Financial Reform News Archives - Page 29 of 125 - Americans for Financial Reform

Underfunding the CFTC Endangers Financial Reform

The Commodities Futures Trading Commission is one of the critical agencies in financial regulation. The Dodd-Frank Act gave the CFTC responsibility for overseeing the vast and previously unregulated financial derivatives markets that helped crash the world economy in 2008. This increase in responsibilities led to an eight-fold growth in the size of the markets that the CFTC was responsible for, yet the CFTC’s funding is completely inadequate to fulfill its new oversight responsibilities.

Auto Lending: The Hidden Costs of Car Loans & Their Discriminatory Impact

Tuesday Mar. 20: Capitol Hill briefing sponsored by Americans for Financial Reform, Center for Responsible Lending, Consumers for Auto Reliability and Safety, NAACP, National Association of Consumer Advocates, National Consumer Law Center and National Council of La Raza.

Members of Congress Speak Out Against Wall Street’s Effort To Evade Derivatives Rules

Nineteen members of Congress, led by Barney Frank, a lead author of the Dodd-Frank Act, filed the amicus brief linked below speaking out against the efforts of major Wall Street derivatives dealers to overturn key Dodd-Frank derivatives rules. The brief was drafted by former Just

AFR Statement On CFTC Extension of No Action Relief For European Trading Facilities

Six weeks ago, the Commodity Futures Commission issued a staff letter granting temporary permission for U.S. derivatives to be traded on certain European trading platforms that are not compliant with Dodd-Frank rules on transparent derivatives trading. This temporary permission for rules-free trading was only granted

AFR in the News: Shadow Banking Subtext

The National Review’s Reihan Salam examines the case for stronger regulation of nonbanks and “market-based financing,” and the political power of those, like the Blackstone Group’s Tony James, who are trying to convince the Obama administration to go slow. Salam expresses an “ideological bias” in favor of James’ position, while acknowledging the “serious and interesting” counter-arguments of AFR’s Marcus Stanley.

AFR in the News: CFTC Underfunding Is “a Backdoor Attack on Derivatives Regulation.”

While the Administration wants to increase the CFTC’s budget, its $280 million request for FY 2015 is $35 million less than last year’s proposal, The American Banker points out. “We have the mandate, but not the money, to do the job,” Commissioner Bart Chilton said in a press release. Americans for Financial Reform, the story adds, has described underfunding of the CFTC as “a backdoor attack on derivatives regulation.”

AFR in the News: Massad Pledges Support for CFTC Commodity Speculation Curbs

Timothy Massad, nominated to lead the CFTC, “has drawn skepticism from [public] interest groups about his views on regulation,” according to Bloomberg, which cites Marcus Stanley, policy director for Americans for Financial Reform. “He’s really something of a blank,” Stanley said. “He doesn’t have a policy or substantive record at least in the areas regulated by the CFTC.”

Fact Sheet on CFTC Funding

Increased funding of the Commodity Futures Trading Commission is a crucial piece of Wall Street reform. Here’s why.

AFR and Consumer Organizations Call on CFPB to Address and Prevent Debt Collection Abuses

AFR and more than 15 consumer organizations submitted a letter to the CFPB calling for stronger obligations on debt collectors and creditors, including in particular requirements that they actually have and maintain accurate records of debts, and that they cannot collect without real documentation that people owe and how much, limits on contacts with borrowers, and an end to harassment threatening conduct, including manipulation of credit reporting.

AFR Joins AFL-CIO, More Than 40 Other Organizations Call for Public Consultations on Investor Rights in Trade Deals

AFR joined the AFL-CIO and more than 40 organizations in sending a letter to the U.S. Trade Representative calling for a public consultation process to review and revise the “investor-state dispute settlement” (ISDS) process. This flawed process grants special legal rights and privileges to foreign-based business interests.