Category Archives: Statements and Press Releases

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CFPB Moves Forward on Expanded Reporting of Mortgage Data

Americans for Financial Reform, California Reinvestment Coalition, National Fair Housing Alliance, National People’s Action, New Economy Project, and Woodstock Institute praised the CFPB for proposing “a number of positive steps to improve the range and detail of mortgage application and lending information available to financial regulators and the public.” This kind of data, the statement says, “is crucial for regulators and the public to understand the mortgage market, who does and does not have access to credit, and on what terms.”

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AFR Statement on Final SEC Rule on Money Market Funds

AFR issued a statement on the final SEC rule on money market funds. AFR feels that these reforms are inadequate, and encourages the SEC to work with other regulators to address remaining systemic risks related to money market funds.

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Wall Street Regulation Needs to be Tougher, Americans Overwhelmingly Agree

Nearly five years after the financial crisis, a new national poll – conducted on behalf of Americans for Financial Reform and the Center for Responsible Lending – shows continued bipartisan support for tougher regulation of the financial industry and its products and services. A sweeping majority of voters (78%) believe that financial rules and enforcement need to be strengthened, and that Wall Street’s bad practices have not changed enough.

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Public Interest Groups Applaud CFPB Proposal to Make More Complaint Information Public

“Public access to consumer complaints can help individuals make smart decisions upfront. Consumers will be able to draw their own conclusions from the data. Those who identify a company with disreputable lending practices or poor complaint resolution will be in a position to harness the power of the purse to protect themselves. Businesses with good products and customer service will benefit, and academics, researchers and others will be able to help the agency spot harmful trends and patterns before they become widespread.”

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National Faith, Community and Labor Leaders Call on FHFA Director Watt to Take Action to Help Homeowners and Communities

“We write to you now on behalf of the millions of families who are still struggling with negative home equity, as well as those who are in danger of losing their homes through foreclosure, and the neighbors and communities hurt by foreclosures around them. The need to swiftly reverse the government sponsored enterprise (GSE) policy on principal reduction remains a major priority for many organizations and community members.”

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Nearly 600,000 Americans Ask Senators to Support “21st Century Glass-Steagall Act”

“At the Capitol this afternoon [July 9], Senator Elizabeth Warren (D-Mass.) received petitions in which nearly 600,000 Americans call for action on the 21st Century Glass-Steagall Act. This bipartisan bill, introduced by Senator Warren along with Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine), would address the problem of Wall Street banks that have become too complicated, too conflicted and too powerful, as well as simply too big.”

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AFR Statement on Final SEC Cross-Border Rule

“Overall, this rule is disappointing. It continues to leave a major gap in regulatory authority regarding the application of U.S. law to foreign subsidiaries of U.S. banks. Specifically, while the rule applies U.S. jurisdiction to cases where a foreign subsidiary’s swap counterparty has legal recourse to the U.S. parent bank for the performance of a specific swap, it does not extend jurisdiction to cases where the parent U.S. bank is implicitly or even explicitly committed to guarantee the subsidiary in general.”

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House Reauthorization Bill Would Undermine Rather than Support CFTC

“The Commodity Futures Trading Commission (CFTC) has a huge role to play in protecting consumers and the economy against fraud, price manipulation, and reckless speculation… Unfortunately, HR 4413 would seriously interfere with the agency’s ability to fulfill its mission and defend our economic security.”