Letters to Congress Archives - Page 27 of 42 - Americans for Financial Reform

Letter to Congress: AFR Opposes HR 1261, Legislation to Revoke CFPB’s Independent Funding

“Americans for Financial Reform urges you to oppose HR 1261 or any similar bills to undermine the independence of the Consumer Financial Protection Bureau (CFPB) by subjecting it to the appropriations process. Independent funding is a common characteristic of the federal bank regulatory agencies… Like the other federal bank regulators – the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve – the CFPB does not receive appropriations. While other bank regulators have mechanisms to increase their own independent funding, only the CFPB’s budget is capped by Congress. “

Letter to Congress: AFR Opposes Repeal of Dodd-Frank Resolution Authority

“we urge you to reject any effort to repeal Title II of the Dodd-Frank Act, which establishes an orderly liquidation authority for large financial institutions. Orderly liquidation authority is a crucial backstop designed to ensure that systemically important financial institutions can never again hold up the public for bailouts. During the financial crisis of 2008, policymakers of both parties bailed out big banks because they claimed not to have the legal authority to restructure failed financial institutions. “

AFR Statement: AFR Statement for the Record on the Senate Banking Committee Hearing “Assessing the Effects of Consumer Finance Regulations”

“It is less than five years since the Consumer Financial Protection Bureau (CFPB) was established. Since then, the CFPB has fulfilled Congress’s vision of a federal agency with “the authority and accountability to ensure that existing consumer protection laws and regulations are comprehensive, fair, and vigorously enforced.”

Fact Sheet: Community Banks Are Alive And Well Under Dodd-Frank

“Community Banks Have Returned to Profitability: The percentage of community banks that are profitable has increased every year since 2009. For the year 2015, over 95% of the nation’s 5,880 community banks showed a profit. This is up from 78% in 2010, the year Dodd-Frank passed.”

Letter to Congress: AFR Opposes New Exemptions to the Volcker Rule, Calls on Committee to Reject HR 4096

“On behalf of Americans for Financial Reform, we are writing here to express our opposition to HR 4096, the “Investor Clarity and Bank Parity Act”, as it is currently drafted. HR 4096 would create a new exemption to Volcker Rule restrictions on naming practices for investment funds advised by banks or their affiliates. “

Letter to Congress: AFR Urges House Financial Services Committee to Hold Wall Street Accountable

“On behalf of Americans for Financial Reform, we are writing here to express our opposition to seven of the bills under consideration before the Committee today… These bills all move in the direction of less accountability for Wall Street, which is a move in precisely the wrong direction. The financial crisis of 2008 – and continuing examples of financial sector malfeasance and irresponsibility since then — have made the need for more vigorous regulation painfully clear. Instead of working to eliminate consumer, investor, and systemic protections, the committee should focus on completing the job of strengthening them.”

Letter to Congress: AFR, Public Citizen and Five Organizations Advocates for Congress to Let the SEC do its Job, Reject HR 3798

“The undersigned organizations urge you to oppose HR 3798, the Due Process Restoration Act of 2015… HR 3798 would make it more difficult for the Securities and Exchange Commission (SEC) to hold companies accountable when they break the law – even as those same firms frequently deny basic due process to their investors and customers through forced arbitration.”

Letter to Congress: AFR Joins Eight Organizations in Advocating for Consumers Protections, Opposing the TAILOR Act

“The undersigned consumer groups oppose the Taking Account of Institutions with Low Operation Risk Act of 2015 (H.R. 2896) and amendments that will put consumers at risk from dangerous products or practices and undermine the established notice and comment process in place for financial regulations. “

Letter to Congress: AFR, 20 Organizations Urge Support for Legislation that Provides Increased Protections for Bank Whistleblowers

“We, the undersigned groups, are writing to express our support for the “Whistleblower Augmented Reward and Nonretaliation (WARN) Act of 2016”, introduced by Ranking Member Cummings and Senator Tammy Baldwin. This common-sense legislation would provide updated financial incentives and stronger anti-retaliation protections for industry insiders who blow the whistle on bank fraud.”

Letter to Congress: AFR and CFA Urge Congress to Protect Investors, Oppose HR 1675

” On behalf of Americans for Financial Reform (AFR), we are writing to express our strong opposition to HR 1675, the “Encouraging Employee Ownership Act of 2015”. This legislation contains five provisions, four of which would significantly harm the ability of the SEC to protect investors. At a time when markets are turbulent and investment products are growing ever more complicated, Congress should not act to make financial markets even more dangerous for investors.”