AFR in the News Archives - Page 9 of 58 - Americans for Financial Reform

AFR in the News: The Education Department just froze two key protections for students (The Nation)

“The New York Times obtained draft memos showing that officials initially discussed using budgetary impact as the justification. In other words, they looked for whatever pretense could get them to stop the rule on behalf of for-profit operators. Alexis Goldstein, senior policy analyst at Americans for Financial Reform, called the action ‘a slap in the face to defrauded Americans,’ and accused DeVos’s agency of placing ‘the interests of wealthy for-profit college executives ahead of students striving for a better life.’”

AFR in the News: Mnuchin calls for major rollbacks of Dodd-Frank (LA Times)

“‘We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders,’ said Lisa Donner, executive director of Americans for Financial Reform, a group advocating tougher oversight of the financial system. The report, which included dozens of recommendations, is the first of three ordered by Trump as he looks to fulfill a campaign promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act.”

AFR in the News: Bill to Erase Some Dodd-Frank Banking Rules Passes in House (NY Times)

“’It’s a bill that’s so harmful to vast swaths of the American public…,’ said Lisa Donner, executive director of Americans for Financial Reform. “It would make it easier for predatory lenders to rip people off. It would make it easier for Wall Street to keep taking $17 billion out of retirees’ pockets by repealing the fiduciary rule. It would make it easier for big Wall Street banks to take the kind of risks in pursuit of short-term gains that go directly to the pockets of the tiny handful of people at the top that led to the financial crisis.’”

AFR in the News: House Poised to Pass Bill Taking Aim at Dodd-Frank Regulations (NY Times)

“’This legislation would be better dubbed Wall Street’s Choice Act as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks,’ Marcus Stanley, policy director at Americans for Financial Reform, wrote in a letter to Congress on Wednesday.”

AFR in the News: Buried deep within GOP bill: ‘free pass’ for payday and car-title lenders (LA Times)

“According to the advocacy group Americans for Financial Reform, payday and title lenders spent more than $15 million on campaign contributions during the 2014 election cycle. The top recipient, with nearly $224,000 in donations from the industry, was the National Republican Congressional Committee. The largest individual recipient, with $210,500 in payday and title loan cash, was — you guessed it — Hensarling.”

AFR in the News: Valdez: Hate predatory loans? Tell Congress to keep its mitts off this agency (Arizona Republic)

“The [Hensarling] bill ‘would make it easier for Wall Street megabanks – plus other mortgage lenders, payday lenders, credit card companies and debt collectors . . . to make windfall profits by cheating people or putting the stability of the financial system at risk.’ That’s… from an email blast [the National Consumer Law Center] sent out in conjunction with Americans for Financial Reform.”

AFR in the News: This case could have a huge impact on the future of a key consumer watchdog (Washington Post)

“When the CFPB was created in 2010 under the Dodd Frank Act, the appointment of an independent director was meant to help shield the agency from lobbying forces and powerful groups on Wall Street, says Brian Simmonds Marshall, policy counsel for Americans for Financial Reform…”

AFR in the News: Buried in Trump’s Budget, Another Attempt to Kill CFPB (Money Magazine)

“‘Without exception, the proposals we’ve seen to de-fund or restructure the Consumer Financial Protection Bureau are about making it less effective at doing its job,’ says Carter Dougherty, spokesman for Americans for Financial Reform… ‘All these proposed changes to the CFPB would do is make it easier for Wall Street and assorted predatory lenders to rip people off.'”

AFR in the News: Trump to propose scrapping beleaguered student loan forgiveness program (MarketWatch)

“Alexis Goldstein, a senior policy analyst at Americans for Financial Reform… described the idea of eliminating the program as ‘horrifying,’ noting that… borrowers are struggling to manage their student debt, pushing them to put off home-buying and other financial milestones. Eliminating a forgiveness program would only make that worse, she said. ‘It seems both ill-conceived from a policy perspective and just cruel.’”

AFR in the News: Mnuchin Said to Start Review That Could Ease Volcker Rule’s Bite (Bloomberg)

“At a closed-door meeting in Washington on Monday, Treasury Secretary Steven Mnuchin directed five key agencies to re-examine what’s permitted under the Volcker Rule… Marcus Stanley, policy director at Americans for Financial Reform, said he’s dubious that Volcker is handcuffing lenders. ‘You’re talking about banks that are making tens of billions a year on trading activity,” said Stanley, whose group supports aggressive oversight of Wall Street. “It doesn’t seem to me that they’ve exited the markets.’”