News Release: New CFPB Guidance Defines Abusive Industry Conduct
Washington, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a policy statement on how it defines prohibited abusive conduct against consumers.
Category Archives: Press Releases
News Release: CFPB Proposed Rule will Bring Accountability for Financial Corporations
Washington, D.C. — The Consumer Financial Protection Bureau (CFPB) proposed rulemaking to require that regulated nonbank entities annually register with the CFPB regarding their use of specific terms and conditions in form contracts for consumer financial products and services, will reinforce the agency’s ongoing efforts to bring transparency and accountability on how financial industries operate, according to Americans for Financial Reform Education Fund and consumer coalition advocates.
News Release: Broad, Independent Probe of Fed Failings on Bank Crisis Essential
A successful independent investigation into the failure of the Federal Reserve to prevent the failure of Silicon Valley Bank and the current banking crisis must have a broad scope and the authority to collect and make public the evidence from the probe, according to Americans for Financial Reform.
News Release: House Financial Services Republicans Squander Opportunity to Hold Crypto Industry Accountable
Washington, D.C. — The House Financial Services subcommittee hearing today on digital assets should have been an opportunity to identify critical actions Congress and regulators should take to address the fallout of the crypto crash, but consumer advocacy groups fear the hearing will take a very different direction instead.
News Release: Supreme Court Signals Gravity of Fifth Circuit Ruling by Taking CFPB Case
Washington, D.C. – The Supreme Court’s decision to take up a case in which the Fifth U.S. Circuit Court of Appeals attacked the funding mechanism of the Consumer Financial Protection Bureau recognizes that the lower court has produced a decision threatening consumers, honest businesses, and the financial system itself.
News Release: Voting Record Highlights Lawmaker Stands on Financial Reform in 117th Congress
A new report providing a snapshot of how every member of Congress voted on consumer protections, climate financial regulation, Wall Street, and financial industry legislative measures during the 117th Congress.
News Release: Chevron Mega-Stock Buybacks Program Shows Need for Tougher Rules
Washington, D.C. – The announcement that Chevron will spend $75 billion on stock buybacks underscores the urgency of reinforcing a measure Congress created last year to penalize companies that engage in a financial practice that amplifies rampant wealth inequality, and in this case boosts the bottom line of a climate-harming industry.
News Release: OCC Should Follow CFPB Lead in Drawing Tough Line on Repeat Offenders
The nation’s big-bank regulator, the Office of the Comptroller of the Currency, should help broaden and extend a crackdown on financial institutions that repeatedly violate the law – notably Wells Fargo – with all the tools at its disposal. Comptroller Michael Hsu is speaking on the problem of “too big to manage” today. The speech comes about a month after the Consumer Financial Protection Bureau ordered Wells to pay $3.7 billion over widespread mismanagement of auto loans, mortgages, and deposit accounts, and promised to work with other federal regulators to find durable solutions to its constant violations of the law.
News Release: Subprime Corporate Debt, Hitting $5 Trillion, Brings Defaults, Slower Growth
The explosion of low-quality lending has brought debt loads in corporate America to record highs, a development that is likely to bring, in the coming years, a wave of defaults, slower growth, future job losses, and potential instability stemming from the utter opacity of this business. Despite the exponential growth in subprime corporate debt, our laws and regulations have not kept up, leaving policymakers and regulators in the dark as to the exact size of this market and where various risks may exist that could affect other financial institutions, companies, and their workers.
News Release: Banks Should Heed Fed Warning on Crypto Asset Risks
Washington, D.C. — The Federal Reserve and other banking regulators made the right call Tuesday by issuing a warning regarding the risks that crypto-assets pose to banking organizations. There is widespread volatility, fraud risk, legal uncertainties, unfair and deceptive practices, run and contagion risks, high levels of concentration and interconnections between firms, and poor risk management and governance found throughout the industry – all of which spells danger for investors and consumers alike.