Statements and Press Releases Archives - Page 55 of 85

AFR Statement: The Case for the “21st Century Glass Steagall Act” Is Stronger than Ever

Senators Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I.-Me.) have reintroduced their “21st Century Glass-Steagall Act,” which would restore the historic division between traditional (or commercial) banking world and the casino world of trading and speculating. Five years after passage of the Dodd-Frank Act, the case for this bipartisan legislation is stronger than ever.

AFR Statement: A Breakthrough for Financial Consumers

“The Consumer Financial Protection Bureau went live today with an important new feature of its complaint database. For the first time, the public now has access to accounts of actual consumer experiences. We applaud the CFPB for taking this step, which will vastly expand the value of its complaint system.”

Joint Press Release: Mayors from 18 Cities Call for an End to Fire Sales of Distressed Housing Assets to Wall Street Speculators

Following the release of a report by the Center for Popular Democracy and the ACCE Institute detailing sales of troubled mortgages to faulty players, mayors from across the country are calling for mortgage owners and holders to prioritize the sale of troubled mortgages to good actors who can help homeowners struggling in the aftermath of the crisis.

Joint Statement: 78,000 Consumers Urge CFPB to End Forced Arbitration

In petitions gathered by AFR and five allied organizations, more than 78,000 consumers urge the Consumer Financial Protection Bureau to take swift action against the use of forced arbitration clauses in financial services and products. The CFPB is empowered by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to ban or limit this anti-consumer device in products under its jurisdiction.

Press Release: More than 13,500 People Tell the CFPB: Happy Birthday and Keep up the Good Fight

Consumer Financial Protection Bureau Director Richard Cordray accepted delivery today of a set of birthday-card-style petitions in which more than 13,500 Americans express their support and gratitude for the Bureau’s efforts “to safeguard American consumers, families and communities against the deceptive and abusive practices of

AFR Statement: Forgetting the Lessons of the Financial Crisis

“As today’s [Senate banking committee] vote shows, a disturbing number of lawmakers are once again willing to act as shills for Wall Street and its discredited deregulatory agenda. But the sharply divided nature of the vote is heartening. Ten of the committee’s 22 members voted against the bill. Their continued support for Wall Street reform, along with the public’s support, makes it unlikely that this dangerous bill or anything like it will become law.”

Joint Statement: 58 Lawmakers Call for a Strong CFPB Rule on Forced Arbitration

In a letter to Director Richard Cordray, 58 lawmakers urge the Consumer Financial Protection Bureau to use its Dodd-Frank authority to prohibit financial services companies from forcing consumers to resolve disputes in private arbitration instead of court. The CFPB should heed their call, four public-interest groups, including AFR, said today.

Joint Petition: 78,000 Individuals and 50 Organizations Tell Dept. of Education to Grant Debt Relief to Corinthian Students

“Yesterday, more than 78,000 individuals as well as 51 national and local consumer, labor, and community groups sent a clear message – exressed in a set of petitions and letters to Secretary of Education Arne Duncan – that the U.S. Department of Education (the Department) has a duty to cancel the federal student loans of all borrowers harmed by Corinthian Colleges without requiring each one to prove Corinthian’s fraud. “

AFR Statement at CFPB Field Hearing on Student Loan Servicing

“The CFPB should use the authority that it has to make sure that borrowers are treated fairly, and that they get the information they need to take advantage of any repayment plans available to them. This means that abusive, profit-increasing practices that are banned in other consumer debt industries, but are still used by companies that collect payments on private student loans, must be curbed.”

AFR Statement on Senator Shelby’s Draft Bill

“Senator Shelby’s 216-page draft legislation makes sweeping changes that would significantly weaken key financial reforms passed in direct response to the events of the 2007-2009 financial crisis. It puts the wish list of the financial sector above protecting the stability of the US economy, and the safety of mortgage markets and of homebuyers. “