AFR Supports the Waters and Moore Amendments, Rejects HR 4413
Download the letter here.
AFR Urges Fed and OCC to use leftover funds to Help Homeowners
AFR submitted a letter to the Fed and the OCC suggesting that leftover funds from the Independent Foreclosure Review (IFR) be spent to help current and Former homeowners who have been hurt in the foreclosure crisis.
Organizations Support the CFTC – Oppose HR 4413
AFR and other organizations have submitted letters and materials to members of Congress opposing HR 4413.
AFR and More Than 25 Orgnizations Support Operation Choke Point and Other Efforts to Fight Payment Fraud
AFR sent a letter to members of Congress urging them to oppose any effort block funding for the Department of Justice’s Operation Choke Point or to weaken other regulator efforts to fight payment fraud. This proposal works to ensure that banks and payment processors comply with longstanding due diligence requirements so that they can avoid facilitating illegal activity by knowing their customers, monitoring return rates, and being alert for suspicious activity.
AFR Urges Congress Not to Undermine the CFPB
AFR sent a letter to members of Congress urging them to reject proposed legislation within the House Appropriations Committee that make CFPB funding through Appropriations, and strip the Bureau of its independence. This change would leave the CFPB vulnerable to financial industry efforts to cut off funding in retaliation for doing its job. Bank regulators have historically been funded outside of the appropriations process to avoid this outcome, which poses serious risks to our financial system and our economy.
AFR Advocates for the CFTC, Urges Congress to Reject HR 4413
AFR sent a letter to members of Congress urging them to oppose HR 4413, “The Customer Protection and End User Relief Act”. This legislation would have a severe negative impact on the CFTC and its ability to police commodities and derivatives markets crucial to our economy.
AFR Comments on Regulators’ Capital Rules for Bank Borrowing
AFR offered comments to regulators on what kinds of risk exposures banks should be required to back with their own capital.
AFR Advocates for a Simple, Safer Banking System
AFR sent a letter to members of Congress urging them to co-sponsor and support the 21st Century Glass-Steagall Act. The proposal would narrow the scope of activities that banks are permitted to engage in, and refocus them on their traditional core functions of lending to businesses and individuals. This change would improve the safety of the banking system by simplifying banks’ structure and activities so that they are easier for directors to manage, for regulators to supervise and for investors to evaluate.
AFR Supports Accountability for Credit Rating Agencies
AFR has previously called on the SEC to strengthen its rules on credit ratings agencies. This proposal describes a method by which the SEC could change ratings agency incentives to prevent the kinds of large-scale misratings that helped trigger the financial crisis.
AFR Statement on House Financial Services Committee June 10 Markup
AFR issued a statement to the press regarding the June 10 markup in the House Financial Services committee.