AFR Statement: No Budget Riders Weakening Wall Street Reform or CFPB
Congress should abandon budget rider proposal that would eliminate independent funding for the CFPB and other poison pills.
AFR Statement: Treasury Report on Systemic Risk Designation of Large Non-Banks
FOR IMMEDIATE RELEASE Nov. 20, 2017 CONTACT Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Treasury Memorandum Weakens Systemic Risk Supervision On Friday the Treasury Department released a memorandum on the process used by the Financial Stability Oversight Council (FSOC) to designate large systemically significant non-bank financial institutions
AFR in the News: Wall Street Wants to Kill the Agency Protecting Americans From Financial Scam (Intercept)
“[Director Cordray’s] departure will be ‘a huge loss,’ said Lisa Donner, executive director of Americans for Financial Reform. If Trump appoints a new director who is indifferent, or even hostile, to consumer issues, she said, ‘It will be incredibly costly to the American public.’”
Joint Statement: Groups Demand to Know How Much Money Credit Bureaus Will Make Off Data Breach
American for Financial Reform, the Consumer Federation of America, the National Consumer Law Center, U.S. PIRG, and other nonprofit advocacy groups wrote a letter to the CEOs of all three companies asking for detailed information on how the data breach might be leading to higher revenues in credit freeze fees and credit monitoring services.
AFR Letter: How Much Will Credit Bureaus Make Off Equifax Data Breach?
American consumers deserve to know how much money the big three credit bureaus — Experian, Equifax and TransUnion — will make due to the devastating data breach at Equifax.
Joint Event: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street
At a Nov. 16 forum co-hosted by AFR and the AFL-CIO, Sheelah Kolhatkar, author of the New York Times bestseller “Black Edge,” discusses the rise of a powerful new class of billionaire financiers who have used their vast reserves of concentrated wealth to rewrite the rules of capitalism and public policy.
TOWS Statement: House Tax Bill a Gift to Wall Street
The Take on Wall Street campaign denounces the passage of a tax bill in the House of Representatives that would give Wall Street and the 1% over $1 trillion in tax breaks while leaving many middle-income Americans paying higher taxes, increasing the public deficit, and leading to deep cuts in important public services.
AFR Statement: House Committee Approves a Package of Wall Street Giveaways
“The package includes legislation that would release the nation’s largest banks from measures to prevent a financial crisis, saving them billions of dollars in expenses,” AFR’s Lisa Donner said. “It would also allow banks and fintech firms to cooperate in new forms of payday lending, and make investment products riskier for mom-and-pop savers. And it’s all happening against the backdrop of a big proposed tax cut for Wall Street.”
AFR in the News: Scary thought: Trump now gets to pick the country’s top consumer watchdog (LA Times)
“Trump and Republican lawmakers have long characterized Cordray as an enemy of the people — a bureaucrat run amok, imposing his autocratic will on gentle, kindhearted businesses that only want to compete freely and fairly for people’s patronage… ‘And people who don’t understand what the bureau does might believe that,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘But if you describe the bureau’s work to people… they overwhelmingly support it.'”
Public Testimony: AFR calls on ED Department to Process Borrower Defense Applications
At the Department of Education’s negotiated rulemaking on Borrower Defense, Alexis Goldstein gave public comment imploring the Department to finally discharge the debt of students defrauded by for-profit colleges.