FOR IMMEDIATE RELEASE December 2, 2022 CONTACT Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Fed Takes Critical First Step in Managing Banks’ Climate Risk WASHINGTON, D.C. — The Federal Reserve today proposed climate-related supervisory guidance for major banks that represents an important and long overdue step to
AFREF led a letter calling on the U.S. Chamber of Commerce and the banking associations to drop the lawsuit against the CFPB that would allow them to discriminate against similarly situated BIPOC communities. The lawsuit focuses on the Bureau’s warning that the federal prohibition on unfair practices covers discrimination, and that the Bureau will be using its examination authority to look for and address unlawful discrimination in financial services, including in areas outside of lending, The CFPB was well within its authority to take these actions. Discrimination is unfair and unlawful, and it should have no place in our financial system.
WASHINGTON, D.C. — The U.S. Department of Labor’s final rule takes an important step to safeguard the savings of millions of workers who participate in private-sector employee benefit plans by allowing workers’ private retirement plans and pensions to consider sustainability factors like climate change, workers’ rights, racial, economic and environmental justice, and corporate governance when investing and voting proxies.
“We applaud the nomination of Marty Gruenberg to once again lead the Federal Deposit Insurance Corporation. His longstanding commitment to prioritizing the needs of all families and communities, and his depth of experience and knowledge make him an excellent choice.”
It is urgent that the Supreme Court hear the Consumer Financial Protection Bureau appeal of an erroneous decision that declared the funding mechanism of this vital federal agenda unconstitutional.
FOR IMMEDIATE RELEASE November 8, 2022 CONTACT: Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Collapse of Major Crypto Exchange FTX Is a Reminder of Crypto’s Instability Consumer Advocacy Groups Urge Regulators to Step Up Scrutiny; Warn Congress to Avoid Watered-Down Policy Responses Washington, DC – Today’s announcement
On Wednesday, October 19, 2022, a three-judge panel in the 5th U.S. Circuit Court of Appeals agreed with the payday lenders trade association in ruling that the CFPB’s funding structure is unconstitutional because it does not go through Congressional appropriations. This line of attack toward the CFPB – via its funding – has nothing to do with actually caring about the constitution and everything to do with the big banks and predatory lenders trying to escape the oversight and enforcement actions of an agency focusing on protecting and defending consumers.
The Federal Insurance Office (FIO) proposed new reporting requirements for insurers to collect geographical data on how climate change is affecting the availability and affordability of homeowners, multi-peril commercial, and fire insurance, with a lookback period of five years to assess trends. This is a critical–and long-awaited–first step to quantify the growing homeowners’ insurance gap in the midst of worsening climate conditions.
Today, 29 groups called on federal bank regulators to finally draft a plan to strengthen the merger guidelines to mitigate the adverse effects of bank consolidation, which include increased evictions, higher rates of debt collection, and decreased access to credit for consumers and businesses.
FOR IMMEDIATE RELEASE MEDIA ADVISORY October 5th, 2022 CONTACT: Ada Recinos ada@amazonwatch.org (510) 473-7542 Senators, Climate Justice Groups, and Financial Regulation Watchdogs Urge CFTC to Rein In Voluntary Carbon Market Derivatives What: On Friday, October 7th, a coalition of climate justice and financial regulation advocacy