Category Archives: Statements and Press Releases

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AFR Statement: CFTC Should Discount Skewed Panel’s Report on Energy Market Speculation

“Today the CFTC’s Energy and Environmental Markets Advisory Committee (EEMAC) issued an end-of-year report highly critical of mandated position limits in the energy markets. The CFTC and the public should discount this badly slanted report, and the CFTC should re-examine advisory committee membership to ensure that the public interest is properly represented.”

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AFR Statement: Student Aid Enforcement Unit, Department of Education Must Grant Swift Relief to Defrauded Corinthian Students

“It is good that the Department of Education recognizes the depth of the problems of fraud at too many for-profit institutions of higher education, as evidenced by the formation of the Student Aid Enforcement Unit. But hundreds of thousands of borrowers from the now-bankrupt Corinthian Colleges, Inc. remain on the hook for federal student loans, and continue to accrue interest. This is despite the fact that the illegal actions identified in Department enforcement actions against certain Corinthian schools were endemic throughout the entire chain.”

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AFR Statement: The State of Financial Reform

In his final State of the Union address, President Obama reminded the nation that “food stamp recipients didn’t cause the financial crisis; Wall Street recklessness did.” While he did not linger on the subject, the totality of his remarks made a strong case for measures to make the financial system safer and fairer. We agree about the need for such measures, and we laud the progress that has already been made. But, as we enter the final year of this administration, there is more that needs to be done.

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Joint Press Release: Newly Unsealed Documents Expose Ugly Details Of Scott Tucker’s Payday Lending Scheme

“Public Justice, working as counsel to Americans for Financial Reform, announced today that it has won a motion to unseal court documents showing how AMG Services, Inc., the payday lending business owned by magnate Scott Tucker, deceived borrowers about the total amount their loans would cost. The carefully orchestrated scheme netted Tucker and his associates at least $1.32 billion out of the pockets of hard-pressed borrowers.”

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AFR Statement: Wall Street Loses – The Rest of Us Win

“The omnibus government spending bill made public this morning did not include the dangerous financial deregulatory riders that Wall Street and its allies had been promoting. Financial industry lobbyists and their friends in Congress pushed hard to use this ‘must pass’ legislation to achieve a number of unrelated, unpopular, and destructive policy goals… They failed. The defeat of these proposals is a credit to the determined opposition of key leaders in the House, the Senate, and the Administration, and to the effective organizing and advocacy of groups around the country.”

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Joint Statement: Privacy and Consumer Groups Back CFPB’s Use of Data

“We support the Consumer Financial Protection Bureau’s (CFPB) acquisition and analysis of commercial databases to help it ensure the public is fairly treated by the financial marketplace.
As leaders of consumer and privacy organizations, we agree that the CFPB needs to use the wide range of data available to financial institutions and services in order to identify best practices and necessary safeguards.”

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Press Statement: Coalition Calls on Seven Major Corporations to Stop Using Forced Arbitration

“Forced arbitration clauses deny American consumers and workers of the right to hold corporations accountable. Instead of going to court, these clauses force consumer claims into private arbitration that favors the corporation. Corporations write the arbitration rules, even choosing the arbitration firm and the location for the proceeding. Forced arbitration is thus a parallel system of dispute resolution created by and for corporations and explicitly designed to protect their interests above all else.”

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Press Release: Ten EU countries agree on key elements of a transaction tax

Ten euro-zone countries, including Germany and France, outlined the key points of their broad consensus on a harmonized transaction tax… ‘We are happy to see Europe moving forward on this critical financial reform and urge U.S. policymakers to follow suit,’ said Lisa Donner, Executive Director of Americans for Financial Reform. “