Americans for Financial Reform

Letter to Congress: AFR Urges Congress to Preserve Financial Protections, Oppose HR 3340

“On behalf of Americans for Financial Reform, we are writing to express our opposition to HR 3340.[1] This legislation would eliminate the independent funding for the Financial Stability Oversight Commission (FSOC) and its research arm, the Office of Financial Research (OFR), subjecting the budget for these agencies to the appropriations process. It would also require that the OFR provide a 90 day notice and comment period prior to issuing any report or rule, and report in advance the details of planned spending to Congress.”

Letter to Congress: Public Interest and Labor Organizations Urge Congress to Reject “Commodity End User Relief Act”

“On behalf of the undersigned organizations, we are writing to urge you to vote against the “Commodity End User Relief Act”, a bill that reauthorizes the Commodity Futures Trading Commission (CFTC) and makes other statutory changes. The CFTC’s role in regulating commodity and derivatives markets is vital to businesses that use commodity markets to hedge risks, vital to the economic well-being of American families who rely on affordable prices for products like gasoline and food, and vital to overall financial stability. “

AFR Statement: Five Bank Resolution Plans Found “Not Credible”

“These regulatory assessments add yet more weight to the case for aggressive action to realize the promise made in the Dodd-Frank Act that ‘too big to fail’ will be ended. The findings open the door to such action by authorizing regulators to place additional controls on the five banks whose plans were officially found to be ‘not credible’ if these banks do not meet the October 1st deadline for remediating the issues identified in the resolution plans. The regulators’ action also starts the two year clock in Dodd-Frank on the potential breakup or restructuring of these banks.”

AFR in the News: Banks Use Footnote to Look Smaller (Wall St. Journal)

“[Banks] are turning to the 79th page of a 2013 document titled “Regulatory Capital Rules” and looking at footnote 151. That reference effectively lets banks hold less capital against shorter-term derivatives… ‘This is classic regulatory arbitrage,’ said Marcus Stanley, policy director for public-interest group Americans for Financial Reform.”

AFR in the News: Why Elizabeth Warren’s Consumer Watchdog Could Be In Danger (Huffington Post)

“Brian Marshall, policy counsel for Americans for Financial Reform… contends that if PHH’s concern is really that the president lacks sufficient authority over a federal agency, a multi-member structure should be even more problematic. ‘To get control of the Federal Trade Commission, a president would have to remove three commissioners — and that is virtually impossible,’ he said.”

Letter to Congress: AFR Opposes HR 1261, Legislation to Revoke CFPB’s Independent Funding

“Americans for Financial Reform urges you to oppose HR 1261 or any similar bills to undermine the independence of the Consumer Financial Protection Bureau (CFPB) by subjecting it to the appropriations process. Independent funding is a common characteristic of the federal bank regulatory agencies… Like the other federal bank regulators – the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve – the CFPB does not receive appropriations. While other bank regulators have mechanisms to increase their own independent funding, only the CFPB’s budget is capped by Congress. “

Letter to Congress: AFR Opposes Repeal of Dodd-Frank Resolution Authority

“we urge you to reject any effort to repeal Title II of the Dodd-Frank Act, which establishes an orderly liquidation authority for large financial institutions. Orderly liquidation authority is a crucial backstop designed to ensure that systemically important financial institutions can never again hold up the public for bailouts. During the financial crisis of 2008, policymakers of both parties bailed out big banks because they claimed not to have the legal authority to restructure failed financial institutions. “

Message to Congress: The CFPB Has Our Back!

What made the latest congressional hearings on the Consumer Financial Protection Bureau different from other hearings? A delegation of consumer advocates from around the country wearing lime-green t-shirts that said “Stand Up for the CFPB” and “The CFPB Has My Back.” They were there to remind lawmakers that the great majority of Americans, across party lines, don’t just like the idea of such an agency; they also support the major steps it has taken to bring a sense of fair play to the financial marketplace.

AFR Statement: A Huge Victory for American Workers and Retirees

“After years of effort, and against massive opposition by some industry players, the Department of Labor has come out with a rule requiring retirement investment advisers to give honest advice – the kind that puts the best interests of their clients first. Today’s announcement is a huge victory for American workers and retirees. “

AFR Statement: AFR Statement for the Record on the Senate Banking Committee Hearing “Assessing the Effects of Consumer Finance Regulations”

“It is less than five years since the Consumer Financial Protection Bureau (CFPB) was established. Since then, the CFPB has fulfilled Congress’s vision of a federal agency with “the authority and accountability to ensure that existing consumer protection laws and regulations are comprehensive, fair, and vigorously enforced.”