The Department of Labor should simply let the fiduciary rule, as written, take full effect. The effort to delay is nothing but an effort to buy time for creating a rationale to roll back the rule, and an abuse of a regulatory process set down in law. Enough.
Members of the Save Our Retirement coalition speak out forcefully against the Department of Labor’s proposed delay of the fiduciary rule, a common-sense protection that would ensure savers get the best advice possible.
We call on the Bureau: to require reporting on the full breadth of small business lending; to capture important data about loans applied for and made; and to complete the rulemaking and begin collection of these data expeditiously.
“The regulation, issued by the Consumer Financial Protection Bureau on July 10 and scheduled to go into effect in mid-January, came under attack by Republicans in Congress ‘before the ink was even dry,’ says Amanda Werner of Americans for Financial Reform, which is fighting to retain the rule… Consumer privacy advocates hope that the Equifax debacle will remind senators of the importance of the rule. ‘We need to look at how consumers are going to be able to hold these firms accountable,’ Werner says.”
Bankers response to Sen. Elizabeth Warren about use of forced arbitration and cite tired, old arguments. But they won’t say publicly they want the CFPB’s rule reversed.
“At least one Republican has already defected—and Crapo can only afford to lose one more… Amanda Werner, campaign manager at the consumer group Americans for Financial Reform and the liberal watchdog group Public Citizen, said ‘it is pretty appalling that Equifax would exploit consumers need for identify theft protection in the wake of this crisis they created in order to avoid accountability.’”
Congress should preserve CFPB’s rule curbing forced arbitration and abandon attempts to lighten regulation of credit bureaus in the wake of massive data breach at Equifax.
AFR opposes bills being considered by the House Financial Services Committee that are giveaways to credit bureaus, debt collectors and large banks.
Dear Representative, On behalf of Americans for Financial Reform, we are writing to express our opposition to the the appropriations bill for Financial Services and General Government (FSGG) to be considered by the House as Division D of H.R. 3354. Titles IX of Division D
The Senate should reject the Trump nominees for vice-chair of the Federal Reserve Board, Randal Quarles, and the Comptroller of the Currency, Joseph Otting.