Category Archives: Statements and Press Releases

News Release: AFR Calls for Proper Investor Protections in $2.5 Trillion Risky Debt After Court Ruling

Americans for Financial Reform is calling on Congress and banking regulators to address the repeated mishaps and losses in the $2.5 trillion syndicated “loan” market following a court ruling today. The 2nd circuit appeals court affirmed a lower court decision that syndicated loans are not securities and therefore banks are not liable for clear mis-statements and omissions when selling the debt to investors. The original case highlights the risky nature of the debt behind syndicated loans.

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News Release: New SEC Private Fund Rules Can Help Stop Ripoff of Retirement Savers

Washington, D.C. – New investor protections announced today by the Securities and Exchange Commission (SEC) have the potential to curb widespread practices that have allowed Wall Street’s $25 trillion private fund industry to harvest tens of billions in fees at the expense of public pensions, retirees, and other savers – all to the advantage of some of the richest people in the world.

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News Release: Agencies Propose Basel III Endgame & Enhancements after 2023 Crisis

Washington, D.C. – The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency jointly announced on Thursday, July 27, a notice of proposed rulemaking to implement final components of the Basel III regulatory capital framework for Large Banking Organizations and introduce changes in response to the banking crisis of 2023. 

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News Release: House Republicans Voted Against Fairness for Small Businesses in Trying to Repeal the CFPB’s 1071 Rule

Washington, D.C.- House Republicans’ vote yesterday to repeal the Consumer Financial Protection Bureau’s (CFPB) Section 1071 rule, which combats discrimination and increases transparency among small business lenders is yet another example of the agency’s opponents trying to undermine the work and efficacy of a popular agency, according to Americans for Financial Reform and a coalition of consumer advocates.

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News Release: Dangerous Crypto and Accountability Bills Clear Congressional Committees Despite Major Objections from Consumer Advocacy Groups, Labor Unions and More

Washington, DC – House Financial Services Committee passed a series of bills this week that create light-touch rules for cryptocurrencies, limit investors’ and workers’ ability to hold corporations accountable, and hamper regulators’ ability to meaningfully participate in international governing bodies that set global standards for our financial system.

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News Release: As Financial Risks from Climate Grow, Advocacy Groups Push FSOC to Enact Safeguards

WASHINGTON, D.C. — A coalition of advocacy groups today submitted multiple comment letters to the Financial Stability Oversight Council (FSOC) on two proposals that would strengthen its toolbox for addressing threats to financial stability, including those related to climate change, and make it easier to designate nonbank companies like asset managers and insurance companies as systemically important institutions that need enhanced regulation by the Federal Reserve Board. The comment periods on the proposals close on July 29.

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News Release: 58 Organizations Oppose Anti-ESG Agenda

Washington, D.C. — Ahead of upcoming House Financial Services Committee hearings on utilizing environmental, social, and governance (ESG) factors in investments, Americans for Financial Reform has submitted a letter for the record, backed by 58 organizations, that expresses strong opposition to the anti-ESG agenda. The letter specifically responds to a recent ESG Working Group memorandum on the subject and a series of bills they are proposing.

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News Release: Payday Lender, Eastman Briefs Highlight Weak Legal Case Against CFPB

Washington, D.C. — Briefs filed by the payday lending lobby and John Eastman, the lawyer who tried to help former President Trump overturn the 2020 election, highlight the extremely weak legal case that this predatory industry has against the funding of the Consumer Financial Protection Bureau, a vital federal agency that polices the financial services market on behalf of everyday people. 

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