Americans for Financial Reform

AFR IN THE NEWS: Labor Department Proposes proposes delay of retirement advisor rule until June to conduct Trump-ordered review (LA Times)

“Lisa Donner, executive director of Americans for Financial Reform, a coalition that supports tougher Wall Street regulations, said the delay was ‘clearly part of the administration’s plan’ to scrap the rule.

‘Blocking the common-sense, long-overdue rule, which requires retirement advisors to act in their customers’ best interests, would allow Wall Street to continue to grab more than $17 billion a year — tens of millions of dollars a day — from retiree savings,’ she said. ‘This decision is not justified by the facts, and it is a betrayal of the public interest.'”

AFR in the news: FDIC report undercuts claim that Dodd-Frank harms bank lending (Politico)

“‘How long can industry lobbyists get away with saying Dodd-Frank has harmed lending and harmed profits in the banking industry when the numbers go completely the other way?’ said Marcus Stanley, a policy director at Americans for Financial Reform.

The increase included a 5.1 percent rise in commercial and industrial loans, a 7.5 percent gain in commercial real estate loans and a 4.8 percent uptick in residential mortgages, the FDIC said in its quarterly banking profile.”

AFR Statement: Hensarling Budget Plan Delights Wall Street But Hurts Everyone Else

The chairman’s opening move in this year’s budget debate might delight Wall Street, but it would make life harder and more dangerous for the rest of us. His plans would make it easier for big banks and predatory lenders to rip off their customers, and easier for Wall Street billionaires to crash the economy — again.

AFR Policy Brief: The Volcker Rule And Market Making in Times Of Stress

” ‘The Volcker Rule And Market Making In Times of Stress’ paper does not represent the official view of the Federal Reserve, and is not a Federal Reserve Report. …It is simply false to present this paper as demonstrating that the Volcker Rule has created market costs that exceed its risk reduction benefits.”

Letters to Regulators: Federal Reserve Commodity Proposal

“AFR strongly supports measures to both limit and control risks of physical commodity involvement at financial holding companies. …Specifically, we support the new consolidated limits on the total size of commodity holdings, the capital increase to 300 percent risk weights applied to commodities held under 4(k), and more…”

Letters to Regulators: 17 Organizations Comment on CFPB Request for Information Regarding Consumer Access to Financial Records

“…The digital economy should ensure consumers can access and use records about themselves, and that consumers can choose to authorize third-parties to access such data on their behalf to support their financial health and facilitate competition among financial services providers.”

AFR in the News: Trump Said to View Consumer Watchdog as ‘Unaccountable’ (Wall St. Journal)

“Consumer advocates pushed back against Mr. Trump’s statement. ‘Directory Cordray has been an effective and responsible head of the CFPB,’
said Lisa Donner, executive director of Americans for Financial Reform. ‘Under his leadership it has been accountable to the American people, delivering over $12 billion in relief for more than 29 million people, a publicly searchable complaint system, and rules of the road to make lending fairer.’”

AFR in the News: CFPB, Cordray, Win Second Chance to Avoid a Trump Firing (Bloomberg)

“A U.S. appeals court in Washington on Thursday granted the CFPB’s request to reconsider an October decision that stripped Cordray of his job protection, which left him at the mercy of Trump and a pro-business Republican-led Congress… Also weighing in on behalf of the CFPB are Americans for Financial Reform, the Consumer Federation of America, the U.S. Public Interest Research Group and one of the bureau’s biggest proponents, Democratic Senator Elizabeth Warren of Massachusetts.”

Joint Statement: The CFPB’s Work Is Important to Military Families and Veterans

“There is a clear and compelling public interest that Congress continue to support vigorous enforcement of laws that protect military families from wrongful financial practices… [T]he strong record of the Consumer Financial Protection Bureau and its Office of Servicemember Affairs underscores the need for Congress to resist efforts that seek to hamstring this work. Tampering with the agency’s authorities, structure, and independence would be harmful to military families and honest companies across the country.”

Letter to the Senate: 88 Organizations Oppose Steven Mnuchin for Secretary of the Treasury

We, the undersigned organizations, representing millions of Americans, are writing to urge you to oppose the nomination of Steven Mnuchin as Secretary of the Treasury.