Statements and Press Releases Archives - Page 27 of 83

News Release: Fed Stress Tests Unleash Bank Capital Distributions at Expense of Financial Stability

The Federal Reserve has announced the results of its 2021 bank stress tests. Since then, these results have led a steady parade of the largest banks in the country to announce dramatic increases in dividends. The stress tests will also enable greater share buybacks and other capital distributions by banks. This will enrich senior executives and large shareholders, while putting financial stability at risk.

Joint Press Release: Advocates Push for Increased Enforcement and Later Rule Sunset to Prevent Improper Foreclosures as the Consumer Financial Protection Bureau Issues Final Servicing Rule

Today, the Consumer Financial Protection Bureau (Bureau) released its final rule under the Real Estate Settlement Procedures Act (RESPA) related to helping homeowners impacted by the COVID-19 pandemic. The rule contains important consumer protections to help stave off unnecessary foreclosures, but the time period for the rule’s foreclosure protections should be extended and the Bureau should vigorously enforce it to ensure homeowners receive the intended protections.

News Release: AFR Applauds Passage of Congressional Review Act Resolution Overturning Trump-Era Rule Enabling Nationwide Predatory Lending

“This vote ends the Trump administration’s enabling of predatory lending in blatant violation of state consumer protection laws,” Jun added.

Joint Statement: 59 Organizations Call on SEC to Adopt Mandatory Climate and ESG Disclosures

“Investors know that climate change is a threat that some companies aren’t taking seriously enough. They need information that lets them better understand climate risks and opportunities to see who they can trust to thrive in a low-carbon future economy.”
–Alex Martin, Senior Policy Analyst, Americans for Financial Reform Education Fund

Statement: Biden Executive Order on Climate Finance is a Strong Step

President Biden today issued an executive order that outlines the administration’s plan to manage the financial risks associated with the climate crisis. The order highlights the administration’s determination to use all the resources of the federal government to combat the threat that climate change poses to financial stability.

News Release: Advocates Applaud Senate Rollback of Pro-Predatory Lending Rule

In a 52-47 vote last night, the U.S. Senate voted to overturn a Trump administration regulation that would allow predatory lenders to evade state interest rate laws by putting a bank’s name on the paperwork.

Joint Release: Advocates Applaud Senate Repeal of National Banking Regulator’s Predatory Lending Rule; Urge the House to Act Soon

“The House must now move swiftly to join the Senate and prevent any more rent-a-bank schemes from taking root in the 45 states that cap or otherwise regulate interest rates,” said Linda Jun, senior policy counsel for Americans for Financial Reform.

News Release: New Bank Regulator Leadership Welcome; Congress Still Must Roll Back Rule Promoting Predatory Lending

Advocates welcomed reports that Treasury Secretary Janet Yellen plans to appoint a new acting head of the Office of the Comptroller of the Currency (OCC), replacing Blake Paulson, in light of the highly deceptive and false claims that the agency, under Paulson’s leadership, put forward as Congress debates overturning the OCC’s “fake lender” rule.

News Release: Bipartisan Group of 25 State Attorneys General Urge Congress to Repeal OCC “True Lender” Rule

In a rare form of bipartisan agreement, a group of 25 Attorneys General (AGs) sent a letter today to Congressional leadership urging it to “use the Congressional Review Act (CRA) to rescind the Office of the Comptroller of the Currency’s (OCC’s) “True Lender” rule in order to “safeguard states’ fundamental sovereign rights to protect their citizens from financial abuse.”

News Release: Wall Street Money In 2019-20 Election Cycle Hits Highest Level Ever

During the 2019-20 election cycle, Wall Street spent at least $2.9 billion on campaign contributions and lobbying to influence policy in Washington, according to a report released today by Americans for Financial Reform. That total, which amounts to $4 million a day, shatters the previous record of $2 billion set in the 2015-16 presidential cycle. The highest-ever level of spending by Wall Street banks and financial services reflects the industry’s relentless push to influence decision-making, regardless of the party that controls Congress or the executive branch.