Treasury’s Federal Insurance Office (FIO) took an important initial step this week toward understanding how climate change is affecting homeowners insurers’ coverage and pricing decisions for consumers. Disappointingly, the notice of data collection was scaled back from earlier proposals, omitting queries critical to fully understanding the nature of the ongoing insurance crisis.
Washington, D.C. – The following steering group members of the Save Our Retirement coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Center for American Progress, Consumer Federation of America, Economic Policy Institute, and Pension Rights Center – commended the public release of the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when financial professionals give retirement investment advice:
WASHINGTON, DC – There should be no added compliance costs for 75% of the largest public companies to disclose their greenhouse gas emissions under the upcoming Securities and Exchange Commission (SEC) climate financial risk disclosure rules, a new report has found. The findings cast doubt on U.S. business groups’ claims that the costs of fully disclosing their climate risks would be too high.
Washington, D.C. — The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency today released joint Principles for Climate-related Financial Risk Management for Large Financial Institutions that establish climate-related risk management expectations for banks with over $100 billion in assets.
Washington, D.C. — The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a joint final rule to revise the regulations implementing the Community Reinvestment Act (CRA). This decision caps a long-awaited effort to modernize the rules to reflect the changing structure of the banking system and needs for community loans, investments, and services.
Washington, D.C. — SEC Commissioner Caroline Crenshaw gave a notable speech at an event sponsored by the Center for American Progress on October 11th warning of the dangers posed by the fact that the $1.4 trillion leveraged loan market, often used to finance private equity takeovers, is not subject to securities laws, and therefore operates without many investor protections.
WASHINGTON, DC — Five Democratic Senators betrayed small business owners Wednesday by voting with Republicans to rescind recently finalized small business lending data rules known as Section 1071, leading consumer advocacy groups said.
Washington, D.C. – The Securities and Exchange Commission’s decision to finalize important amendments governing beneficial ownership reporting despite fierce backlash from the hedge fund industry represents a significant move towards creating a more equitable investment landscape increasing transparency for other investors.
WASHINGTON, D.C. – The Federal Trade Commission and Consumer Financial Protection Bureau’s announcement of new actions to crack down on junk fees is a critical initiative in stopping companies from ripping off consumers with hidden and misleading fees and compelling firms to provide upfront and accurate pricing on products and services.
Washington, D.C. – Today, the Supreme Court heard oral arguments in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA), a case that could undermine the CFPB and create widespread havoc in the financial sector and our economy.