Joint letter asks the Department of Defense to protect service members from high-cost installment loans and other forms of credit not yet covered by a 36 percent interest-and-fee cap and other protections.
A new national survey shows overwhelming support across lines of age, race, geography, and political party for tougher regulation of Wall Street and financial companies.
In today’s workplaces, retirement-fund advice typically comes from broker-dealers who are free to put their own financial interests ahead of the interests of employees. Because they often do, many workers make investment decisions that cost them tens or even hundreds of thousands of dollars over
With the confirmation battle ended, the Columbus Dispatch paused to reflect on the Consumer Financial Protection Bureau’s accomplishments. “It’s off to a really good start,” AFR’s Lisa Donner told the Dispatch’s Jessica Wehrman. “But there’s a whole lot of work left to be done.”
AFR joined the AFL-CIO, AFSCME, Consumer Federation of America, SEIU, and U.S. PIRG in sending a letter to the Senate opposing S. 710. S. 710 would weaken accountability for financial advice to municipalities, harm communities, and is unnecessary given the exemptions that already exist in the law and the authority of the SEC to address any outstanding issues.
“Under Rich Cordray’s leadership, the Bureau has begun to make a difference for consumers. Now it’s here to stay. It can continue its important work, with its authority and independence intact. That’s terrific news for American families, and for the American economy.”
“Without real built-in investor-protection standards, we are seriously concerned that this rule will open the door to mass marketing of hedge funds and other risky and often illiquid ‘private’ securities in a market where abuses are common and SEC oversight is very limited. Fraud and abuse are not good for investors; they’re not good for capital markets, either.”
Three years after Dodd-Frank, the Securities and Exchange Commission has yet to write a rule implementing “one of the simpler parts of a mammoth and complicated law.” The Washington Post explores the reasons.
AFR Materials Over the Past Year on the CFTC’s Oversight of International Derivatives
Statement of Privacy and Consumer Groups In Support of CFPB’s Use of Data