team, Author at Americans for Financial Reform

Joint Letter: Report to SEC Highlights Disclosure Weaknesses of Broker Standards Rule

Given the evidence that, after being provided a summary relationship disclosure, investors still cannot fully understand, and in some cases misunderstand, fundamental differences in the nature of the brokerage and advisory relationships and the respective duties they are owed, the different fees they would pay, or how various conflicts of interest can influence the recommendations they receive, a regulatory regime that relies on disclosure for investors to make an informed decision about what type of financial professional to work with and what type of account to use is certain to fail.

News Release: ‘Aye’ Votes On Kraninger Expose American Families To Greater Wall Street Abuse

The Senate majority has endorsed a CFPB nominee indistinguishable from Mick Mulvaney, who has done his level best to dismantle from within an agency that once won real results for American families hurt by Wall Street and predatory lenders. Kraninger has no track record at all of consumer protection, or of standing up for vulnerable people.

Speeches and Remarks: Remarks by Policy Director Marcus Stanley re derivatives clearing at CFTC Market Risk Advisory Committee

Additional information about this meeting is available here.

News Release: Senators Must Reject Kraninger Nomination

Kathy Kraninger has put no daylight whatsoever between herself and Mick Mulvaney, who has done his level best to dismantle from within an agency that once won real results for American families hurt by Wall Street and predatory lenders. He has subverted, not advanced, the mission of consumer protection for which Congress created the CFPB.

News Release: Fed Report Proves Need To Strengthen Financial Safeguards

Today’s financial stability report from the Federal Reserve clearly documents that we are at or near the peak of an economic cycle, with inflated asset prices and strong lending growth leading to signs of excessive leverage in the corporate sector. The peak of the cycle is the time to strengthen financial safeguards, not weaken them.

Letters to Regulators: AFR Education Fund sent a comment letter to the SEC regarding proposed rules on broker-dealer and swap dealer capital requirements.

Click here to download a PDF version of the letter.

Letters to Regulators: Joint Letter to the OCC Opposing Any Changes that Would Weaken the Community Reinvestment Act

On November 19, 2018, AFR and 35 organizations sent a joint letter to the OCC urging the agency not to weaken the Community Reinvestment Act.

Letters to Congress: Letter To The U.S. Senate Opposing The Misleading-labeled “Taxpayer Protection and Responsible Resolution Act.”

Americans for Financial Reform sent a letter to the U.S. Senate opposing the “Taxpayer Protection and Responsible Resolution Act” (TPRRA), a legislation that gives special privileges to large financial institutions, encourages the continuation of “too big to fail”, and increases systemic risk.

Joint Statement: CRL, AFR Urge OCC Not To Weaken Standards In CRA Update

The groups pressed the OCC that any changes to the CRA must strengthen — not weaken — banks’ obligation to meet the needs of low-income communities and communities of color and that changes must result in expanded access to credit in historically redlined areas.

Letters to Regulators: Letter to the SEC opposing efforts to weaken shareholder rights

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