“On behalf of Americans for Financial Reform (AFR), we write today to ask you to ensure appropriate regulatory oversight of derivatives transactions conducted through foreign subsidiaries of multinational Wall Street banks. In particular, we urge you to prevent the inappropriate classification of such derivatives as ‘non-guaranteed’ by the parent company, a classification which could exempt them from numerous critical derivatives regulations.”
AFR joined eight other organizations in sending a letter to members of Congress, urging that they reject HR 5446. The bill would exempt the big credit reporting agencies and debt collectors from coverage by the Credit Repair Organizations Act, which prohibits anyone offering credit repair services from engaging in fraud or deception. The exemption would make it easier for the companies to promote expensive and largely useless credit monitoring products.
AFR sent a letter to House and Senate members asking them to oppose S. 2732, the “Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2014.” This legislation would increase from $10 billion to $50 billion the asset threshold for “large banks” subject to supervision by the CFPB, dramatically reducing the number of large banks supervised by the CFPB threatening harm to the hundreds of millions of consumers who are beginning to benefit from effective oversight of these institutions.
AFR and more than twenty public interest, consumer, and labor organizations sent a letter to members of Congress urging them to oppose HR 3211. This legislation would reopen the door to the higher fees borrowers faced in the lead up to the mortgage crisis.
In a letter to U.S. and EU trade negotiators and finance ministers, more than 50 civil society groups on both sides of the Atlantic have come together to warn that the Transatlantic Trade and Investment Partnership (TTIP) currently under discussion could undermine new financial regulations and potentially create significant risks to the global financial system, as well as to investors and consumers.
AFR sent a letter to members of Congress urging them to reject HR 4, “Jobs for America Act,” focusing in particular on the portion of the bill that would roll back new registration and reporting requirements for private equity fund advisors that have already uncovered widespread abuses by the industry.
