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AFR IN THE NEWS: What Wells Fargo dodged by agreeing to pay $110 million to settle fake accounts case (Washington Post)

“’It is certainly not a coincidence after months of concerted pressure’ that Wells Fargo would opt to settle rather than litigate the issue, said Amanda Werner, arbitration campaign manager for advocacy groups such as Public Citizen and Americans for Financial Reform. ‘We’re happy to see that, but it doesn’t solve the problem in general. Essentially until we have strong federal rules and laws, we’re just waiting for the next scandal to happen.’”

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Press Statement: Civil Rights Groups, Consumer Advocates, Legal Scholars and Members of Congress file Amicus Briefs in PHH Corporation vs. CFPB

“Today, consumer and civil rights groups, leading legal scholars and members of Congress will submit amicus briefs to the U.S. Court of Appeals for the D.C. Circuit in the case of PHH Corporation v. CFPB in support of the Consumer Financial Protection Bureau. The diverse amici urge the full D.C. Circuit Court of Appeals to maintain a strong, independent agency to protect American consumers. …’In the five years since it opened its doors, the CFPB has worked tirelessly to enforce the laws that went ignored in the run-up to the 2008 financial crisis, and has done more than any other federal agency to empower consumers against predatory, deceptive, and outright fraudulent behavior by bad actors in the financial industry…,’ said Wade Henderson, president and CEO, The Leadership Conference on Civil and Human Rights.”

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AFR IN THE NEWS: Embattled bankers embrace Trump’s call for deregulation: ‘Profit is not a four-letter word.’ (Washington Post)

“’They are doing great under the current system,’ said Marcus Stanley, policy director for Americans for Financial Reform.
The country’s nearly 6,000 banks — from large players such as Bank of America to the small community and regional banks packed into the hotel conference room — pulled in more than $171 billion in profits last year — a new record, according to recently released Federal Deposit Insurance Corp. data. Wall Street bonuses rose for the first time in three years in 2016 to an average of $138,210, and big banks such as Goldman Sachs have seen their stock prices surge since Trump’s election, even after a pullback this week.
Ballentine, the lobbyist, told bankers they should not be embarrassed by that success. ‘Profit is not a four-letter word. You’re supposed to be profitable,’ he said.”

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Joint Letter to Congress: 50+ Organizations Urge Congress to Keep Rules That Protect Students and Taxpayers from Waste and Fraud in Higher Education

“We believe protections for student and taxpayers should be strengthened, not scaled back. …Veterans, low-income students and students of color have been disproportionately harmed by predatory colleges. Last month, 16 organizations representing millions of military servicemembers, veterans, survivors, and military families voiced their strong support for these protections and urged Congress to fully uphold them.”

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Written Testimony: The CFPB’s Structure is Constitutional and Effective

“The first five-and-a-half years of the CFPB’s history has vindicated the decisions that Congress made in 2010 to create a strong independent agency to protect consumers from fraud and abuse in the financial marketplace. …It’s action have begun to reform the industry by making banks andother financial services companies more attentive to consumers’ rights…”