The Take On Wall Street campaign, a group of over 50 community groups, unions, consumer advocates and others today called on Senate Finance Committee Chairman Orrin Hatch to adopt tax reform measures that would raise more than $1 trillion in additional revenue, and discourage dangerous Wall Street speculation by requiring the financial services industry to pay its fair share of taxes.
Voters overwhelmingly favor regulation of Wall Street and strongly support the work of the work of the Consumer Financial Protection Bureau (CFPB), according to a poll released today by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL).
Arbitration rule letter
CFPB issued a final regulation ensuring that consumers can join together to challenge financial fraud and scams in court. The rule limits the use of forced arbitration, a process Wall Street banks and predatory lenders use to evade accountability and keep their misconduct out of the public eye.
Today at a public hearing at the Department of Education, AFR’s senior policy analyst gave testimony about the need to enforce the Borrower Defense and Gainful Employment regulations, not to reopen or dismantle them. Here is her testimony, as prepared for delivery: “I can’t believe we’re here again. Just last year, the Department of Education
It would gut the Consumer Financial Protection Bureau, enable reckless behavior by big banks, and hand a special favor to payday lenders. Lawmakers should reject this legislation out of hand.