Statements and Press Releases Archives - Page 62 of 86

AFR Statement on House Approval of HR 3193

“Many millions of people have already benefited from the Consumer Bureau’s rules, enforcement actions and online complaint system. Polls show that a large majority of Americans strongly approve of what this important new agency has been doing… And yet, 232 members of the House of Representatives voted today for legislation designed to systematically undermine this first-ever federal agency with a mandate to prioritize fairness and transparency over short-term financial-industry profits.”

Lawmakers Back DOJ Crackdown on Illegal Use of Bank Payment Systems

“Department enforcement plays a critical role in ensuring banks and payment processors meet [their] legal obligations,” the lawmakers say in a letter to Attorney General Eric Holder. “Unfortunately, recent cases demonstrate the seriousness of the consequences when those obligations are not met. Accordingly, we urge the Department to enforce vigorously applicable laws pertaining to payment fraud, money-laundering, and other illegal payments…”

Who Do They Represent, Anyway?

The House of Representatives plans to vote this week on the so-called “Consumer Financial Protection and Soundness Improvement Act” (HR 3193). This bill is a gift to the worst elements of Wall Street and the financial industry, whose tricks and traps cost American families tens of billions of dollars a year. If enacted into law, HR 3193 would invite a resurgence of the abusive and deceptive lending that was one of the leading causes of the financial crisis that nearly capsized the U.S. economy five-and-a-half years ago.

AFR Statement on CFTC Treatment of European Trading Facilities

“The derivatives market is a global market, but risks incurred by U.S. firms can impact the U.S. economy regardless of where a derivatives transaction takes place. As the process of cross-border regulation moves forward we urge the CFTC to ensure that all derivatives transactions posing a risk to the U.S. economy fall either under U.S. rules or under a regime that is fully equivalent to U.S. rules and is properly enforced.”

AFR Praises Rep. Doggett’s Bill to End the Tax Deductibility of Pay Above $1 Million a Year

“Americans for Financial Reform applauds the introduction of HR 3970, ‘The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act,’ by Representative Lloyd Doggett (D-Texas). Like a companion measure in in the Senate, H.R. 3970 would cap the tax deductibility of CEO pay at $1 million, closing loopholes in order to truly carry out the intent of a 1993 law that originally called for such a cap.”

Financial Reform – Key Piece of the Inequality Puzzle

“The President’s State of the Union address tonight will continue a conversation about the problem of growing inequality. If we are going to reverse the trend and set this country on a path toward broadly shared opportunity and prosperity, steps to rein in Wall Street excess and reshape the rules of the game for the financial system will need to have a prominent place on the To Do list.”

The Financial Service Committee’s Skewed “Survey”

“An overwhelming majority of Americans strongly supports the work of the Consumer Financial Protection Bureau (CFPB), which has been busy returning money to defrauded consumers and bringing commonsense rules to a market that desperately needed them. By contrast, the leaders of the House Financial Services Committee have relentlessly attacked the bureau in terms that echo the arguments of the worst elements of the financial services industry.”

“Fast Track” Threatens Wall Street Reform

The Obama administration is asking Congress to grant “fast track” authority for a new round of trade agreements, including the Trans Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP). In response to this request, Chairman Baucus of the Senate Finance Committee and

Good News for Consumers: Regions Bank Bows Out of the Payday Loan Business

Regions Bank announced today that it will no longer be offering triple-digit-interest payday-style loans. That’s very good news for consumers in the 16 southern and midwestern states where Regions operates. It’s one more step towards the end of a type of lending that is no less destructive when it’s practiced by a bank instead of a storefront.

Dawn of a New Day for Homeowners, Home Buyers, and Mortgage Lenders

The financial and economic crisis of 2008 was in no small part the result of an out-of-control mortgage lending industry. New rules for that industry – rules developed by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank financial reform law of 2010 – are now in effect. Their arrival is extremely good news for homeowners, aspiring homeowners, and the country as a whole.