“Americans for Financial Reform urges you to oppose HR 1261 or any similar bills to undermine the independence of the Consumer Financial Protection Bureau (CFPB) by subjecting it to the appropriations process. Independent funding is a common characteristic of the federal bank regulatory agencies… Like the other federal bank regulators – the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve – the CFPB does not receive appropriations. While other bank regulators have mechanisms to increase their own independent funding, only the CFPB’s budget is capped by Congress. “
“we urge you to reject any effort to repeal Title II of the Dodd-Frank Act, which establishes an orderly liquidation authority for large financial institutions. Orderly liquidation authority is a crucial backstop designed to ensure that systemically important financial institutions can never again hold up the public for bailouts. During the financial crisis of 2008, policymakers of both parties bailed out big banks because they claimed not to have the legal authority to restructure failed financial institutions. “
“It is less than five years since the Consumer Financial Protection Bureau (CFPB) was established. Since then, the CFPB has fulfilled Congress’s vision of a federal agency with “the authority and accountability to ensure that existing consumer protection laws and regulations are comprehensive, fair, and vigorously enforced.”
“On behalf of Americans for Financial Reform, we are writing here to express our opposition to HR 4096, the “Investor Clarity and Bank Parity Act”, as it is currently drafted. HR 4096 would create a new exemption to Volcker Rule restrictions on naming practices for investment funds advised by banks or their affiliates. “
“On behalf of Americans for Financial Reform, we are writing here to express our opposition to seven of the bills under consideration before the Committee today… These bills all move in the direction of less accountability for Wall Street, which is a move in precisely the wrong direction. The financial crisis of 2008 – and continuing examples of financial sector malfeasance and irresponsibility since then — have made the need for more vigorous regulation painfully clear. Instead of working to eliminate consumer, investor, and systemic protections, the committee should focus on completing the job of strengthening them.”
“The undersigned organizations urge you to oppose HR 3798, the Due Process Restoration Act of 2015… HR 3798 would make it more difficult for the Securities and Exchange Commission (SEC) to hold companies accountable when they break the law – even as those same firms frequently deny basic due process to their investors and customers through forced arbitration.”
