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.
” ‘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.”
“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…”
“…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.”
“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.’”
“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.”
“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.”
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.
“‘It should be a very grave concern to every Senator that new evidence that One West engaged in illegal robo-signing keeps turning up, even though Mnuchin denied it,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘They should be demanding honest answers, and demand that any candidate for Treasury Secretary demonstrate a commitment to following the law.’”
“Financial services companies that support giving retirement investors investment advice that is in their best interests should stand up against the aggressive anti-investor lobbying tactics of their trade associations seeking to overturn the Department of Labor’s (DOL) conflict of interest rule, according to three national organizations that have supported DOL efforts to strengthen protections for retirement savers.”