Statements and Press Releases Archives - Page 17 of 84

News Release: Bank, Credit Union and Consumer Groups Support Committee Vote to Close the Industrial Loan Company Loophole

Washington, D.C. – The U.S. House Committee on Financial Services convened today to mark up a series of proposed laws, including a bill to close the industrial loan company (ILC) loophole. The ILC loophole allows Big Tech and other nonbank companies to offer financial products and services without complying with the safeguards and oversights required of bank holding companies.

News Release: Organizations Garner Over 60,000 Signatures Urging SEC to Strengthen Climate Risk Disclosure Rule as Comment Period Closes

Over 60,000 people support strong climate disclosure rules proposed by the U.S. Securities and Exchange Commission (SEC), and over 10,000 individual comments were submitted during the public input period, which closes today.

News Release: New Cryptocurrency Bill a Giveaway to Industry in the Name of Innovation

Washington, DC – A bill introduced by Sens. Kirsten Gillibrand and Cynthia Lummis to revamp regulation of cryptocurrencies is little more than a giveaway to an industry that wraps itself in the mantle of innovation but poses serious risks to investors, consumers, and possibly even financial stability.

SEC Appoints AFR’s Andrew Park to Investor Advisory Committee

Washington, D.C. – The Securities and Exchange Commission has appointed Andrew Park, senior policy analyst at Americans for Financial Reform, to its Investor Advisory Committee, where he will serve a 4-year term providing expertise to the agency on a wide range of issues.

a student with books - Photo by Element5 Digital on Unsplash

News Release: Discharge for Corinthian Borrowers Should Presage Broad-Based Cancellation

This week the Department of Education announced that it will discharge all remaining federal student loans for borrowers who attended any campus owned or operated by Corinthian Colleges Inc. The relief will total $5.8 billion and cancel debt for 560,000 borrowers, without any additional action needed.

News Release: SEC Proposes Two Rules To Improve “ESG” Transparency and Standardization

WASHINGTON, D.C. — Proposals by the Securities and Exchange Commission to prevent misleading use of labels on funds that weigh environmental, social and governance factors and to require critical disclosures about these funds’ strategies are a welcome step toward protecting investors who choose these types of investments.

News Release: TAB Bank and EasyPay Finance’s Predatory Loans Harm Veterans and Servicemembers

WASHINGTON – The predatory lending practices of EasyPay Finance and Utah-based, FDIC-supervised Transportation Alliance Bank (TAB Bank) are hurting military servicemembers, veterans, and their families, according to a new report from a coalition of consumer advocacy groups released in advance of Memorial Day.

News Release: Recover Improperly Disbursed PPP Funds

WASHINGTON, D.C. – The Paycheck Protection Program, a critical pillar of the CARES Act pandemic relief legislation, failed to equitably distribute money despite an avowed goal of focusing on small businesses, according to a new report from seven public interest organizations and labor unions.

In addition to adopting other reforms for future relief programs, the U.S. Small Business Administration should use its statutory power to claw back improperly issued or misused loans. Those cases might include PPP loan recipients who failed to spend at least 60% of their loan proceeds on employee wages, and cases where recipients used the money to issue stockholder dividends, buy back stock, or award executive bonuses.

NEWS RELEASE: Private Equity is Financing the Climate Crisis Away from Public Scrutiny

A new report finds that the private equity industry owned close to 700 utility-scale power generation facilities in the United States in 2021 that emitted about 200 million metric tons of carbon dioxide annually.

News Release: National Auto Repair Chains Must Stop Offering Predatory Loans Through EasyPay Finance and TAB Bank

WASHINGTON – Today, a coalition of consumer advocacy groups sent letters to major national auto repair chains AAMCO and Precision Tune Auto Care (Icahn Enterprises), Big O Tires and Midas (TBC Corporation), Grease Monkey (FullSpeed Automotive), JiffyLube, and Meineke (Driven Brands) urging their stores and franchisees to stop offering financing through EasyPay Finance and Utah-based TAB Bank, which issue loans at rates up to 189%, even in states where that rate is illegal. The letters can be found here.