“’The standard of conduct the agency has articulated appears ambiguous at best,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement. ‘It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.’”
“‘“By voting to roll back the CFPB’s work, senators have emboldened banks and finance companies to engage in racial discrimination by charging millions of people of color more for a car loan than is justified,’ said Rion Dennis of Americans for Financial Reform, an advocacy group. ‘Lawmakers have also opened the door to challenging longstanding agency actions that are crucial to protecting workers, consumers, civil rights, the environment and the economy.’”
Mick Mulvaney admits he favored lobbyists who gave him money as a lawmaker. He has no business running the CFPB, an agency devoted to the protection of consumers, not lobbyists.
Swapping “Bureau” from back to front is not a simple word shuffle, said Lisa Donner, executive director for the advocacy group Americans for Financial Reform. “Doing that signals you want to take the emphasis away from serving consumers — which unfortunately is what Mulvaney’s been doing in many ways — and put it on ‘this is a bureaucracy’,'” Donner said.
Americans for Financial Reform reported that the financial sector spent $2 billion on political activity in the 2016 election cycle, including $1.1 billion in campaign donations and the rest for lobbying. That’s $3.7 million for every member of Congress.
Statement from Marcus Stanley, policy director, Americans for Financial Reform: “The proposal we heard described today does not come close to measuring up. The standard of conduct the agency has articulated appears ambiguous at best. It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.”
AFR released the document below to provide context on the Congressional testimony of Federal Reserve vice-chair for supervision Randy Quarles, and highlight several areas which we believe Congress should question him about. AFR Backgrounder on Quarles Testimony
Senators who voted to reverse this important CFPB action have also opened the door to challenging long-standing regulatory actions that are crucial to protecting workers, consumers, civil rights, the environment, and the economy
“Across party and regional lines, most people think Wall Street has too much influence in Washington. And they think that because it does,” said Lisa Donner, executive director of Americans for Financial Reform, a consortium of labor unions, consumer groups, liberal think tanks and organizations like AARP.
View or download a PDF version of the letter here. April 12, 2018 Dear Representative: On behalf of Americans for Financial Reform, we are writing to urge you to vote against HR 4790, which is being considered on the House floor this week.[1] This bill