AFR Calls on Regulators to Improve Swaps Market Transparency
AFR submitted a comment letter to the CFTC regarding the importance of collecting data essential to analyzing potential systemic risk.
Category Archives: Letters to Regulators
AFR Calls for Strong Action Against For-Profit Colleges that Exploit Students and Federal Aid
“We strongly support the Department of Education’s efforts to keep federal funds from being used to support career education companies that routinely fail to deliver on their promises, leaving students with unmanageable debt. We urge you to stand by the thrust of the regulations the Department proposed in March, and to bolster those regulations in several key ways.”
AFR Calls For More Transparency in Asset Backed Securities
AFR called on the Securities and Exchange Commission to require the release of loan-level data for asset backed securities, which include the ‘toxic assets’ central to the financial crisis. The AFR comment includes a discussion of privacy controls.
AFR Urges Federal Reserve to Act Against Bank Ownership of Commodities
“Americans for Financial Reform supports the separation of banking and commerce as a foundational principle, motivated both by considerations of preserving fairness in competition with non-bank firms who do not have access to the prudential safety net, and by considerations of financial safety and soundness.”
AFR Comments on CFPB Rule on Defining Larger Participants in the International Money Transfer Market
AFR submitted a comment to the Consumer Financial Protection Bureau offering some suggestions on how to strengthen their proposed rule on defining “larger participants” in the international money transfer market. This proposed rule, if adopted, would be the fourth in a series of rulemakings to define ‘larger participants’ in various consumer financial product markets. AFR’s recommendations include expanding the criteria CFPB uses to define larger participants, and covering domestic as well as international money transfers under their supervisory purview.
AFR Calls on SEC to Strengthen Rules Governing Credit Rating Agencies
AFR, AFSCME, and the SEIU today sent the letter below to the Securities and Exchange Commission calling on the Commission to reproprose and strengthen its rules governing credit rating agencies. Conflicts of interest and deceptive practices at credit rating agencies were central to the 2008 financial crisis and continue to pose a threat to the economy today.
AFR and More Than 100 Organizations Call on CFPB to Address Deceptive Payday Loan Market
AFR and more than 100 consumer, civil rights, labor and community organizations submitted a letter to the CFPB urging the Bureau to issue a strong rule to address unfair, deceptive or abusive practices in the payday and small dollar loan market.
Letter to Regulator: AFR and more than 100 organizations push the Bureau to include longer-term, multi-payment products in expected CFPB rules on payday lending.
Americans for Financial Reform and the more than 100 undersigned consumer, civil rights, labor and community organizations write to urge the Consumer Financial Protection Bureau to issue a strong rule to address unfair, deceptive or abusive practices in the payday and small dollar loan market. In particular, it is essential that any rule encompass the longer-term, multi-payment products that are already evolving in an attempt to evade expected CFPB rules.
AFR Criticizes Federal Reserve Proposal on Emergency Lending
AFR submitted a comment to The Fed voicing concerns over the very weak proposal on emergency lending. In the letter we recommend that the Federal Reserve place specific advance limits on the length of time that an institution can rely on emergency lending, as well as better controls to limit lending to truly solvent institutions.
AFR Urges CFTC to Maintain Oversight of Derivatives Transactions in U.S.
AFR submitted a comment letter to the CFTC, urging that they maintain oversight of derivatives transactions in the United States.