“Sen. Elizabeth Warren and a group of investor protection groups such as Americans for Financial Reform and the Consumer Federation of America have unveiled the ‘Retirement Ripoff Counter, which is a digital, large-scale, live projector that will show the harm President Trump is doing to investors by delaying the fiduciary rule. On the evening of April 5th, after dusk, the projection of the Retirement Ripoff Counter will be displayed on the sides of several major Washington landmarks.'”
“’It is certainly not a coincidence after months of concerted pressure’ that Wells Fargo would opt to settle rather than litigate the issue, said Amanda Werner, arbitration campaign manager for advocacy groups such as Public Citizen and Americans for Financial Reform. ‘We’re happy to see that, but it doesn’t solve the problem in general. Essentially until we have strong federal rules and laws, we’re just waiting for the next scandal to happen.’”
“’They are doing great under the current system,’ said Marcus Stanley, policy director for Americans for Financial Reform.
The country’s nearly 6,000 banks — from large players such as Bank of America to the small community and regional banks packed into the hotel conference room — pulled in more than $171 billion in profits last year — a new record, according to recently released Federal Deposit Insurance Corp. data. Wall Street bonuses rose for the first time in three years in 2016 to an average of $138,210, and big banks such as Goldman Sachs have seen their stock prices surge since Trump’s election, even after a pullback this week.
Ballentine, the lobbyist, told bankers they should not be embarrassed by that success. ‘Profit is not a four-letter word. You’re supposed to be profitable,’ he said.”
“‘Jay Clayton has spent his entire career serving Wall Street, representing Goldman Sachs and other big banks,’ says Americans for Financial Reform Executive Director Lisa Donner. ‘Americans need an SEC Chair who will stand up to those interests, not represent them.'”
“Some supporters of the CFPB said the director should be shielded from shifts in presidential administrations to provide a more consistent approach to regulation. ‘It is independent from the political process, just like the other bank and financial regulators,’ said Brian Simmonds Marshall, policy counsel for Americans for Financial Reform, a coalition that fights for civil rights and labor issues.”
“‘Unlike other agencies, the CFPB’s complaint system is public and searchable,’ says Alexis Goldstein, a senior analyst with Americans for Financial Reform. ‘It’s become a great resource for anyone getting ripped off.’ Thirteen million Americans have used the CFPB’s education and training programs, and the agency routinely helps consumers force lenders to reduce or erase fees and overcharges. All told, the agency has chalked up nearly $12 billion in civil fines and consumer refunds for 29 million Americans defrauded by scams. It has returned another $8 billion to consumers by reducing predatory loans, or canceling them outright.”
