NEWS RELEASE: AFR Applauds Bill Expanding Local Government, Municipality Access to Pandemic Relief Funding
Uplifting Our Local Communities Act would expand access to CARES Act funding to state and local governments
Uplifting Our Local Communities Act would expand access to CARES Act funding to state and local governments
We write to express our concern with the Proposed Rule to establish terms and conditions governing deposit insurance applications, changes in control, and mergers involving ILCs
Lisa Donner, executive director of AFR-EF spoke at a conference hosted by the Brookings Institution and the Center on Finance, Law & Policy at the University of Michigan dedicated to the landmark Dodd-Frank law, its impact on systemic risk and consumer protection, and the response to the COVID-19 crisis in both domestic and global contexts.
The Federal Reserve Bank of New York announced the initial composition of the index they will be using to purchase corporate bonds through its Secondary Market Corporate Credit Facility (SMCCF). The corporations included in their June 5 “Broad Market Index” raise serious concerns about public benefit, solvency, and further incentivizing companies to take on additional debt unnecessarily.
In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm.
Instead of providing a realistic assessment of the solvency and capital position of individual banks, today’s release highlights the failures and politicization of the stress testing program and its inability to ensure capital adequacy.
Five regulators finalized changes to the Volcker Rule dramatically weakening limits on bank investments in hedge funds, private equity funds, and other “external funds”. The vote was partisan, with not a single Democratic appointee voting for the change.
Americans for Financial Reform Education Fund and Demand Progress Education Fund released a joint report, making the case for policymakers to take action to prevent the Geneva-based Libra project from evading regulation and going into effect as proposed.
Because Faceboook’s active-user network alone represents more than a third of the global population, its ambitions raise the spectre of systemic risk not only in the United States, but across jurisdictional lines. Indeed, a global stablecoin system like the Libra project could pose especially substantial risks to certain developing economies, where Libra Coins could functionally replace the local currency.
Consumer advocates criticized the Federal Deposit Insurance Corp. (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder their loans through banks so the non-bank lenders can charge triple-digit interest rates in states where high rates are illegal.