AFR in the News: Who Killed Financial Reform?
“We expected that it would be hard to keep what we’d won and do more going forward,” AFR’s Lisa Donner tells USA Today. “It’s been slower and harder than we’d hoped.”
AFR Letter to Regulators Emphasizing Lessons of the Senate PSI London Whale Report
AFR sent a letter to regulators emphasizing the lessons from the Senate Permanent Subcommittee on Investigations (PSI) report on the London Whale.
AFR Supports CFPB’s Proposed Guidance on Servicing Rules
AFR submitted a comment letter to the CFPB supporting their proposed guidance clarifying the relationship of their servicing rules to stronger state laws. The letter also makes suggestions for improvement.
AFR Supports FDIC and OCC Proposed Guidance on Payday Loans in Comment Letter
AFR joined more than 45 organizations in submitting a comment letter to the OCC and the FDIC supporting their proposed guidance on bank payday lending. The letter praises their proposal, and adds some additional steps that we believe would be beneficial to curbing the use of payday loans.
AFR Opposes S. 949
AFR sent a letter to members of Congress opposing S. 949, legislation which promotes steering borrowers into more expensive loans.
AFR in the News: Bank Lobbyists Help Write Financial Bills
Citi’s recommendations influenced “more than 70 lines” of an 85-line bill. Two key paragraphs “were copied nearly word for word” from a draft prepared by Citi and two other large banks.
AFR Weighs in on Defining Larger Market Participants for Student Loan Servicing
AFR joined public interest groups in weighing in on the CFPB’s proposal defining larger market participants for student loan servicing.
AFR in the News: Banks Using Trade Talks to Weaken U.S. Rules
“U.S. bankers and insurers are trying to use trade deals, which can trump existing legislation, to weaken parts of the Dodd-Frank Act…,” according to Carter Dougherty of Bloomberg.
AFR Opposes HR 1135
AFR sent a letter to members of Congress opposing HR 1135, the “Burdensome Data Collection Relief Act.” This legislation would repeal Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires that companies report the ratio of CEO to median worker pay.
AFR Opposes HR 1105
AFR sent a letter to members of Congress opposing HR 1105, “The Small Business Capital Access and Job Preservation Act.” This legislation would exempt nearly all private equity fund advisers from the registration requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.