Letters to Regulators: Letter to the SEC opposing efforts to weaken shareholder rights
AFR opposes policy proposals that would silence shareholders voice and that would make it harder for proxy advisory firms to advise investors.
AFR opposes policy proposals that would silence shareholders voice and that would make it harder for proxy advisory firms to advise investors.
Joint letter to the Federal Reserve asking that Wells Fargo be kept accountable for the computer error that resulted in at least 870 incorrect mortgage modification denials and caused at least 545 homeowners to lose their homes to foreclosure.
View or download a PDF version of the letter. November 13, 2018 Dear Senator, On behalf of Americans for Financial Reform (AFR), we are writing to express our opposition to HR 1667, the “Financial Institution Bankruptcy Act” (FIBA).[1] We strongly support the Judiciary Committee’s efforts
What we heard today from the diverse membership of the SEC’s own advisory committee is that they share our view that the proposed Reg BI would not protect investors. The IAC has called on the SEC to instead pass rules that make clear that brokers have a legal obligation to act in the best interests of their clients.
Wells Fargo must complete a comprehensive review that identifies every single homeowner affected by this problem, and must adequately compensate them for the serious harm they have suffered as a result of losing their homes to wrongful foreclosure or paying for a more expensive modification.
We strongly disapprove of the new proposal to change rules for derivatives trading announced in today’s meeting of the Commodity Futures Trading Commission (CFTC). The requirement that complex derivatives be traded whenever possible in open, competitive markets was a crucial element of Dodd-Frank derivatives market reforms.
Today’s proposals to restructure capital and liquidity requirements for large banks represent the latest chapter in the gradual chipping away of post-crisis financial reforms. The proposals go well beyond anything required by Congress, and significantly weaken requirements for large banks to hold cash and easily salable liquid assets to satisfy payment requirements in times of economic stress.
The rule, which was years in the making, created vital protections for consumers of payday, car title, and some longer-term loans to ensure that predatory lenders don’t trap customers in unaffordable loans. Underlying the rule is the common-sense principle that lenders should consider whether borrowers have the ability to repay a loan before they risk their financial well-being.
Click here to download a PDF version of the letter.
The Financial Stability Oversight Council (FSOC) announced that it has reversed its designation of Prudential Financial, Inc. as a systemically important financial institution (SIFI). The Council, under the leadership of Secretary Mnuchin, has now freed from Federal Reserve consolidated oversight the last of the four previously designated nonbank SIFIs.