AFR Statement: Oppose OCC Bid to Control Consumer Protection
The OCC’s proposals would directly weaken financial regulatory protections and push aside other agencies so the OCC could take critical guardrails off of Wall Street on its own
AFR Report: Treasury Does Bidding of Big Banks in Dodd-Frank Report
In its rush to eviscerate the Dodd-Frank reforms, Treasury Department adopted over three-quarters of the ideas put forth by The Clearing House, an association of the biggest U.S. and international banks
Letter to Congress: AFR opposes Neomi Rao’s confirmation as Administrator of OIRA
“Americans for Financial Reform opposes the confirmation of Neomi Rao as Administrator of the Office of Information and Regulatory Affairs (OIRA). Professor Rao’s announced views demonstrate an extreme disregard for the independence of financial regulatory agencies and an unwarranted hostility to critical financial protections.”
AFR in the News: Treasury takes up big-bank priorities (NY Times editorial)
“Dodd-Frank is not perfect. For one thing, it is overly complex. And there are worthy reform alternatives that have been put forward that rely less on specific regulations and more on increased capital requirements and structural changes to separate traditional banking from speculative investing… The Treasury report has none of those proposals’ analytical rigor. Rather, it is designed to please the banks. Americans for Financial Reform, a watchdog group, plans to release a paper showing that the Treasury review endorses almost two-thirds of specific deregulatory requests submitted to the Treasury in May by the Clearing House Association, a big bank lobby.”
AFR in the News: House wants to deregulate Big Banks again (Pekin, Ill. Daily Times)
“‘This legislation takes the worst ideas concocted by Wall Street and predatory lenders, and combines them into one toxic package,” [Lisa Donner, director of Americans for Financial Reform] said. ‘The bill is crammed with deregulatory gifts to the entire industry, including megabanks that want to return to the excessive borrowing and risky practices that led to the financial crisis.’”
AFR in the News: The Education Department just froze two key protections for students (The Nation)
“The New York Times obtained draft memos showing that officials initially discussed using budgetary impact as the justification. In other words, they looked for whatever pretense could get them to stop the rule on behalf of for-profit operators. Alexis Goldstein, senior policy analyst at Americans for Financial Reform, called the action ‘a slap in the face to defrauded Americans,’ and accused DeVos’s agency of placing ‘the interests of wealthy for-profit college executives ahead of students striving for a better life.’”
AFR in the News: Mnuchin calls for major rollbacks of Dodd-Frank (LA Times)
“‘We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders,’ said Lisa Donner, executive director of Americans for Financial Reform, a group advocating tougher oversight of the financial system. The report, which included dozens of recommendations, is the first of three ordered by Trump as he looks to fulfill a campaign promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act.”
AFR Statement: DeVos Decision to Delay Borrower Defense is a Slap in the Face to Students
Americans for Financial Reform strongly condemns the decision by Secretary of Education Betsy DeVos to abandon the victims of predatory colleges by delaying the Borrower Defense rule. This is a slap in the face to defrauded Americans, and a stunning admission by the Department of Education that they intend to place wealthy for-profit college executives ahead of students striving for a better life.
AFR Statement: Treasury Report Pushes Rollbacks for Wall Street and Predatory Lenders
Treasury proposal advances ideas that have been pushed by industry lobbyists since Dodd-Frank was passed. We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders.