“’In order to have accountability, there must be real consequences when servicers violate the law,’ said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. ‘DeVos’s actions today moves us away from true accountability, and creates dangers for the very student loan borrowers the department is responsible for protecting.’
“Sen. Elizabeth Warren and a group of investor protection groups such as Americans for Financial Reform and the Consumer Federation of America have unveiled the ‘Retirement Ripoff Counter, which is a digital, large-scale, live projector that will show the harm President Trump is doing to investors by delaying the fiduciary rule. On the evening of April 5th, after dusk, the projection of the Retirement Ripoff Counter will be displayed on the sides of several major Washington landmarks.'”
“’They are doing great under the current system,’ said Marcus Stanley, policy director for Americans for Financial Reform.
The country’s nearly 6,000 banks — from large players such as Bank of America to the small community and regional banks packed into the hotel conference room — pulled in more than $171 billion in profits last year — a new record, according to recently released Federal Deposit Insurance Corp. data. Wall Street bonuses rose for the first time in three years in 2016 to an average of $138,210, and big banks such as Goldman Sachs have seen their stock prices surge since Trump’s election, even after a pullback this week.
Ballentine, the lobbyist, told bankers they should not be embarrassed by that success. ‘Profit is not a four-letter word. You’re supposed to be profitable,’ he said.”
“Some supporters of the CFPB said the director should be shielded from shifts in presidential administrations to provide a more consistent approach to regulation. ‘It is independent from the political process, just like the other bank and financial regulators,’ said Brian Simmonds Marshall, policy counsel for Americans for Financial Reform, a coalition that fights for civil rights and labor issues.”
“‘Unlike other agencies, the CFPB’s complaint system is public and searchable,’ says Alexis Goldstein, a senior analyst with Americans for Financial Reform. ‘It’s become a great resource for anyone getting ripped off.’ Thirteen million Americans have used the CFPB’s education and training programs, and the agency routinely helps consumers force lenders to reduce or erase fees and overcharges. All told, the agency has chalked up nearly $12 billion in civil fines and consumer refunds for 29 million Americans defrauded by scams. It has returned another $8 billion to consumers by reducing predatory loans, or canceling them outright.”
“A financial disclosure report that Jay Clayton filed with the government reveals clients that pose potential conflicts of interest for the SEC job. They include financial industry powerhouses Goldman Sachs , Deutsche Bank, Barclays and UBS… ‘This is a sort of Who’s Who of Wall Street,’ said Marcus Stanley, policy director for Americans for Financial Reform… ‘I would think that this would force quite a lot of recusals…’”
“Wall Street pumped $2.1 billion into the political process in 2015-2016, according to a new report by Americans for Financial Reform. Big banks, hedge funds and other financial giants contributed $1.1 billion to political campaigns in the last election cycle, and spent $898 million on lobbying in Washington. The report draws on a special data set AFR obtained. We don’t know how much ‘dark money’ that Wall Street put into American politics, so these are extremely conservative numbers.”
“In a July poll [commissioned by Americans for Financial Reform and the Center for Responsible Lending], 79 percent of Democrats and 67 percent of Republicans said they supported the bureau’s mission. The election result doesn’t appear to have changed their views. In December, more than half of Trump voters opposed efforts to weaken the consumer agency.”
“‘How long can industry lobbyists get away with saying Dodd-Frank has harmed lending and harmed profits in the banking industry when the numbers go completely the other way?’ said Marcus Stanley, a policy director at Americans for Financial Reform.
The increase included a 5.1 percent rise in commercial and industrial loans, a 7.5 percent gain in commercial real estate loans and a 4.8 percent uptick in residential mortgages, the FDIC said in its quarterly banking profile.”
“Consumer advocates pushed back against Mr. Trump’s statement. ‘Directory Cordray has been an effective and responsible head of the CFPB,’
said Lisa Donner, executive director of Americans for Financial Reform. ‘Under his leadership it has been accountable to the American people, delivering over $12 billion in relief for more than 29 million people, a publicly searchable complaint system, and rules of the road to make lending fairer.’”