Category Archives: AFR in the News

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AFR in the News: Congress rides to the rescue of thriving bankers (Politico)

“I don’t see the real-world problem [the bill] is trying to solve, except the problem of bankers’ not making enough money,” said Marcus Stanley, policy director at Americans for Financial Reform… [Stanley] said competition alone shouldn’t be the goal. “If we didn’t require airlines to do anything before opening up a new air route, there might be more airlines, but there might be more plane crashes too.”

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AFR in the News: More problems at Wells Fargo: Feds probing sales practice concerns in new area (Charlotte Observer)

“Lisa Donner, executive director of Americans for Financial Reform, used Thursday’s disclosures to argue against Trump administration efforts to roll back financial regulations: ‘Mounting evidence of just how pervasively and systematically Wells Fargo has abused consumers is a powerful argument for more robust regulation and enforcement to hold big banks accountable.’”

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AFR in the News: Is it time to roll back US bank regulation? (Financial Times)

“The financial services industry pumped a record $2bn of campaign contributions into the political system in the two years leading up to the 2016 elections. And the flood of cash has continued, with a particular focus on senators whose votes will be decisive. The influence that money buys is creating a massive shift away from the moderate reforms made in and around Dodd-Frank, which were making the system safer and helping consumers and investors keep billions of dollars each year that an already profitable industry would otherwise siphon off.”

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AFR in the News: Rule letting U.S. dismantle giant banks in crisis should stay, Treasury Department advises (LA Times)

“Marcus Stanley, policy director for Americans for Financial Reform, said he was glad to see the authority embraced in the report, but alarmed by specifics of the bankruptcy recommendations that he said ‘would create special privileges for big banks, rely on unrealistic assumptions, and in their current form would likely increase risks to the financial system.'”

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AFR in the News: Trump-appointed CFPB head eases up on Equifax probe (New York Post)

“This isn’t the first drastic turnaround for the CFPB under Mulvaney. Last month, the agency canned rules that made it harder for payday lenders to make high-interest loans — and automatically pull funds — from borrowers. ‘Mick Mulvaney wants to let Equifax off the hook for its reckless abuse and negligence that may have a lasting impact on millions of Americans,’ [said] Lisa Donner, executive director of Americans for Financial Reform.”

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AFR in the News: Trump administration strips consumer watchdog office of powers over lending discrimination (Washington Post)

“The Trump administration has stripped enforcement powers from a [CFPB] unit responsible for pursuing discrimination cases, part of a broader effort to reshape an agency it criticized as acting too aggressively… ‘These changes . . . threaten effective enforcement of civil rights laws, and increase the likelihood that people will continue to face discriminatory access and pricing as they navigate their economic lives,’ Lisa Donner, executive director of Americans for Financial Reform, said in a statement.”

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AFR in the News: Democrats need to stand with working Americans vs. big banks (Washington Post)

“Under current law, banks with more than $50 billion in assets are considered ‘systemically important financial institutions’ and therefore are subject to extra scrutiny. The Senate bill would lift that threshold to $250 billion, relaxing oversight of 25 of the 38 largest banks in the country. According to Americans for Financial Reform, those banks are collectively responsible for $3.5 trillion in assets and received nearly $50 billion in bailout money during the financial crisis.”