Statements and Press Releases Archives - Page 44 of 84

AFR Statement: The CFTC must stand firm on derivatives margin rules

“At today’s meeting, the Commodity Futures Trading Commission (CFTC) will rule on whether derivatives margin rules required by Japanese regulators are comparable to U.S. margin requirements… Japanese margin rules are significantly weaker than U.S. rules in several important areas. These include margin protections in case of the bankruptcy or failure of a foreign counterparty, and the types of non-cash margin accepted. Permitting U.S. firms to operate under these weaker rules would constitute an unacceptable back-door weakening of U.S. margin rules. We are concerned that such a comparability determination would set a precedent for permitting similar weakening in other jurisdictions and in other areas of derivatives oversight.”

AFR Press Release: More than 100 Lawmakers Call for Swift CFPB Action on Forced Arbitration

“More than 100 U.S. Senators and Representatives are asking the Consumer Financial Protection Bureau (CFPB) to move ahead with its efforts to restore the right of consumers to join together to hold corporations accountable when they break the law. In separate House and Senate letters, the lawmakers voice their support for a CFPB proposal that would limit the financial industry’s use of forced arbitration “ripoff clauses,” typically buried in the fine print of take-it-or-leave-it contracts, to block consumers from challenging hidden fees, fraud, and other illegal behavior.”

AFR Statement: CFPB Merits Praise for Laying out “Principles for the Future of Loss Mitigation”

“AFR hopes that other agencies and private investors recognize the CFPB’s thoughtful recommendations and that the CFPB will remain an active participant in this important conversation.”

Joint Statement: AFR and 25 Allies Salute the Work of the CFPB on its Fifth Birthday

The CFPB was created after the 2008 financial crisis to bring basic standards of fairness and transparency to the consumer finance marketplace. Five years later, our organizations join in celebrating the important changes the CFPB has already made, and in eager anticipation of the work to come.

Bipartisan Poll: Americans Express Broad Support for Financial Regulation and the Work of the CFPB

Ninety-six percent of Democrats and 89 percent of Republicans regard financial regulation as important, according to the survey, which was conducted in June by Lake Research Partners and Chesapeake Beach Consulting on behalf of Americans for Financial Reform and the Center for Responsible Lending. Here

Press Release: Over 80,000 Petitioners Demand SEC Action on Toxic Swap Deals

Chicago leaders and national organizations joined together to deliver a petition in which over 80,000 Americans asked the SEC to investigate the toxic swap deals squeezing cities and states across the country.

AFR Statement: AFR Welcomes Promising Changes to the Federal Housing Administration’s Distressed Mortgage Sales

“Americans for Financial Reform (AFR) and many members of our coalition and allies have long pressed for significant changes to the Federal Housing Administration (FHA) sales of distressed mortgages so that the program better serves homeowners and communities, and we welcome yesterday’s announcement of a number of promising reforms. “

AFR Statement: Warner-Warren-Cummings Bill Establishes Crucial New Derivatives Protections

“Today, Senators Mark Warner and Elizabeth Warren, as well as Congressman Elijah Cummings have introduced an important new piece of legislation that takes a comprehensive approach to addressing failures in oversight of the $500 trillion global derivatives market, and would go far to protect the public against the risks of another disastrous meltdown in critical financial markets.”

AFR Statement: House committee votes to undermine Investor safeguards

“If these measures became law, long and painful experience suggests they would cause capital to move from sound and regulated investments into dangerous and unregulated investments. The net effect would be to weaken regulatory oversight, reduce transparency, and generally undermine the regulatory framework that helped make America’s financial markets the deepest, most vibrant markets in the world.”

AFR Statement: Financial deregulation is House majority’s answer to all problems

“Speaker Ryan’s plan to ‘Grow the Economy’ would roll back consumer protections affecting everything from subprime mortgages to payday loans, empower Wall Street lawyers to overturn financial regulatory rules in dozens of new ways, and eliminate post-crisis regulatory powers to control risks at the giant ‘too big to fail’ institutions that dominate Wall Street.”