“This legislation restores the division between commercial banking and financial market activities – a change that will make our financial system more secure and better able to support the real economy.”
“Without real built-in investor-protection standards, we are seriously concerned that this rule will open the door to mass marketing of hedge funds and other risky and often illiquid ‘private’ securities in a market where abuses are common and SEC oversight is very limited. Fraud and abuse are not good for investors; they’re not good for capital markets, either.”
In today’s global financial markets, risk is not bounded by geographic borders but instead flows to whatever entity is ultimately liable for a transaction. While the CFTC hasmoved forward in the face of intense industry pressure, its guidance leaves some doubt about a potential cross-border loophole.
Statement of Privacy and Consumer Groups In Support of CFPB’s Use of Data
“It is past time for new leadership at FHFA, and we urge swift action to bring about that change.”
AFR issued a statement on proposals introduced by Senators Brown and Vitter in the US Senate.
AFR joined more than 15 leaders of public interest groups in releasing a joint statement applauding the FDIC and the OCC for their proposed guidance issued this week directing banks to stop making predatory loans that trap borrowers in a cycle of debt with 300% interest.
As new data confirms, they frequently serve as debt traps, with borrowers unable to repay, taking out repeated loans, and struggling to cover basic living expenses for months on end.
“This is about a minority that doesn’t want a watchdog that will keep an eye on the big banks to make sure they don’t cheat their customers.” – Senator Elizabeth Warren.
On Wednesday, March 27th, a coalition made up of 109 civic groups sent a letter to Mortgage Settlement Monitor Joe Smith and the Executive Monitoring Committee highlighting concerns with the slow pace of change on the ground for hardest-hit communities and the need for greater oversight.