Americans for Financial Reform

Joint Statement: Democratic Platform Calls for Strong Steps to Curb Revolving Door Abuses

“The financial crisis of 2008 exposed glaring weaknesses not only in the regulations governing Wall Street, but in the institutions charged with writing and enforcing them. It is good news that the Democratic platform includes language highlighting the revolving door and affirming a set of concrete steps to deal with aspects of this problem. It is of the utmost importance that any next president appoint regulators who are willing to stand up to Wall Street in order to stand up for the rest of us,” said Lisa Donner, director of Americans for Financial Reform.”

Letter to Regulators: AFR Provides Comments to Regulators on Controlling Wall Street bonuses

“Americans for Financial Reform (“AFR”) appreciates this opportunity to comment on the above referenced Proposed Notice of Proposed Rulemaking (the “Proposal”) issued by the Federal Reserve, FDIC, FHFA, NCUA, OCC, and SEC (the “Agencies”)… Section 956 is a particularly significant and vital element of the Dodd-Frank Act. There is widespread agreement among students of the 2008 financial crisis that the design of bonus pay was a central contributor to the crisis. “

Letter to Regulators: AFR Joins 32 Organizations Express Concern over CEO Bonus Pay Loophole

“We appreciate the opportunity to comment on the proposed rule regarding incentive compensation in the financial industry. This proposal is a significant improvement over the 2011 version… However, we remain deeply concerned that loopholes in the regulation will allow a reckless Wall Street bonus culture to continue, putting taxpayers and the broader economy at risk.”

Joint Event: AFR Coalition Celebrates CFPB’s 5th Birthday

On July 21, the Consumer Financial Protection Bureau turned five years old. In a joint statement, AFR and 25 allied organizations celebrated the bureau’s accomplishments. The AFR coalition also marked the occasion by hosting a breakfast event at the downtown Washington offices of the National

Joint Statement: AFR and 25 Allies Salute the Work of the CFPB on its Fifth Birthday

The CFPB was created after the 2008 financial crisis to bring basic standards of fairness and transparency to the consumer finance marketplace. Five years later, our organizations join in celebrating the important changes the CFPB has already made, and in eager anticipation of the work to come.

Letter to Regulators: AFR calls on Dept of ED to put borrowers needs first with strong student loan servicing standards

AFR and 4 other organizations call on the Department of Education to create a system that promotes quality and consistent student loan servicing by ensuring accountability, properly aligning servicer incentives, and creating appropriate standards.

Bipartisan Poll: Americans Express Broad Support for Financial Regulation and the Work of the CFPB

Ninety-six percent of Democrats and 89 percent of Republicans regard financial regulation as important, according to the survey, which was conducted in June by Lake Research Partners and Chesapeake Beach Consulting on behalf of Americans for Financial Reform and the Center for Responsible Lending. Here

AFR in the News: Time Short for Goldman, Morgan Stanley to Exit Billions in Funds (Bloomberg)

“The banks have had plenty of warning, and they’ve had a good market to sell their holdings, said Marcus Stanley, policy director for Americans for Financial Reform. They ‘want to hit the snooze button again over and over with the Fed,’ Stanley said… ‘The regulators have to be prepared to say, Time’s up.’ ”

Letter to Regulators: AFR Comments on CFTC’s Derivatives Position Limits Proposal

“Americans for Financial Reform (“AFR”) appreciates this opportunity to comment on the above referenced Supplemental Notice of Proposed Rulemaking (the “Proposal”) by the Commodity Futures Trading Commission (the “Commission”).

Poll: New Poll Finds Strong Support for Financial Reform

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.