Category Archives: Statements and Press Releases

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AFR Press Release: Senator Warren Calls for a Mass Mobilization

“‘It’s time to send a message to big banks, payday loan lobbyists, and their Republican friends in Congress: the American people are watching,’ Senator Elizabeth Warren (D-Mass.) told a telephone audience of nearly 3,000 fired-up activists last night. ‘We’re going to fight back against any efforts to gut financial reform and to allow big banks and shady financial institutions to once again cheat consumers and put our economy at risk.’”

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AFR Statement: CFTC Cuts Swaps Dealers Too Much Slack

“AFR is disappointed at the continuing extension of exemptions from swaps reporting for foreign dealers active in the U.S. markets. Some of the transactions to which this relief applies, such as transactions with supposedly non-guaranteed affiliates of U.S. banks, could be highly relevant to derivatives risks within the U.S. economy.”

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AFR Statement: The Trump Administration and Wall Street Reform

“As Americans clearly understand, the rules of the game for Wall Street have a profound impact on our economic security, and too many people have suffered from policies that enrich a tiny few at the expense of millions. Republican, Democratic and Independent voters have said as much again and again, in polls and elections. In this election, supporters of both candidates were looking for more accountability for Wall Street. The country will be watching to see whether the new President and his Congressional allies make choices – about who to appoint and what policies to embrace – that can deliver that kind of change in the public interest.”

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.”