AFR submitted a comment letter to federal regulators urging that they impose strong restrictions on Wall Street executive pay and bonuses to ensure that they do not create incentives to take inappropriate short-term risks. This should be made a critical priority, given the role of pay in creating the incentives that led to the 2008 financial crisis.
AFR sent a letter to members of Congress urging that they oppose HR 5405 and The Insurance Capital Standards Act of 2014. These pieces of legislation include numerous technical changes that could have significant impacts on regulators ability to enforce new financial rules, and they deserve full debate and consideration from regulatory experts before being passed under suspension of the rules.
AFR offered comments to the Consumer Financial Protection Bureau in response to their Request for Input on how consumers are using mobile financial services to access products and services, and manage finances. While mobile technology can enhance access to safer and more affordable technology for consumers, benefits will only be seen if technological systems are safe, fair, and honest. Regulators can help consumers—as well as those in industry—by establishing strong minimum standards.
AFR offered comments to the Federal Housing Finance Agency in response to their Request for Input related to g-fee policy and implementation. AFR encouraged FHFA to refrain from instituting any increases in g-fees or loan-level price adjustments (LLPAs) at this time.
AFR joins our members in urging OCC to update preemption rules
AFR joined consumer organizations in urging the OCC to update its preemption rules to comply with Dodd Frank reduction of sweeping federal preemption of state consumer protection actions.
“Against the backdrop of $1.2 trillion dollars in outstanding student loan debt that is currently dragging on individual borrowers and the economy more broadly, it is imperative that our federal lawmakers take steps to change banking and financial firm practices that contribute to that debt burden.” – joint letter to Senate Committee on Banking, Housing, and Urban Affairs.