,000 home sites. With more that 150,000 home sites, private equity firms and institutional investors now control a substantial portion of manufactured home communities.” Some of these firms have familiar names like Blackstone or Carlyle.

Letter to Regulators: Coalition Letter to HUD on Opportunity Zones

The 22 community, housing, civil rights, consumer and other organizations believe that HUD must carefully assess the risks and benefits of the Opportunity Zone investments. The Opportunity Zone program poses substantial risks to lower-income households and households of color that already face rapidly rising housing costs and a declining availability of affordable housing options

Letter to Regulators: New Jersey Investor Protection Rule Would Fill Regulatory Void

Given the unfortunate demise of the Department of Labor (DOL) Fiduciary Rule and the glaring deficiencies in the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest, we greatly appreciate states such as New Jersey that are willing to step in to fill the regulatory void by providing the protections investors need and expect.

News Release: Consumer and Civil Rights Groups Send Letters to FDIC, OCC, and Fed Urging them to Prevent Bank Payday Loans

Today, Americans for Financial Reform joined a coalition of national consumer and civil rights groups in writing to top banking regulators on the importance of preventing banks from once again issuing payday loans that trap people in a cycle of debt.

In the News: Watchdog Agency Must Pick a Side: Consumers or Scammers

Kathleen Kraninger, who has helmed CFPB for a scant four months, is unfortunately already making a name for herself as someone willing to let the bad guys off the hook. She is a protégé of Mick Mulvaney, who spent much of 2018 doing his best to lay waste to the CFPB’s work and structure as its acting director.

In the News: Rewrite of Bank Rules Advances Slowly, Frustrating Republicans

Trump-appointed regulators came into office saying they would pare back Wall Street’s postcrisis rulebook. More than two years into the administration’s tenure, most of the work remains unfinished, particularly for the biggest banks.

In the News: As Consumer Protections Dwindle, Schools Push Financial Literacy

Teaching students how to manage their money has become mandatory in many K-12 classrooms. But can it substitute for real enforcement of financial fraud?