AFR joined the National Consumer Law Center, Consumer Federation of America, the Center for Responsible Lending, and 26 other consumer and civil rights groups call for stronger measures to stop banks and payment processors from helping internet and tribal payday lenders collect illegal payments from consumers’ bank accounts.
AFR wrote to the banking regulators to urge them to strengthen the new supplementary leverage ratio proposed for large U.S. banks.
AFR stands with many of our partner organizations in opposition to HR 2374, which would delay needed reforms that would protect middle-class savings and help to restore needed confidence in our financial markets. Here is a compilation of materials on the issue of HR 2374.
AFR supports SEC rule proposals to strengthen protections for investors in private offerings, but urges the SEC to do more to reduce the risk of fraud and misleading practices.
Overseas affiliates of U.S. banks played a major role in the final meltdown of 2008-2009, at a cost of millions of jobs and trillions of dollars. Financial institutions must not be allowed to escape oversight by “off-shoring” their riskiest deals.
AFR and its member organizations warn against a proposal that would “severely weaken” the independence measures called for by the Dodd-Frank financial reform law. “A Board dominated by employees of major banks and dealers with subsidiaries active in the municipal market will not be a truly independent Board.”
14 consumer organizations submitted a joint letter to the FTC supporting a proposal to ban telemarketers from using remotely created checks and remotely created payment orders, payment systems commonly used by scammers. The letter also called on the FTC to extend the proposed ban to cover all consumer transactions, not just those conducted via phone.
Joint letter asks the Department of Defense to protect service members from high-cost installment loans and other forms of credit not yet covered by a 36 percent interest-and-fee cap and other protections.
Three years after the Dodd-Frank Act, “There is no excuse for further delay… Without cross-border applicability, there is no effective regulation of derivatives.”
AFR sent a letter to regulators emphasizing the lessons from the Senate Permanent Subcommittee on Investigations (PSI) report on the London Whale.