In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm.
NEWS RELEASE: Federal Reserve Stress Test Results Highlight Failures of the Stress Testing Framework
Instead of providing a realistic assessment of the solvency and capital position of individual banks, today’s release highlights the failures and politicization of the stress testing program and its inability to ensure capital adequacy.
NEWS RELEASE: On Partisan Vote, Financial Regulators Move to Tear Down Critical Controls on Bank Risks
Five regulators finalized changes to the Volcker Rule dramatically weakening limits on bank investments in hedge funds, private equity funds, and other “external funds”. The vote was partisan, with not a single Democratic appointee voting for the change.
NEWS RELEASE: AFR Education Fund and Demand Progress EF Reject Recent Changes to the Libra Association’s White Paper as Insufficient
Americans for Financial Reform Education Fund and Demand Progress Education Fund released a joint report, making the case for policymakers to take action to prevent the Geneva-based Libra project from evading regulation and going into effect as proposed.
JOINT STATEMENT: Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit
Consumer advocates criticized the Federal Deposit Insurance Corp. (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder their loans through banks so the non-bank lenders can charge triple-digit interest rates in states where high rates are illegal.
NEWS RELEASE: Advocates for Workers and Investors Call on Labor Department to Withdraw Policy that Lets Private Equity Loot Retirement Plans
Nineteen organizations and individuals that advocate on behalf of consumers, workers, investors and retirees have called on the Department of Labor to withdraw its controversial policy statement opening the door to private equity investments in 401(k) plans.
NEWS RELEASE: While American Workers Face Ongoing Struggle to Save for Retirement, Department of Labor Appears Poised to Strip Them of Important Protections
With the country struggling to address pandemic-related economic disruptions that have made it harder than ever for working Americans to save for a secure and independent retirement, the Department of Labor (“DOL”) is expected to release its new investment advice rule for retirement plans within weeks, if not days. Advocates for workers, investors, and retirees are concerned the new rule could make matters worse by stripping retirement savers of already inadequate protections from faulty investment advice.
NEWS RELEASE: Americans for Financial Reform applauds the release of the Data Accountability and Transparency Act of 2020
This legislation will create vitally needed new public protections by putting constraints on the collection, use, sharing, and selling of our personal data by financial services companies and all firms.
Statement: We affirm that Black Lives Matter and that anti-Black racism is unacceptable and must be eliminated
We stand in solidarity with the families of George Floyd, Breonna Taylor, Ahmaud Arbery, and the millions of Black people subject to racial oppression, violence, and murder at the hands of the police and of white supremacists.
News Release: Consumer, Banking Groups Applaud Bill to Exempt Economic Impact Payments From Garnishment
Consumer groups and banking industry organizations joined together today to support bipartisan legislation that would prevent Economic Impact Payments from being subject to garnishment.