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Statement: AFREF Condemns Dangerous Approval of Coinbase’s Bank Charter Application
Granting Coinbase a bank charter runs counter to longstanding federal law and practice and increases the risk of financial crisis.
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Statement: Tom Feltner, Associate Director of Consumer Policy on the Consumer Financial Protection Bureau’s New Proposed Layoff Plan
The Consumer Financial Protection Bureau (CFPB) leadership, under Trump-appointee Russell Vought, has proposed a newlayoff plan as part of its year-long campaign to shutter the agency charged with preventing financial fraud, abuse, and discrimination. The plan would reduce agency staff by over two thirds and sharply curtail its efforts to enforce regulations that prevent financial lawbreakers from taking advantage of everyday people. While this layoff plan is currently blocked by the courts and cannot go into effect immediately, it provides crucial insight into how the CFPB under Acting Director Vought is seeking to rollback financial safeguards even as the financial…
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Statement: Oscar Valdés Viera, AFR Senior Policy Analyst, Private Equity & Capital Markets on DOL Rush to Let Private Equity and Crypto Erase Workers’s 401(k) Savings
The Department of Labor (DOL) proposed a dangerous rule that would steer workers’ retirement savings into risky, opaque, high-fee private equity and crypto investments that would undermine their retirement security. The private equity industry is eager to dump overvalued assets onto retirement savers as well-heeled investors snub these dubious assets and head for the exits. Opening 401(k)s to these products risks turning workers’ retirement savings into a Ponzi-like scheme that throws a lifeline to an industry scrambling for fresh cash.