Letters to Regulators: Letter from 101 Groups Opposing OCC True Lender Proposed Rule
Letter from 101 groups opposing OCC’s true lender rule
Letter from 101 groups opposing OCC’s true lender rule
Wall Street has consistently opposed the return of postal banking since its destruction in the 1960s. Chase and other nefarious actors are attempting to prevent competition before it even forms. The 2020 Democratic Party Platform and Biden-Sanders Unity Task Force recommendations both call for postal banking. But they also call on policymakers to separate retail banking institutions from more risky investments and protect consumers from high rates, onerous fees, inequitable credit reporting, and other harms.
“So many fundamental decisions about how the economy works, and who it works for, and who is excluded are made through the decisions we make about finance,” [AFR Executive Director Lisa Donner] said. “There is a huge opportunity to have a transformative impact.”
The AFR Education Fund wrote a letter to the Commodity Futures Trading Commission regarding its proposed new “Electronic Trading Risk Principles”. The letter faulted the principles-based approach as basically allowing Wall Street to regulate itself in this important area. A copy of the letter can
Letter to CFPB urging focused outreach to LEP mortgage borrowers during COVID-19 and expanding language access in mortgage origination and servicing.
“At these prices, this is not a market screaming, ‘We need help from the Fed,’” said Andrew Park, senior policy analyst at Americans for Financial Reform, which advocates for tighter financial rules on Wall Street.
A group of financial reform, labor, and public interest organizations today warned the Federal Reserve not to water down rules that limit the access of companies owned by private equity firms to emergency lending facilities created during the COVID-19 pandemic. Allies of the industry have pressed the Fed to loosen the affiliation rules for its new Main Street Lending Facility, a step that would ease the way for private equity to access public money despite its ready access to capital markets and uninvested capital.
Letter from 92 groups urging Congress to include consumer protections in covid-19 relief.
Joint letter asking CFPB not to hide complaint narratives in database.
A provision inserted by Sen. Mike Crapo, chairman of the Senate Banking Committee, would encourage Trump-appointed regulators, who have already sought to reduce the minimum amounts of their own risk capital that banks have to hold during the COVID-19 pandemic, to go further. Sen. Susan Collins, sponsor of the part of Dodd-Frank in 2010 that Crapo wants to gut, has already filed an amendment that would strike the part of Republican bill that would make this change. The Senate should follow her lead and preserve minimum statutory thresholds for bank capital.