Category Archives: Statements and Press Releases

Press Release: Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2016 Election Cycle – More than $2.3 million a day

Since 2008, the financial industry’s political spending has increased to levels even higher than they were before the financial crisis, and the the current cycle’s expenditures are on track to be the highest yet, according to a new AFR report. This continued high level of spending reflects the ongoing battle to reshape the financial system and the industry’s persistent efforts to repeal or win exemptions from parts of the Dodd Frank financial reform law, to weaken implementing regulations, and to forestall further proposals for change.

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Press Release: New Tool for Tracking Congressional Votes on Wall Street Regulation

This new report from the AFR Advocacy Fund can help journalists, advocates, and others understand how Congress as a whole, and individual lawmakers, have voted over the past two years on issues related to oversight of banks and the financial system. The report tracks more than 70 bills, amendments, and resolutions that presented House members and Senators with choices about protecting investors, consumers, or borrowers or strengthening the stability, transparency, or accountability of the financial sector.

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AFR Statement: Chairman Hensarling’s Erroneous Claim

“Contrary to Chairman Hensarling’s pronouncement, the Consumer Financial Protection Bureau (CFPB) is not subject to onerous executive orders regarding ‘Regulatory Planning and Review.’ The executive orders specifically exclude any agency defined as an ‘independent regulatory agency’ by 44 U.S.C. 3502(5), which lists the CFPB by name. PHH v. CFPB did nothing to change that statutory definition.”

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Press Release: U.S. Court of Appeals Rules Against CFPB in Constitutional Challenge

“As the CFPB’s work to stop the Wells Fargo’s fraud demonstrated once again, the CFPB is doing exactly what Congress established it to do: serve as an effective enforcer of fair rules of the road to prevent unfair deceptive and abusive financial practices, practices that led to the financial crisis and cost trillions of dollars in lost homes, lost jobs, and lost wealth… Compromising the CFPB’s independence would be a huge gift to Wall Street greed and a loss for consumers. We are hopeful that this erroneous decision will be overturned.”

Joint Press Release: Advocates Deliver a Strong Payday Loan Message from Hundreds of Thousands of Americans

“More than 700 groups carrying the voices of hundreds of thousands of Americans from every state in the union today called on the nation’s consumer financial watchdog to put forth a strong final rule that will truly end the abuses of payday lending… That message was carried in a letter hand-delivered today to CFPB Director Richard Cordray and signed by national, state and community-based organizations representing seniors, faith denominations and clergy, labor and workers, consumers and veterans among others.”

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AFR Press Release: More than 400,000 Comments Urge CFPB to Adopt a Strong Payday Rule

“Since the release of the Bureau’s proposed rule in June, hundreds of organizations have been gathering comments or borrower stories at faith services, community centers, film screenings, street festivals, concerts, job fairs, and town hall meetings, and through online channels. Major civil rights groups, including the NAACP, the National Council of LaRaza (NCLR), and the League of United Latin American Citizens (LULAC), have been deeply involved in these efforts, along with labor unions, social service providers, consumer and small business groups, and advocates for veterans and seniors.”

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AFR Statement: The CFPB Expands Protections on Prepaid Cards

“We applaud the Consumer Financial Protection Bureau’s rule expanding consumer protections for prepaid cards. Americans will be better off because of the enhanced rights in case of loss, theft, and unauthorized charges, and the simple, clear fee disclosures the Bureau has put in place.”

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AFR Statement: A Victory for Military Families

“New Defense Department rules against predatory consumer lending to military personnel and their families take effect today. With proper enforcement, they should go a long way toward closing the loopholes that for nearly a decade have allowed some high-cost lenders to evade the 36 percent annual interest-rate limit of the Military Lending Act.”