AFR sent a letter to members of Congress, urging them to oppose HR 2629, HR 4564, and HR 4697. These three proposals would reduce investor protections and market transparency without genuinely benefiting sustainable capital formation and job growth.
AFR sent a letter to members of Congress urging that they reject HR 4387. The FSOC is crucial to protecting American families and workers from the impacts of a financial crisis. If enacted, this legislation would hinder FSOC operations.
AFR and more than twenty public interest, consumer, and labor organizations sent a letter to members of Congress urging them to oppose HR 3211. This legislation would reopen the door to the higher fees borrowers faced in the lead up to the mortgage crisis.
AFR and more than fifteen organizations submitted a letter to members of the House Financial Services Committee, calling on them to defend the CFPB from specific legislative attacks.
40 million Americans currently owe some $1.2 trillion in student loan debt, which is making it hard for people to buy cars, homes, and even daily necessities. In one recent survey, 29 percent of borrowers said that student loans had caused them to delay getting married…
So this is a problem that fully deserves the double-barreled attention it is getting from the Senate. And more: it deserves meaningful action from regulators and legislators alike.
“There is still ‘great risk of going back even on the commitments that have been made final,’ said Marcus Stanley, policy director at Americans for Financial Reform… ‘In no way is he just a caretaker for a job that’s just been completed by somebody else,” Stanley, referring to Massad, said in an interview. ‘To make derivatives reform a reality means taking on some powerful interests and pushing forward against significant opposition and we hope he’s up to it.’”
“The Office of the Comptroller of the Currency, criticized for missing some high-profile problems such as JPMorgan Chase & Co.’s London Whale losses, will institute a five-year rotation schedule for in-bank examiners, the agency said today in response to a review of its practices by non-U.S. regulators. The regulator also said transfers to the risk-analysis group would reduce the number of on-site examiners.”
AFR submitted a comment letter to the CFTC regarding the importance of collecting data essential to analyzing potential systemic risk.
“We strongly support the Department of Education’s efforts to keep federal funds from being used to support career education companies that routinely fail to deliver on their promises, leaving students with unmanageable debt. We urge you to stand by the thrust of the regulations the Department proposed in March, and to bolster those regulations in several key ways.”
“One scam is to fire employees of the private equity firm and rehire them immediately as ‘consultants.’ The investors are responsible for consultants’ salaries, where private equity employees are paid out of their own pockets. Another is taking what most private equity investors believe to be part of management fees, things like legal and compliance costs, and billing their investors for them without the investors properly knowing it. A third is private equity firms lying about the valuation methods they use to tell investors about the returns they make each year. All of these are ways for private equity firms to take money from their investors for themselves.”