AFR sent a letter to members of the House Financial Services Committee to stop interfering in the efforts of FSOC and OFR to collect data essential to analyzing potential systemic risk. The letter also states AFR’s opposition to HR 4387, legislation that could undermine the ability of our financial regulatory system to respond the kind of risks that led to the financial crisis of 2008.
AFR sent a letter to members of the House Financial Services Committee today asking them to oppose proposed changes to the already anti-regulatory JOBS Act that would further reduce investor protections within the bill.
AFR joined five member organizations in sending a letter to members of Congress, urging that they oppose HR 2672, “The CFPB Rural Designation Petition and Correction Act.” This bill would amend the 2010 Dodd-Frank Act to allow for increased opportunity for lenders to sidestep important consumer protections, including rules to ensure borrowers have the ability to repay their loans.
AFR sent a letter to members of Congress, urging them to oppose HR 4167. If enacted, this legislation would advance the interests of a few Wall Street mega-banks in weakening implementation of the Volcker Rule ban on proprietary trading.
AFR joined ten organizations in sending a letter to members of Congress urging them to oppose HR 2892. If enacted, this legislation would bring changes to current law, exempting debt collection attorneys from the Fair Debt Collection Practices Act (“FDCPA”.) This would effectively permit lawyers and law firms engaging in debt collection to evade essential requirements of the FDCPA which prohibit deception, unfair activities, and harassment against consumers.
AFR sent a letter to members of Congress urging them to oppose “The Customer Protection and End User Relief Act.” This legislation would place significant new barriers in the way of effective oversight of commodities and derivatives markets crucial to our economy, barriers not faced by any other regulatory agency. The new statutory ‘cost benefit’ restrictions it places on CFTC rulemaking would enable financial industry interests to indefinitely delay and possibly overturn regulations, even where Congress has clearly directed the regulators to act, and where regulation is sorely needed to protect the public interest.
AFR sent a letter to members of Congress, urging them to oppose HR 4167, which would exempt almost all collateralized loan obligations issued before January 14th from Volcker rule restrictions on bank sponsorship of external funds, allowing banks to continue to hold these instruments. Because managers of CLOs can buy and sell assets this would create a major loophole in Volcker rule prohibitions on proprietary trading.
AFR sent a letter to members of Congress urging them to oppose HR 2672. If adopted, this amendment would effectively create a petition process that would allow individuals who reside or do business in a state to apply for the designation of an area as rural (an area that has not already been designated as such). Areas designated as rural would be able to circumvent certain mortgage provisions put in place by the Consumer Financial Protection Bureau (CFPB).
115 organizations joined AFR in sending a letter to members of Congress urging them to reject HR 3193. This legislation would weaken the Consumer Bureau, prevent it from doing its job and instead serve the interests of the worst elements of the financial industry.
More than 215 organizations joined AFR in signing a letter in support of the Mortgage Forgiveness Tax Relief Act. This crucial piece of legislation would protect homeowners who receive principal reduction modifications from devastating tax consequences is set to expire on December 31, 2013, just as the government’s recent settlement with JP Morgan Chase promises additional principal write downs. Congress must act swiftly to extend this legislation.