Congress ought to be passing robust new consumer protections, not doing favors for banks. Annual industry earnings by banks set a new record in 2016, and community banks saw even faster growth than big banks. Over 95 percent of community banks turned a profit last year.
The hack may even have been a boon to the bottom line of credit reporting companies, which charge consumers to freeze their credit report or monitor their credit, even though consumers are seeking these protections due to this massive breach.
But the question is, what will Congress do after a hearing on data breaches? Will they act to restore our right to control information about our own lives, and protect our privacy, or will they let Equifax and other data brokers turn the problems they caused into an excuse for undermining existing state laws with a sham weaker federal standard that replaces them? Will they restrict access to the courts?
The Take on Wall Street campaign denounced the proposed tax bills for effectively preserving the carried interest loophole for Wall Street money managers, a loophole Trump promised to close during the campaign trail.
AFR sent an opposition letter to HR 2148, which would have put loopholes in new rules designed to ensure that banks did not make excessively risky commercial real estate loans. HR 2148 Oppo letter
AFR sent an opposition letter to HR 3911, which would make currently mandatory inspections of national registered credit ratings agenices (NRSROs) such as Moody’s and Standard and Poors optional. HR 3911 Oppo letter
AFR sent a statement on a House Financial Services Committee hearing reviewing three bills. AFR Statement on 11-3 HFSC Hearing
The Take on Wall Street campaign denounces the just-unveiled tax bill as a giant giveaway to an industry whose reckless behavior led to a searing recession from which many Americans have not yet recovered.
“’President Trump had a clear choice to make today between Wall Street and the rest of us,’ said Amanda Werner of Americans for Financial Reform and Public Citizen. ‘He chose Wall Street. But the rest of us will keep fighting to restore our rights so we can fight back the next time a company like Wells Fargo or Equifax tries to rip us off and get away with it.’”
AFR sent an opposition letter to HR 1585 when it was being considered on the House floor. AFR HR 1585 Opposition Letter