A new poll of 1,000 likely voters found that Republicans, Democrats, and Independents all strongly support financial reform. Voters believe financial companies have not changed enough and need to be held more accountable 75%-12% and support more regulation of these companies 69%-20%. See attached for details.
“On behalf of Americans for Financial Reform (AFR), we are writing to express our very grave concerns about the “Financial CHOICE Act” and to urge you to oppose this measure. Passage of this legislation would have a devastating effect on the ability of regulators to protect consumers and investors from exploitation and the economy from financial risk. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to heightened risk of instability and crisis. “
AFR support the U.S. Territories Investor Protection Act of 2016 to close an egregious, decades-old loophole that exempted companies in Puerto Rico, the Virgin Islands, and any other United States territory from the Investment Company Act of 1940 – a loophole that denied residents the basic investor protections afforded to residents of the mainland United States.
“Thank you for introducing the Wage and Garnishment Equity Act of 2016 (WAGE Act), which would amend the Consumer Credit Protection Act to protect workers from excessive wage garnishment. “
Chicago leaders and national organizations joined together to deliver a petition in which over 80,000 Americans asked the SEC to investigate the toxic swap deals squeezing cities and states across the country.
“A recent poll conducted by Lake Research Partners and Chesapeake Beach Consulting finds voters strongly support restoring consumers’ right to bring class action lawsuits against banks and lenders instead of being forced to take individual cases to an arbitrator of the lender’s choosing. After hearing an argument for and against, voters of all political parties express majority support for federal action to restore these rights.”
“Americans for Financial Reform (“AFR”) appreciates the opportunity to comment on the above mentioned Consultative Document. Among other issues, this Consultative Document proposes to change the measurement of derivatives risk exposures for leverage ratio purposes by replacing the Current Exposure Method (CEM) used today with the Standardized Approach to Counterparty Credit Risk (SA-CCR). The document implies that the SA-CCR has a more realistic approach to risk measurement, while the CEM is more conservative.”
“A new national poll found that, by a margin of 3 to 1, voters strongly support restoring consumers’ right to join together to take legal action against banks and other financial services companies that break the law. With the House of Representatives set to vote today on a multi-agency appropriations bill with riders that would strip the CFPB’s authority to act on forced arbitration, voters of all political parties express majority support for federal action to restrict the practice. “
“Americans for Financial Reform (“AFR”) and the Committee for Better Banks (“CBB”) appreciate the opportunity to comment on the Federal Financial Institutions Examination Council (“FFIEC”) notice of proposed revisions to the Uniform Interagency Consumer Compliance Rating System (“CC Rating System”).”
“According to a new poll, conducted by GBA Strategies on behalf of Americans for Financial Reform, the Center for Responsible Lending, the National Council of La Raza, and the National Association for the Advancement of Colored People, just 3 percent of registered voters have a favorable opinion of payday lenders. Yes, even used car salesmen and Wall Street banks are more well-liked than payday lenders.”