Americans for Financial Reform

TOWS in the News: Progressives revive attacks on Wall Street in health care’s wake (Washington Post)

“[A]s the seventh anniversary of the Dodd-Frank Act approaches Friday, a coalition of progressive groups is pushing the party to get back on offense. The groups… organized under the banner of ‘Take on Wall Street’ — aim to crank up grassroots heat on elected Democrats. They want party leaders, though deep in the minority, to revive some of the get-tough measures they campaigned on last year, when they expected to win at least the White House.”

TOWS Statement: Make Wall Street Pay Its Fair Share in Taxes, Raise $1 Trillion in Federal Revenue

The Take On Wall Street campaign, a group of over 50 community groups, unions, consumer advocates and others today called on Senate Finance Committee Chairman Orrin Hatch to adopt tax reform measures that would raise more than $1 trillion in additional revenue, and discourage dangerous Wall Street speculation by requiring the financial services industry to pay its fair share of taxes.

AFR/CRL Polling Memo: Fifth Consecutive Year of Broad Backing of CFPB and Wall Street Reform

For 5 years, Lake Research Partners and Chesapeake Beach Consulting have polled the public on Wall Street reform. For 5 years running, they have found broad, bipartisan support for the goals of the Dodd-Frank law — and more.

AFR/CRL Poll: Strong Bipartisan Support for Financial Regulation and CFPB

The 2017 AFR/CRL poll reveals strong, bipartisan support for further regulation of Wall Street, and widespread agreement with the mission of the Consumer Financial Protection Bureau.

AFR In the News: Regulator Moves Against Mandatory Arbitration Agreements (Minneapolis Star-Tribune)

“Since most consumers cannot afford to take on a big corporation on their own, banks like Wells Fargo get away with ripping off large numbers of customers,” Amanda Werner, arbitration campaign manager with Americans for Financial Reform and Public Citizen, said in a statement. “This new rule will help prevent this kind of widespread fraud and ensure consumers can fight back.”

AFR In the NEws: Divide Between Financial Regulators Appointed by Trump, Obama Widens (Reuters)

The political fissure between an Obama-appointed financial overseer and regulators hired by U.S. President Donald Trump is widening, with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray threatening to challenge in court any attempt to kill his agency’s new arbitration rule. To overturn a CFPB rule, two-thirds of the FSOC must agree that it puts the whole banking system at risk. “It’s an extraordinarily high standard,” said Brian Marshall, policy counsel for Americans for Financial Reform, a Washington-based advocacy group. “It’s ludicrous that the arbitration rule would meet that standard.”

AFR In the News: Banks’ Imperfect Options for Killing CFPB Arbitration Rule (American Banker)

Opponents of the Consumer Financial Protection Bureau’s arbitration rule are eyeing a trio of options for blocking the regulation before it takes effect, but all three are beset with their own challenges. The strategy with the most attention is for lawmakers on Capitol Hill to repeal the rule through the Congressional Review Act. But industry representatives are also considering the prospect of the Financial Stability Oversight Council overruling the regulation, or a group such as the Chamber of Commerce suing to throw the rule out. Yet all three appear to face an uphill climb. “Suggesting now that the rule would put the safety and soundness of the American banking system at risk is preposterous,” said Brian Marshall, policy counsel at Americans for Financial Reform. “Many banks do not use forced arbitration clauses at all, and the OCC has never suggested those institutions are not safe and sound as a result.”

AFR/CRL: Poll Shows Fifth Year of Strong, Bipartisan Support for Tough Wall Street Reforms

Voters overwhelmingly favor regulation of Wall Street and strongly support the work of the work of the Consumer Financial Protection Bureau (CFPB), according to a poll released today by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL).

AFR in the News: With ‘Rip-off Clause’ Quashed, Consumers Can Now Sue Banks in Class-Action (USA Today)

“After years of review on the subject, the Consumer Financial Protection Bureau… declared a new rule Monday that bans banks, credit card companies, payday lenders and other financial firms from requiring consumers to settle group disputes through arbitration... ‘The biggest step has been taken. This is a huge victory for consumers,’ said Amanda Werner, campaign manager at Americans for Financial Reform and Public Citizen. ’We expect a lot of misconduct is going to be rooted out sooner.’”

AFR in the News: Banks and Credit Card Companies Can’t Try to Stop You from Joining a Class Action Lawsuit — For Now (LA Times)

“Consumers had good reason to celebrate Monday after the Consumer Financial Protection Bureau… issued a rule blocking credit card companies, banks and other financial firms from putting roadblocks in the way of customers joining class-action lawsuits. It’s a big deal… Said Lisa Donner, executive director of Americans for Financial Reform: ‘The consumer agency’s rule will stop Wall Street and predatory lenders from ripping people off with impunity, and make markets fairer and safer for ordinary Americans.’”