As the Federal Reserve prepares new capital rules for American banks, Wall Street is rolling out its misdirection and bad arguments – as it has for much of the past decade – about why they should not be required to steel themselves against a crisis or downturn. And once again, regulators and Congress must be prepared to ignore their histrionics and strengthen capital requirements.
The gravity of what will be a landmark Supreme Court case involving the funding of independent agencies has become increasingly apparent to observers of the judiciary. Numerous media reports have highlighted how the case, aimed at the Consumer Financial Protection Bureau, threatens to upend the funding for many federal agencies, above all the Federal Reserve.
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.
The International Organization of Securities Commissions (IOSCO) seeks comment on a Voluntary Carbon Markets Discussion Paper issued to advance the discussion about what sound and efficient Voluntary Carbon Markets should look like and what role financial regulators may play in promoting integrity in those markets. Americans for Financial
We are writing on behalf of Public Citizen, Americans for Financial Reform Education Fund, and Sierra Club to supplement the information provided in previous comments we submitted. The purpose of this letter is to highlight a number of recent developments that further strengthen the rationale for the proposed rule.
As explained in our attached summary of developments related to climate-related financial risk, dramatic changes ushered in by the Inflation Reduction Act, the Russian invasion of Ukraine, and global market trends more generally, are accelerating a rapid transformation in the investment landscape.
AFREF joined a letter to the White House Task Force on New Americans Financial Access and Education Subcommittee urging them to incorporate policies that would explicitly expand language access within the financial services sector.
Americans for Financial Reform Education Fund (AFREF) submitted letters to the Federal Reserve Board on its recent climate guidance for large banks. A coalition letter signed by 24 organizations urged the Fed to include enhanced safeguards and monitoring around fair lending violations, racial and economic
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.
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.
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.