Washington, DC – Americans for Financial Reform will host a conference call with reporters and bloggers on Wednesday, October 5th at 2:00 PM EDT to discuss the Consumer Financial Protection Bureau (CFPB) and the importance of getting a Director in place so consumers are protected in the financial marketplace. The President’s comments about bank fees
October 1st marked the 4th anniversary of implementation of the Military Lending Act (MLA). Passage of the MLA was a recognition of the serious harm abusive consumer financial products do to our service members. It was an important step. But MLA rules are narrowly focused, and the problem has persisted. In 2006, the Department of
Click here to view this week’s highlights and lowlights in Wall Street Reform – September 24, 2011 – September 30, 2011.
Read AFR’s comment letter in response to regulators posing the questions of whether stable value contracts meet the definition of swaps in the Dodd-Frank Act, and, if so, whether they should be regulated as swaps or given an exemption. The letter points out that stable value contracts have the characteristics of swaps and also pose some of the same risks as swaps do. It does not take a specific position on whether stable value contracts should be subject to all swaps regulation, but does urge regulators to address these dangers by extending business conduct standards to issuers of stable value contracts and also to ensure that issuers of financial guarantees have sufficient resources to back up their promises.
Harmonious international financial regulation is best achieved by the timely implementation of Dodd-Frank-mandated regulations for derivatives. Contrary to claims made by Wall Street and its allies, postponing the implementation of Dodd-Frank rules until the global community reaches a consensus on derivatives regulation would undercut efforts to achieve harmonious financial reform and expose American taxpayers to significant economic risk.
Click here to view this week’s highlights and lowlights in Wall Street Reform – September 17, 2011 – September 23, 2011.