“We are writing to express our opposition to H.R. 1266 (Rep. Neugebauer), the “Financial Product Safety Commission Act of 2015.” This bill would change the structure of the Consumer Financial Protection Bureau (CFPB); instead of being led by a single director, it would be headed by a Commission of five members…”
“On behalf of the undersigned organizations, we urge you to oppose H.R. 1737, the so-called “Reforming CFPB Indirect Auto Financing Guidance Act.” This legislation is simply an effort to stop the CFPB from enforcing laws against discrimination. H.R. 1737 hides its intent behind a smokescreen of claims about process and regulatory jurisdiction. However, the bill is really about the unfair and discriminatory impact of car dealer interest rate markups. “
“On behalf of Americans for Financial Reform, the leading public interest coalition that supported enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and its members, including the undersigned, we write both to explain the importance of the Act and to demonstrate its constitutionality. While numerous opponents of financial reform have challenged the act’s constitutionality, none have prevailed, in any court.”
“In numerous previous comments, AFR has raised serious concerns about the Commission rules and guidance that exempt foreign subsidiaries of U.S. banks, or U.S. subsidiaries of foreign entities that are highly active on Wall Street, from a wide range of Dodd-Frank derivatives rules. Given the global character of the derivatives market, we believe that such cross-border exemptions create the possibility for large-scale evasion of U.S. rules.”
“AFR supports this proposal to require the recovery of erroneously awarded executive compensation as a condition for exchange listing. Failures in corporate governance have been singled out by many observers, including the Financial Crisis Inquiry Commission, as a significant cause of the global financial crisis. “
“We urge you to reject any such proposal that weakens or delays these crucial protections, whether it is based on H.R. 1090 or a phony Wall Street ‘alternative’ to DOL rules. Instead, you should stand with your hard-working constituents saving for retirement who deserve financial advice that is in their best interest, no matter who provides it.”
“The undersigned consumer and civil rights organizations write to urge you to issue final prepaid card rules that prevent payday lenders and other predatory lenders from attaching dangerous credit features to the cards. We appreciate the strong elements of the proposed rules, which recognize that overdraft services are a form of credit and that credit accessed through cards must have the robust protections of the Credit CARD Act. While the proposed rules will stop some abuses, we are concerned that loopholes in the proposal can be exploited.”
“…responses to the RFI issued by the Department of the Treasury. The extraordinary diversity of on-line lending models and the rapid growth of the sector mean that continued monitoring will be necessary and the sector will likely fall into the purview of multiple regulators. We encourage the Treasury Department to remain active in determining the appropriate regulatory models, and we will further examine the responses to this RFI with interest to evaluate what types of regulation seem appropriate.”
“Consumer groups are deeply skeptical of the debate, arguing it is just a talking point for the regional and big banks to weaken Dodd-Frank. ‘It’s basically an attempt to put up a sort of fog of complicated technical terms around industry’s desire to reverse pretty basic financial reforms,’ said Marcus Stanley, policy director for public advocacy group Americans for Financial Reform. There’s no academic consensus on any single best way to measure [liquidity] … so you can raise it as this boogeyman in a way that is not really particularly connected to the substantive issues.'”
“Bonds seem to trade in smaller transaction sizes than they once did… That is perceived as a sign of illiquidity… A better indication, according to a presentation by Marcus Stanley, policy director of Americans for Financial Reform, would be total trading in the corporate market, which in fact has slightly increased since the financial crisis.”