AFR Statement: Oppose Effort to Roll Back CFPB Rule Banning Forced Arbitration
Rolling back CFPB rule banning forced arbitration would be a giveaway to Wells Fargo and predatory lenders. Lawmakers should oppose this cynical effort.
Category Archives: Financial Reform News
TOWS Statement: Make Wall Street Pay Its Fair Share in Taxes, Raise $1 Trillion in Federal Revenue
The Take On Wall Street campaign, a group of over 50 community groups, unions, consumer advocates and others today called on Senate Finance Committee Chairman Orrin Hatch to adopt tax reform measures that would raise more than $1 trillion in additional revenue, and discourage dangerous Wall Street speculation by requiring the financial services industry to pay its fair share of taxes.
AFR/CRL: Poll Shows Fifth Year of Strong, Bipartisan Support for Tough Wall Street Reforms
Voters overwhelmingly favor regulation of Wall Street and strongly support the work of the work of the Consumer Financial Protection Bureau (CFPB), according to a poll released today by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL).
AFR Letter: CFPB Forced Arbitration Rule a Major Accomplishment for Consumers
Arbitration rule letter
Congressional Testimony: Reject legislation to radically decrease bank oversight
“Americans for Financial Reform (AFR) appreciates the opportunity to provide this statement for the record of this Financial Institutions and Consumer Credit Subcommittee hearing, which considers several bills that would significantly undermine consumer financial protection and the safety and soundness of the financial system. Although the hearing is entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions,” the bills under consideration are not focused principally on community financial institutions. The most sweeping provisions of these bills apply to all institutions, many of which would radically decrease oversight of the nation’s largest banks and increase the risk of harm to the public.”
Public Testimony: Alexis Goldstein calls on ED Department to uphold Borrower Defense and Gainful Employment
Today at a public hearing at the Department of Education, AFR’s senior policy analyst gave testimony about the need to enforce the Borrower Defense and Gainful Employment regulations, not to reopen or dismantle them. Here is her testimony, as prepared for delivery: “I can’t believe
New Report Shows Need for Federal Oversight of Secret Arbitration: All Firms in Flagrant Violation of California’s Disclosure Law
A major new report released today found that private arbitration firms that decide claims against corporations accused of fraud, sexual harassment, wage theft, abuse of nursing home residents, and other illegal activity are themselves violating the law.
AFR Statement: Lawmakers Supporting CHOICE Act Voted for Fraud and Crisis
Consumers, investors and anyone who felt the impact of the financial crisis and recession will want to fight to ensure that not just the whole bill, but the set of dangerous proposals it includes, die in the Senate.
AFR IN THE NEWS: Trump’s Threats to Break Up Banks Aren’t Scaring Wall Street Yet (Bloomberg)
“Marcus Stanley, policy director at Americans for Financial Reform, said that he has a hard time taking Trump at his word, especially since he has populated his administration with finance executives. ‘So far, Trump has just talked up Glass-Steagall without actually doing anything, which is what you’d expect from a guy who puts big banks in charge of policy,’ said Stanley, whose group would like to see the law reinstated.”
AFR IN THE NEWS:‘Financial CHOICE Act 2.0’ Rolling Back Consumer Protections Moves Forward (Consumerist)
“’Contrary to its title, H.R. 10 would deprive consumers and investors of any choice of their day in court when resolving serious disputes with powerful financial institutions and force them into a rigged system,’ Amanda Werner, arbitration campaign manager with Americans for Financial Reform and Public Citizen, said in a statement.”