AFR, Public Interest Groups Urge Swift Implementation of Mortgage Reforms
AFR and more than 15 public interest groups signed a letter calling for swift implementation of mortgage reforms.
Category Archives: Letters to Congress
Don’t Let Private Equity Operate in the Dark — Oppose HR 1105
AFR sent a letter to members of Congress urging that they Oppose HR 1105 , the “Small Business Capital Access and Job Preservation Act.” Contrary to its title, this bill is not designed to benefit small business. Instead, it would exempt private equity fund advisors from basic reporting requirements designed to allow regulators to monitor systemic risk in the financial system and protect investors and the public.
AFR and More Than 200 Organizations Sign Letter Supporting Mortgage Forgiveness Tax Relief Act
More than 100 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.
AFR and 30 Member Groups Sign Letter Opposing Bills to Gut CFPB
“Legislation under consideration in the Financial Services Committee would harm the CFPB’s ability to protect the public in a variety of ways . We urge you to oppose each of these bills and any similar proposals designed to hobble the CFPB and prevent it from doing its job.”
Do Not Weaken Dodd-Frank Mortgage Protections – Oppose HR 3211
AFR joined twenty public interest, consumer, and labor organizations in sending a letter to members of Congress urging them to oppose HR 3211. This legislation would reopen the door to the higher fees borrowers faced in the lead up to the mortgage crisis.
Materials on Swaps Pushout
AFR opposes HR 992, legislation which would change the law to permit public support of swaps dealing activities at some of the largest banks on Wall Street. At a time when there is bipartisan agreement that subsidies to too-big-to-fail banks must end, this legislation moves in exactly the wrong direction.
Materials on Fiduciary Duty of Financial Advisors
AFR stands with many of our partner organizations in opposition to HR 2374, which would delay needed reforms that would protect middle-class savings and help to restore needed confidence in our financial markets. Here is a compilation of materials on the issue of HR 2374.
Support Investor Protections, Oppose HR 2374
This legislation would prevent the Department of Labor from addressing flaws in protections for retirement savings, protections that have not been updated for almost forty years. It would also delay efforts of the Securities and Exchange Commission to raise the standard of conduct that applies to brokers when they give advice to retail investors.
House Bill Would Smother Derivatives Reform in Phony Cost-Benefit Analysis
AFR letter sounds the alarm against HR 1003, which would undermine Dodd-Frank by more than doubling the number of cost-benefit analysis requirements imposed on the Commodity Futures Trading Commission (CFTC).
Praise for Ellison Bill to End Mandatory Arbitration in Investor Disputes With Brokers and Advisors
Under current practice, investors seeking brokerage and other financial advisory services must agree in advance to submit any complaints to arbitration by an industry-run regulatory body. The Investor Choice Act would restore the right of investors to take such disputes to a court of law, if they prefer.