Category Archives: Statements and Press Releases

News Release: Executive Pay Rule Could Reduce Incentives for Reckless Bank Risk Taking

The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) voted to propose a rule implementing an important statutory mandate to ban incentive-based executive compensation that encourages reckless risk-taking, but two other regulators – the Federal Reserve and the Securities and Exchange Commission – have yet to do the same. Congress tasked six agencies with promulgating this critical rule when it passed the Dodd-Frank Act in 2010. But only four out of the six were part of today’s proposal — the FDIC, the OCC, the National Credit Union Administration (NCUA),  and the Federal Housing Finance Agency (FHFA).

News Release: Landmark report reveals hidden fossil fuel portfolio of private equity titan KKR, finds major underreporting of climate emissions 

With over half a trillion dollars ($553 billion) in assets under management, Kohlberg Kravis Roberts & Co (KKR) has emerged as a major financier in the energy sector, yet the firm is not required to disclose the full scope of its investments or its impact due to regulatory loopholes. A new report by Private Equity Climate Risks consortium members Americans for Financial Reform Education Fund and Global Energy Monitor, 93 Million: The Carbon Emissions KKR Didn’t Disclose, finds that KKR holds investments in 188 fossil fuel assets in 21 countries, spread among the firm’s ownership of 17 portfolio companies. 

News Release: New Staffing Standards for Nursing Homes Will Protect Healthcare Workers and Patients

New rules on minimum staffing in nursing homes will safeguard patients and health care workers by improving access to consistent and quality care, according to Americans for Financial Reform Education Fund. The Centers for Medicare and Medicaid Services (CMS) is setting a new comprehensive staffing requirement in its final rule on Minimum Staffing Standards for Long-Term Care (LTC) Facilities and Medicaid Institutional Payment Transparency Reporting.

News Release: Labor Department’s Final Retirement Security Rules Will Help Protect the Savings of All Americans From Adviser Conflicts of Interest

Members of the Save Our Retirement coalition, along with a diverse collection of more than 60 consumer, retirement, and labor groups, today commended the Department of Labor (DOL) for issuing final rules designed to protect Americans from the harmful effects of conflicts of interest when financial advisers provide retirement investment advice: The rules will require all financial professionals who provide retirement investment advice to put the best interests of their clients ahead of what’s best for their own pockets.  This commonsense requirement is long overdue and promises to be a major improvement over the status quo, which allows too many financial professionals and firms to offer self-serving retirement advice at the expense of workers and retirement savers.

News Release: EPA’s $27 Billion Greenhouse Gas Reduction Fund will Kick Start Green Investment in Low-Income and Disadvantaged Communities

The Environmental Protection Agency (EPA) announced its final program of the Greenhouse Gas Reduction Fund (GGRF): Solar for All. Sixty recipients will be awarded $7 billion, with funds expected to roll out late this summer. Solar for All will create new or expand existing low-income residential and community solar programs in all 50 states, the District of Columbia, Puerto Rico, and territories, and open up greater access to solar for Tribes through grants and low-cost financing.

News Release: Committee Majority Lines up with Wall Street in Vote to Roll Back Late Fee Cap

The House Financial Services Committee voted to overturn a regulation capping credit card late fees, putting a majority of its members squarely on the side of big banks that have ripped off consumers for years. The new rule, finalized by the Consumer Financial Protection Bureau on March 5, would reduce the typical late fee on credit cards from $35 to $8, saving consumers $10 billion each year. For the 45 million households that pay late fees, that amounts to an annual savings of $220.


News Release: 142 Organizations Support CFPB Rule to Curb Abusive Overdraft Fees

WASHINGTON, D.C. – Today, 142 consumer, civil rights, military, legal services, and community groups submitted comments in strong support of the Consumer Financial Protection Bureau’s (CFPB) proposed rule governing the overdraft lending practices of the largest financial institutions. [The National Consumer Law Center also submitted a longer, more detailed set of comments, which will be available here.]

News Release: Groups Demand Open, Transparent Process for Capital One-Discover Merger Review

WASHINGTON, D.C. – A coalition of 30 community, consumer, civil rights, and public interest groups has called on federal bank and antitrust regulators to follow several critical procedural safeguards that will help ensure proper review of the proposed takeover of Discover by Capital One. The coalition includes Americans for Financial Reform, the National Community Reinvestment Coalition, the American Economic Liberties Project and Public Citizen.