Category Archives: Blog Post

Blog: A Breath of Fresh Air Amidst “ESG Month”

Amidst a whirlwind of anti-ESG activity at the House Financial Services Committee this month, labor leaders and allies reminded Capitol Hill that workers’ hard-earned money is at the center of this controversy. The off-the-record briefing for Hill staff — titled “Protecting Workers’ Retirement Security from Anti-ESG Attacks” — was planned by Americans for Financial Reform and sponsored by the Senate Health, Education, Labor, and Pensions (HELP) Committee.  

Blog: Awaiting the Supreme Court Hearing, the CFPB Continues to Defend Consumers

Despite being in a legal fight for its very existence, the Consumer Financial Protection Bureau continues to carry out its mission to promote fairness and transparency in our financial system and ensure that consumers are protected from predatory and deceptive practices. Its ability to perform under pressure is one more reason why we need a strong CFPB.

photo of Wall Street sign in NYC | Photo by Chris Li on Unsplash

Blog: Megabanks Scheme to Undermine New Capital Rules

Instead of having his most talented employees figuring out how to better serve customers or allocate credit to the real economy, Jamie Dimon has his best and brightest scheming how to evade tougher rules on bank capital that regulators are writing to make the financial system safer. 

Blog: How to prevent the next banking crisis? Lean in on climate now.

The banking crisis of 2023, an event appearing on few bingo cards, has thrown a harsh light on the urgency of managing the multitude of crises that the world now faces – climate change being the most existential of them. Factor in the vexing problem that economists have repeatedly underestimated the economic impacts of climate change and we have a straightforward case for proactively hardening the financial system against its effects.

Blog: Why the CFPB Can’t Let a Trump-appointed Judge Gut the Equal Credit Opportunity Act

This week, the Consumer Financial Protection Bureau filed a notice of appeal in its redlining lawsuit against Townstone Financial and its owner Barry Sturner as part of an ongoing case. In 2020, the CFPB accused Sturner and Townstone, a nonbank mortgage lender, of violating the Equal Credit Opportunity Act (ECOA) by discouraging prospective Black applicants from applying for their mortgages. Unfortunately, in February 2023, Judge Franklin Valerrama of the U.S.

Blog: Private Equity Can Kill: Help Us Fight Wall Street’s Deadly Power in Nursing Homes

Unbeknownst to most people with loved ones in nursing homes, it’s often nearly impossible to determine if the facility you’ve entrusted your family member to is owned by a private equity firm – an ownership structure that has been shown to result in worse health outcomes for patients, at greater cost. Within the past two decades, the once-obscure private equity industry has ballooned in size from $1 trillion in 2008 to nearly $4.5 trillion in 2021.

Guest Blog: Do Not Revamp or Defund the CFPB

Congressional Republicans have moved on to their next target for financial deregulation: Republicans in Congress and the consumer finance industry want to eliminate or hobble the Consumer Financial Protection Bureau. The agency has provided $16 billion in restitution or cancelled debt to 192 million consumers since the agency began operation in 2010. It’s one of the few institutions, public or private, that has earned Americans’ confidence in a long time.

We need a robust IRS to stop Wall Street tax evasion

House Republicans rang in the New Year with a craven attempt to pander to their corporate cronies, making the 118th Congress’ very first vote one to defund the IRS and protect tax evaders. This comes after the agency finally received much-needed funding in last year’s Inflation Reduction Act after years of being under-resourced. 

Blog: Private Equity Lobbyists Want to Hijack Child Tax Credit for More Giveaways

A corporate tax break that could give some of Wall Street’s wealthiest people a $200 billion gift over ten years is under consideration as part of the omnibus budget negotiations underway in Congress this month. At issue are provisions of the 2017 Trump tax bill that took effect this year, and the private equity’s lobbying effort to overturn the parts of the law that limit a key tax break.

Cryptocurrency

Blog Post: Congress Needs a Reset on Crypto Policy in Wake of FTX Collapse

This week, the Senate Banking Committee and House Financial Services Committee are each holding hearings to discuss the fallout from the collapse of the major crypto exchange FTX: what happened, why, and what should be done about it. There is a real opportunity here for Congress to reset crypto policy discussions and focus on first principles. To do that, Congress should keep the following points in mind: