Statements and Press Releases Archives - Page 2 of 73

News Release: EPA’s Initial Guidance on $27 Billion Greenhouse Gas Reduction Fund will Provide Health, Economic, and Wealth-Building Benefits to Communities

WASHINGTON, D.C. — The Environmental Protection Agency (EPA) released its initial program design guidance for the Greenhouse Gas Reduction Fund (GHGRF or “fund”). This key environmental justice and climate provision of President Biden’s Inflation Reduction Act will help provide direct investment toward climate mitigation and resilience projects in communities across the country.

News Release: Biden Address Confirms Focus on Protecting Consumers from Junk Fees

President Biden yesterday seized the moment of his State of the Union Address to reiterate his administration’s determination to crack down on junk fees – and especially credit card late fees – that companies use to rip off vulnerable consumers.

News Release: New CFPB Protections will Reduce Credit Card Late Fees, Save Consumers $9 Billion

Washington, D.C. – A new plan from the Consumer Financial Protection Bureau (CFPB) announced today should save real people real money – $9 billion each year – by capping the late charges that credit card companies impose on customers. But the consumer agency also faces an existential threat that the Supreme Court may soon address.

a dollar bill on top of a pile of money with scrabble pieces spelling out "tax" on top

News Release: Chevron Mega-Stock Buybacks Program Shows Need for Tougher Rules

Washington, D.C. – The announcement that Chevron will spend $75 billion on stock buybacks underscores the urgency of reinforcing a measure Congress created last year to penalize companies that engage in a financial practice that amplifies rampant wealth inequality, and in this case boosts the bottom line of a climate-harming industry.

News Release: SEC’s Finally Tackles Conflicted Trades Featured in “The Big Short”

Washington, D.C.— The Securities and Exchange Commission’s proposal to prohibit conflicts of interest in securitizations, though a long time coming, will finally address the problem of Wall Street arranging bets in which financial institutions effectively rip off their own clients.

News Release: Albertsons to Pay $3.7 Billion Massive Dividend to Shareholders

Washington, D.C. – The $3.7 billion dividend payout by Albertsons Companies at the behest of a consortium led by private equity firm Cerberus will enrich people who are already extremely wealthy at the expense of communities and workers nationwide.

News Release: Fed Releases Inadequate Inaugural Climate Test for Big Banks

The Federal Reserve pilot climate scenario analysis to spur six major U.S. banks to evaluate their climate risks represents a necessary step towards getting these financial institutions to understand their transition risks and the severe physical threats on their residential and commercial real estate portfolios. But there needs to be a more assertive approach to how megabanks manage their climate risks.

News Release: OCC Should Follow CFPB Lead in Drawing Tough Line on Repeat Offenders

The nation’s big-bank regulator, the Office of the Comptroller of the Currency, should help broaden and extend a crackdown on financial institutions that repeatedly violate the law – notably Wells Fargo – with all the tools at its disposal. Comptroller Michael Hsu is speaking on the problem of “too big to manage” today. The speech comes about a month after the Consumer Financial Protection Bureau ordered Wells to pay $3.7 billion over widespread mismanagement of auto loans, mortgages, and deposit accounts, and promised to work with other federal regulators to find durable solutions to its constant violations of the law.

News Release: Banks Should Heed Fed Warning on Crypto Asset Risks

Washington, D.C. — The Federal Reserve and other banking regulators made the right call Tuesday by issuing a warning regarding the risks that crypto-assets pose to banking organizations. There is widespread volatility, fraud risk, legal uncertainties, unfair and deceptive practices, run and contagion risks, high levels of concentration and interconnections between firms, and poor risk management and governance found throughout the industry – all of which spells danger for investors and consumers alike.

News Release: Record-Setting CFPB Action Against Wells Fargo Brings Consumer Relief

Washington, D.C. – The record Consumer Financial Protection Bureau settlement with Wells Fargo over widespread wrongdoing in providing auto loans, mortgages, and deposit accounts represents an opportunity for all federal regulators to force durable change at the oft-penalized megabank.