Statements and Press Releases Archives - Page 50 of 85

AFR Statement: Five Bank Resolution Plans Found “Not Credible”

“These regulatory assessments add yet more weight to the case for aggressive action to realize the promise made in the Dodd-Frank Act that ‘too big to fail’ will be ended. The findings open the door to such action by authorizing regulators to place additional controls on the five banks whose plans were officially found to be ‘not credible’ if these banks do not meet the October 1st deadline for remediating the issues identified in the resolution plans. The regulators’ action also starts the two year clock in Dodd-Frank on the potential breakup or restructuring of these banks.”

AFR Statement: A Huge Victory for American Workers and Retirees

“After years of effort, and against massive opposition by some industry players, the Department of Labor has come out with a rule requiring retirement investment advisers to give honest advice – the kind that puts the best interests of their clients first. Today’s announcement is a huge victory for American workers and retirees. “

AFR Statement: AFR Statement on Metlife Decision

“We are disappointed that a single Federal district court judge has overturned the decision of the Financial Stability Oversight Council (FSOC), which voted 9-1 to designate Metlife for additional Federal Reserve oversight. “

AFR Statement: Department of Education must expedite and broaden relief to Corinthian students

“We join with the advocates, lawmakers, and law enforcement officials who have all called on the Department use its legal authority to discharge debts of students covered by the Department’s enforcement actions without further delay and without requiring each borrower to make an individual application.”

Letter to Regulators: AFR Urges Federal Reserve and FDIC to Take Opportunity to End Too Big to Fail

“AFR sent a letter to banking regulators today concerning their review of bank resolution plans. The Dodd-Frank Act requires regulators to review these plans to ensure that major banks are no longer ‘too big to fail’ – that they can go through a conventional (Chapter 11) private bankruptcy in an orderly manner, without creating substantial economic disruption. “

AFR Statement: Why We Support the Baldwin-Merkley Hedge Fund Bill

“Again and again, activist hedge funds have used sneak attacks to accumulate large stakes in public companies and then cashed out quickly at the expense of workers, communities, and the long-term viability of the company itself. The Brokaw Act is a sensible and badly needed response to this problem. With the introduction of their bill, Senators Baldwin and Merkley have struck an important blow against the immediate-profits-at-all-costs mentality that has become such a huge obstacle to long-term investment in our country.”

Press Release: Show of Support for CFPB at House Hearing

In the audience at the House Financial Services Committee’s semi-annual CFPB review hearing this morning, you’ll see a delegation of community leaders and consumer advocates from around the country wearing lime-green t-shirts and signs that say, “The CFPB Has Our Back.”

AFR Statement on the President’s Meeting with Financial Regulators Today

“Nearly six years after Dodd Frank’s enactment, key oversight agencies (including the Securities and Exchange Commission, and the Commodity Futures Trading Commission) have still not completed crucial rules mandated by the law. These include measures deeply related to the causes of the financial crisis…”

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.”

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.”