Financial Reform News Archives - Page 17 of 125 - Americans for Financial Reform

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.”

AFR Statement: CFPB Right to Act Against Forced Arbitration

CFPB issued a final regulation ensuring that consumers can join together to challenge financial fraud and scams in court. The rule limits the use of forced arbitration, a process Wall Street banks and predatory lenders use to evade accountability and keep their misconduct out of the public eye.

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

AFR Report: 2017 Big Bank Stress Tests Less Stressful Than Ever

The slide presentation linked below documents AFR’s findings on the 2017 CCAR stress tests. AFR Assessing the 2017 Stress Tests A Medium blog post is also available here: https://medium.com/@RealBankReform/stress-tests-less-stressful-than-ever-fbe68b8e161a

AFR Statement: Oppose Giveaways to Wall Street and Predatory Lenders in Appropriations Bill

It would gut the Consumer Financial Protection Bureau, enable reckless behavior by big banks, and hand a special favor to payday lenders. Lawmakers should reject this legislation out of hand.

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: Treasury Report Pushes Rollbacks for Wall Street and Predatory Lenders

Treasury proposal advances ideas that have been pushed by industry lobbyists since Dodd-Frank was passed. We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders.

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.”