Statements and Press Releases Archives - Page 65 of 82

AFR Press Statement: Big Banks Seek to Undermine and Negate the Volcker Rule

“The Wall Street Journal has reported that the big banks are pressing Congress for a statutory delay in the implementation of the Volcker Rule. They claim that the fact that the law will become effective this July, possibly before all the rules are finalized, will lead to disruptions in our financial markets. But that’s simply not true. …his lobbying effort should be see for what it is — just another effort to undermine and negate the Volcker Rule so that Wall Street can continue proprietary speculation while taking advantage of the safety net taxpayers provide to the banking system.”

AFR Press Statement: Resignation of Goldman Sachs executive director Greg Smith Illustrates Need for Volcker Rule

The resignation of Goldman Sachs executive director Greg Smith and the striking op-ed he wrote in today’s NY Times reveal once again that the problems laid bare in the 2010 Congressional hearings on proprietary trading remain pervasive at our largest banks. Congress passed the Volcker Rule as a specific response to these issues. Indeed, the Volcker Rule – which reorients banking culture to serving customers by banning proprietary trading and the conflicts of interest it creates – is aimed at precisely the problems Mr. Smith describes at Goldman Sachs.

AFR Press Statement: CFPB Inquiry into Overdraft Practices a Welcome Step

AFR welcomes the Consumer Financial Protection Bureau’s newly announced inquiry into overdraft fees, their impact on consumers, and in particular the Bureau’s focus on check re-ordering, and misleading or confusing marketing of so-called “standard” overdraft protection, a product deemed so abusive that regulators now require a consumer’s affirmative consent or “opt-in”.

AFR Press Statement: CFPB Makes Progress Towards Supervision of Debt Collectors and Consumer Reporting Agencies

“In issuing its proposed rule defining ‘larger participants ‘in the debt collection and consumer credit reporting markets the CFPB took an important step towards more accountability and fairness in the consumer financial marketplace.”

AFR Press Release: Organizations Call for Strong “Volcker Rule” to Reform Wall Street Speculation

Americans for Financial Reform, Public Citizen, and Occupy the SEC hosted a conference call with reporters and bloggers Tuesday, February 14th at 2:00 PM EST to discuss the importance of the “Volcker Rule” and calling on the regulators to draft an effective final rule, and to resist industry’s efforts to defend a status quo that serves Wall Street special interests and puts the public at risk.

AFR Press Statement: President Obama’s FY 2013 Budget

“President Obama’s FY 2013 budget request would increase the CFTC budget to $308 million…also increases funding for the SEC to $1.566 billion…AFR strongly supports the increased funding levels, and believes that adequate funding for these regulators is vital to holding Wall Street accountable, and preventing another financial crisis. Huge volumes of hidden and un-backed derivatives trades were a key cause of the financial crisis. …With millions of Americans still out of work, more than $8 trillion lost in home values and retirement savings, and millions of foreclosures it could not be clearer that Wall Street must not be allowed to gamble in the shadows.”

AFR Press Statement: CFPB Final Rule on Remittance Consumer Protections

“People in the US send more than $400 billion in remittances each year, hard earned dollars that are crucial for their families overseas. We applaud the CFPB for a rule that will provide clarity and confidence for consumers. This rule lets people compare prices and shop for the best service, and defend remittance senders’ rights if companies do not fulfill their obligations or if money is not delivered as promised.”

AFR Press Statement: CFTC’s Final Rules on Swaps Dealer Business Conduct

“The final rules on swaps dealer business conduct approved by the CFTC today represent a significant weakening of the Commission’s initial proposed rules in this area. The Dodd-Frank Act created a significant set of new protections for public entities and pension funds in the derivatives markets. These rules, unlike the initial proposal, are simply not sufficient to fully implement the Dodd-Frank protections.”

AFR Press Statement: President Obama’s Recess Appointment of Richard Cordray

Consumers won today when President Obama defied Wall Street interests to make a recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau. President Obama stood with consumers and families in making this crucial decision.

AFR Press Statement: Filibuster of Cordray Nomination to lead the CFPB

With this morning’s vote on General Cordray’s nomination to lead the Consumer Financial Protection Bureau (CFPB), Senators faced a choice. Would they stand up for fair rules of the road in the consumer financial marketplace, or would they side with the big Wall Street banks, and the bottom feeders in the lending industry?

Unfortunately, 45 Senators chose the latter. With unemployment still above 8.5%, and millions of foreclosures devastating families and communities, they chose to defend the status quo that allowed the deceptive and abusive lending at the heart of the financial crisis to flourish. With people struggling to make ends meet in hard times, they chose to protect payday lenders making 300% ‘debt trap’ loans. Now they are on the record. We do not think their constituents will be pleased.