“[W]hile the final rule is an improvement over the proposed rule, it does not go far enough to ensure fair treatment of borrowers. We urge the CFPB to immediately consider improvements, both on its own and through the interagency guidance process.”
“[P]ortions of today’s rule should have been stronger, and the CFPB has put one very important question on the table for further comment, creating a risk of further slippage.”
With new rules for mortgage lending and servicing due to be issued soon, the Bureau faces an important opportunity to make the housing market work better for families and communities.
International regulators have “effectively gutted” a requirement that was supposed to provide a crucial protection against financial instability.
“These actions run far too deep and are much too extensive to be written off as the behavior of a few ‘rogue traders.'”
AFR and consumer groups decry a set of weak and flawed FTC rules for used car dealers.
In a press-teleconference this afternoon, Arkansas State Securities Commissioner Heath Abshure, who is also president of the North American Securities Administrators Association, joined three investor advocates in sharply criticizing the Securities and Exchange Commission’s first JOBS Act rulemaking – one that allows the mass marketing
Earlier today, the Securities and Exchange Commission (SEC) voted 4-1 to issue a proposed rule implementing the provision of the JOBS Act that allows the “general solicitation and advertising” (GS&A) of private stock offerings. Commissioner Luis Aguilar voted against releasing the proposal, pointing out that it did not include any of the enhanced protections suggested by commenters (such as CFA and AFR) to address the significantly increased investor vulnerability that will result from lifting the long-standing ban on these practices.
In a major victory for investors, SEC Chairman confirmed earlier today that the Commission was changing course and would follow the traditional rulemaking procedures – proposing a rule and offering an opportunity for public comment – before lifting the solicitation ban.
AFR issued a press statement urging the SEC to abandone its rushed JOBS Act Rulemaking, which could put investors at risk.