AFR sent a letter opposing six bills — HR 4659, HR 4790, HR 4861, HR 5051, HR 5082, and HR 5323 — being voted on in the March 21st House Financial Services Committee markup. These bills would endanger both consumer and systemic risk protections. AFR
AFR sent a letter to the House opposing passage of HR 4566, which would eliminate stress testing of non-banks under Title 1 of the Dodd-Frank Act AFR floor oppo letter HR 4566
Bipartisan majorities in the House and the Senate chose to commemorate the 10th anniversary of the worst financial crisis since the Great Depression by handing the bank lobby a package of deregulatory gifts, increasing the risks to financial stability and the likelihood of consumer abuse, including racial discrimination in lending. This legislation, signed into law on May 24, won’t serve families or communities, nor is it policy that most people support. But Wall Street and its friends in Congress had a tougher time than they ever expected because Americans who know better refused to let the bill pass without a fight.
“I don’t see the real-world problem [the bill] is trying to solve, except the problem of bankers’ not making enough money,” said Marcus Stanley, policy director at Americans for Financial Reform… [Stanley] said competition alone shouldn’t be the goal. “If we didn’t require airlines to do anything before opening up a new air route, there might be more airlines, but there might be more plane crashes too.”
The legislation approved by a bipartisan majority in the Senate doesn’t serve families or communities, nor is it policy that most Americans support. It puts the interests of financial institutions ahead of the rest of us
AFR sent a letter to members of the House of Representatives urging them to vote in opposition to H.R. 1116, the “Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017.”
AFR sent a letter to members of the House of Representatives urging them to vote in opposition to H.R. 4545, the so-called “Financial Institutions Examination Fairness and Reform Act.”
AFR sent a letter to members of the House of Representatives urging them to vote in opposition to H.R. 4263, the “Regulation A+ Improvement Act”.
AFR sent a letter to Senators urging them to vote against Senator Crapo’s substitute amendment to S.2155, which would increase systemic risk by deregulating large banks, expose home buyers to increased risk of predatory lending, and weaken protections against racial discrimination in credit markets.
The ability for states to enact laws governing how servicers may interact with borrowers, and the ability of state Attorneys General to file lawsuits against servicers for consumer abuses, are crucial accountability mechanisms that must continue. That the Department would attempt in any way to prevent these state level efforts to defend borrowers simply shows that under Betsy DeVos, it is servicers before students.