AFR in the News: Congress to roll back post-crisis rules as banks post record profits (Washington Post)
“‘When lawmakers vote for banking deregulation even though banks are raking in record profits, it exposes what is really at work,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘The bank lobby has flooded the political system with money, and is getting a return on its
investment. The result is legislation that makes the financial system less safe and less fair, and puts consumers at greater risk of abuse.’”
AFR in the News: Banks would be freer to trade for profit under Fed proposal (Virginian Pilot)
“‘The proposal ‘is an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement. ‘If implemented, these proposals could turn the Volcker Rule into a dead letter.'”
AFR in the News: Fed votes to scale back hated ‘Volcker Rule’ on Wall Street (NY Post)
“’What is critical is that simplification not undermine the core principle at stake — that taxpayer-supported banking groups, of any size, not participate in proprietary trading at odds with the basic public and customers’ interests,’ Paul Volcker said in a statement…
‘This proposal is no minor set of technical tweaks to the Volcker Rule, but an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,’ said Marcus Stanley, policy director at Americans for Financial Reform.”
AFR Statement: Mulvaney Makes Common Cause With Payday Lenders to Delay Rule
Mick Mulvaney has been doing the bidding of payday lenders for years, but putting the CFPB’s weight behind a joint legal motion with their lobbyists is a new low, even for him. Mulvaney is now openly making common cause with payday lenders to gut the CFPB’s common-sense protections for borrowers
AFR Statement: Proposal to Overhaul Volcker Rule Would Unravel Key Response to Financial Crisis
This proposal is no minor set of technical tweaks to the Volcker Rule, but an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits. If implemented, these proposals could turn the Volcker Rule into a dead letter, a regulation that would not meaningfully restrict trading activities.
AFR in the News: Progressives Ask Schumer to Pick Like-Minded Financial Watchdogs (Bloomberg News)
Unions, civil rights organizations and so-called netroots political activists all signed onto the letter, aligning with groups like the Consumer Federation of America and Americans for Financial Reform that typically monitor the agencies.
Take On Wall Street Poll: Key Findings from Battleground Congressional District Survey on Curbing Wall Street’s Influence
A new nationwide survey of likely 2018 voters in key battleground congressional districts reveals overwhelming, broad-based, and intense support for curbing big banks’ influence in Washington, and holding financial companies accountable for discrimination.
Joint Letter: 25 Organizations Write Dept of ED on Evaluating Undue Hardship Claims in Student Loan Bankruptcy
AFR was among 25 organizations that signed-on to comments by the National Consumer Law Center on evaluating undue hardship claims in student loan bankruptcy. You can view or download the PDF here.
Joint Letter: Nominate Progressive Candidates to Financial Regulators
The need for strong public interest nominees is even greater today. This Administration has been
filling key regulatory positions with people pursuing Wall Street’s agenda at the public’s expense,
and the revolving door is spinning faster than ever. There is an enormous amount at stake at both
the SEC and FDIC as the financial industry and their friends in the Trump administration work to
undo the progress made in Dodd-Frank and to undermine key investor protection standards.