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AFR/CRL Poll: National Survey Finds Bipartisan Opposition to Forced Arbitration as the Issue Heads for a Vote in the House

With the Consumer Financial Protection Bureau now in a position to regulate the practice, a new poll shows strong public sentiment against the use of forced-arbitration clauses in consumer finance contracts. The poll demonstrates wide, bipartisan opposition to forced arbitration as the House of Representatives prepares to vote on a multi-agency appropriations bill that would put roadblocks in the way of CFPB action.

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AFR Statement: The Case for the “21st Century Glass Steagall Act” Is Stronger than Ever

Senators Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I.-Me.) have reintroduced their “21st Century Glass-Steagall Act,” which would restore the historic division between traditional (or commercial) banking world and the casino world of trading and speculating. Five years after passage of the Dodd-Frank Act, the case for this bipartisan legislation is stronger than ever.

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Joint Press Release: Mayors from 18 Cities Call for an End to Fire Sales of Distressed Housing Assets to Wall Street Speculators

Following the release of a report by the Center for Popular Democracy and the ACCE Institute detailing sales of troubled mortgages to faulty players, mayors from across the country are calling for mortgage owners and holders to prioritize the sale of troubled mortgages to good actors who can help homeowners struggling in the aftermath of the crisis.

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Joint Statement: 78,000 Consumers Urge CFPB to End Forced Arbitration

In petitions gathered by AFR and five allied organizations, more than 78,000 consumers urge the Consumer Financial Protection Bureau to take swift action against the use of forced arbitration clauses in financial services and products. The CFPB is empowered by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to ban or limit this anti-consumer device in products under its jurisdiction.

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AFR in the News: Democrats Are Fed Up with the SEC’s Weak Financial Crimefighting (New Republic)

“The lead agency for investor protection isn’t a natural target for the party’s liberal wing… But half of all Americans own some form of stock… More important, the securities industry has insinuated itself into more of American life. Individuals and small business increasingly get loans through the capital markets; our 401(k) plans are based on publicly traded investments… ‘We marketized our retirement system, we marketized our banking system, and the SEC is the main securities regulator,’ said Marcus Stanley, policy director for the coalition Americans for Financial Reform.”

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Letter to Congress: AFR Opposes Anti-Consumer Amendments in Appropriations Bill

“On behalf of Americans for Financial Reform, we are writing to express our opposition to two amendments being offered to the Financial Services and General Government Appropriations bill… The first would bar the Consumer Financial Protection Bureau (CFPB) from issuing any rule or regulation related to payday lending until it has completed at least four new and unnecessary studies and reporting requirements… The second amendment would similarly delay and obstruct CFPB efforts to write a rule to eliminate forced arbitration in consumer financial contracts, action that the Dodd-Frank Act authorizes the Bureau to take. “

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Letter to Congress: AFR Joins 46 Organizations in Expressing Support for Dept. of Labor’s Proposed Rule for Protecting Retirement Investors

“As organizations that want to see protections for retirement savers strengthened, we write to express support for the Department of Labor’s proposed rule — now out for public comment — that would close loopholes and update the standards for retirement investment advice under the Employee Retirement Income Security Act (ERISA).”