Category Archives: Statements and Press Releases

News Release: Financial Services and Consumer Groups Support Senate Bill to Close Industrial Loan Company Loophole

Today, a broad coalition of financial services and consumer organizations expressed support for new legislation to close the industrial loan company (ILC) charter loophole, the “Close the Shadow Banking Loophole Act.” The legislation, introduced by Senate Banking Committee Chairman Sherrod Brown (D-OH), Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), prohibits shadow banks and nonbank commercial entities from taking advantage of legal loopholes. These loopholes allow these companies to control a full-service FDIC-insured depository institution without being subject to the comprehensive set of rules designed to keep the financial system safe.

News Release: Fed Takes Critical First Step in Managing Banks’ Climate Risk

FOR IMMEDIATE RELEASE December 2, 2022 CONTACT Carter Dougherty carter@ourfinancialsecurity.org  (202) 251-6700 Fed Takes Critical First Step in Managing Banks’ Climate Risk WASHINGTON, D.C. — The Federal Reserve today proposed climate-related supervisory guidance for major banks that represents an important and long overdue step to

News Release: Department of Labor to Allow Retirement Plans to Consider Sustainability, Jobs, Equity, and Worker Rights

WASHINGTON, D.C. — The U.S. Department of Labor’s final rule takes an important step to safeguard the savings of millions of workers who participate in private-sector employee benefit plans by allowing workers’ private retirement plans and pensions to consider sustainability factors like climate change, workers’ rights, racial, economic and environmental justice, and corporate governance when investing and voting proxies.

News Release: 5th Circuit Court of Appeal’s Decision on CFPB Funding is an Outrageous Undermining of Consumers’ Rights

On Wednesday, October 19, 2022, a three-judge panel in the 5th U.S. Circuit Court of Appeals agreed with the payday lenders trade association in ruling that the CFPB’s funding structure is unconstitutional because it does not go through Congressional appropriations. This line of attack toward the CFPB – via its funding – has nothing to do with actually caring about the constitution and everything to do with the big banks and predatory lenders trying to escape the oversight and enforcement actions of an agency focusing on protecting and defending consumers.

News Release: Federal Insurance Office Requests Critical Climate Data from Insurers

The Federal Insurance Office (FIO) proposed new reporting requirements for insurers to collect geographical data on how climate change is affecting the availability and affordability of homeowners, multi-peril commercial, and fire insurance, with a lookback period of five years to assess trends. This is a critical–and long-awaited–first step to quantify the growing homeowners’ insurance gap in the midst of worsening climate conditions. 

CFTC Offsets Media Advisory: Senators, Climate Justice Groups, and Financial Regulation Watchdogs Urge CFTC to Rein In Voluntary Carbon Market Derivatives

FOR IMMEDIATE RELEASE MEDIA ADVISORY October 5th, 2022 CONTACT: Ada Recinos ada@amazonwatch.org (510) 473-7542 Senators, Climate Justice Groups, and Financial Regulation Watchdogs Urge CFTC to Rein In Voluntary Carbon Market Derivatives What: On Friday, October 7th, a coalition of climate justice and financial regulation advocacy