“We, the undersigned 51 organizations, are writing to express our strong support for the Department of Labor’s (DOL’s) conflict of interest or “Fiduciary Duty” rule and our strong opposition to eliminating or weakening the rule. This rule strengthens protections for retirement savers by requiring financial
“Sometime in the next few weeks, the Consumer Financial Protection Bureau is expected to impose stringent limits on the ability of banks and credit card companies to avoid consumer lawsuits. The financial services industry has been screaming bloody murder
‘We’re all preparing for a big fight,’ says Amanda Werner, who has been keeping an eye on the CFPB rule making for the consumer groups Public Citizen and Americans for Financial Reform.”
“Small businesses are a primary driver of job growth and wealth creation in the United States, providing more than half the country’s jobs and two-thirds of net new jobs. …There is a strong and growing consensus that small businesses should have stronger federal protections in the financial marketplace. …The best agency to oversee protections for small businesses is the CFPB. The CFPB is the primary enforcer of the core statutes that protect borrowers and other users of financial services against misconduct.”
“We, the thirty-one undersigned organizations, are writing this letter in response to the Senate Banking Committee’s request for proposals to foster and improve economic growth. Our purpose in submitting this letter is to urge the Committee to reject any measures which weaken or remove controls
“Wall Street banks are already expert tax-dodgers. According to Institute on Taxation and Economic Policy data, nine of the largest and most profitable U.S. banks paid an average federal tax rate of only 18.6% between 2008 and 2015–far less than the statutory rate of 35%. …Tax plans from President Trump and House Republicans would only make it easier for Wall Street to rig the tax code and avoid paying their fair share.”
“Rep. Hensarling’s revisions to his Wall Street’s CHOICE Act will make a disastrous bill even worse…This legislation doesn’t just repeal huge swaths of the Dodd-Frank Act – it makes regulators even weaker than they were before the financial crisis.”
“‘In order to have accountability, there must be real consequences when servicers violate the law,’ Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform, told the Tribune. ‘DeVos’ actions today moves us away from true accountability, and creates dangers for the very student loan borrowers the department is responsible for protecting.'”
“’Undoing these memos is a very concerning indication of how much (Department of Education officials) value protecting borrowers versus how much they want to insulate servicers,’ said Alexis Goldstein [of] Americans for Financial Reform. ‘Is this meant to be a message that says we are less concerned with borrowers and more concerned with protecting servicers even if they made mistakes in the past?’”
“’In order to have accountability, there must be real consequences when servicers violate the law,’ said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. ‘DeVos’s actions today moves us away from true accountability, and creates dangers for the very student loan borrowers the department is responsible for protecting.’
Secretary’s DeVos’s actions to rescind three past Department of Education memos moves us away from true accountability, and creates dangers for the very student loan borrowers the Department is responsible for protecting.