Americans for Financial Reform

AFR Comment Letter to CFPB on Request for Input on Mobile Financial Services

AFR offered comments to the Consumer Financial Protection Bureau in response to their Request for Input on how consumers are using mobile financial services to access products and services, and manage finances. While mobile technology can enhance access to safer and more affordable technology for consumers, benefits will only be seen if technological systems are safe, fair, and honest. Regulators can help consumers—as well as those in industry—by establishing strong minimum standards.

AFR Comment Letter to FHFA on Request for Input Around Raising Guarantee Fees

AFR offered comments to the Federal Housing Finance Agency in response to their Request for Input related to g-fee policy and implementation. AFR encouraged FHFA to refrain from instituting any increases in g-fees or loan-level price adjustments (LLPAs) at this time.

AFR in the News: Regulators Propose Rule to Reduce Risk of Derivatives (NY Times)

“’This is a really important rule,’” said Marcus Stanley, policy director at Americans for Financial Reform. ‘Margin is the first line of defense in the derivatives market.’ The regulators made the changes to bring American margin rules in line with new international ones approved in 2013, and in response to public comments.

“’While it has taken us some time to get to this point, today’s action does represent significant progress,’ Thomas J. Curry, the comptroller of the currency, said in a statement.”

AFR Statement on New Prudential Banking Rules

AFR issued a statement regarding new rules issued by banking regulators.

AFR Joins Our Members in Urging OCC to Update Preemption Rules

AFR joins our members in urging OCC to update preemption rules

AFR joined consumer organizations in urging the OCC to update its preemption rules to comply with Dodd Frank reduction of sweeping federal preemption of state consumer protection actions.

AFR Statement on SEC Final Rules Concerning Asset-Backed Securities and Credit Rating Agencies

AFR issued a statement regarding the finalized rules issued by the SEC regarding asset backed securities and credit rating agencies.

AFR Supports Bipartisan Call for Limits on Federal Reserve Emergency Lending

“A bipartisan group of 15 legislators… has released a letter calling for stronger limitations on the use of Federal Reserve emergency lending powers. The Dodd-Frank Act mandated new limits on such emergency lending. Today’s letter strongly criticizes the Federal Reserve’s proposal to implement these new limits, saying that the proposal places ‘no meaningful restrictions’ on lending powers and leaves the door open to a future ‘backdoor bailout’ of Wall Street. AFR welcomes this letter and applauds the efforts of legislators to address this issue.”

AFR in the News: U.S. Bank Bonus Curb Hit by Regulatory Squabble (Financial Times)

Americans for Financial Reform, Gina Chon of the Financial Times reports, “will soon send a letter to the agencies – it will also be circulated among lawmakers – urging them to finalise the proposal and strengthen it by not leaving implementation up to a bank’s board or management.” The article quotes AFR’s Marcus Stanley, who describes the executive-compensation provision as “one of the major pieces of unfinished business in Dodd-Frank.”

AFR in the News: Banks Push to Delay Rule on Investments (Wall Street Journal)

“Banks are pressing U.S. policy makers for a multiyear delay of a rule requiring them to sell investments in private-equity and venture-capital funds…,” the Journal reports. The article goes on to cite critics of the calls for delay, including AFR’s Marcus Stanley. “This is supposed to be a regulatory option in special circumstances,” he told the Journal. “It’s not supposed to be an automatic permission for every bank to get a 12-year period after passage of Dodd-Frank to divest from venture funds.”

AFR, Groups Statement on OCC Guidance to Banks on Selling of Charged-Off Debt

AFR join civil rights, consumer, and community groups in lauding the OCC for issuing a strong guidance regarding banks’ selling of charged-off consumer debts to debt buyers. The groups urged the agency to also take the next step and issue strong regulations to ensure that national banks do not continue to facilitate unfair, deceptive, and abusive debt collection practices.