AFR issued a statement on the final SEC rule on money market funds. AFR feels that these reforms are inadequate, and encourages the SEC to work with other regulators to address remaining systemic risks related to money market funds.
“Nearly four out of five voters surveyed (78%) said financial rules and enforcement need to be strengthened, and that Wall Street’s bad practices have not changed enough,” writes David Weidner of the Wall Street Journal, citing a new poll conducted by Lake Research for Americans for Financial Reform and the Center for Responsible Lending. “And the furor overrides the political divide we’ve been hearing so much about. The poll found 84% of Dmocrats, 82% of Independents and 74% of Republicans say they are concerned about the influence of Wall Street financial companies on elected officials.”
Nearly five years after the financial crisis, a new national poll – conducted on behalf of Americans for Financial Reform and the Center for Responsible Lending – shows continued bipartisan support for tougher regulation of the financial industry and its products and services. A sweeping majority of voters (78%) believe that financial rules and enforcement need to be strengthened, and that Wall Street’s bad practices have not changed enough.
“Public access to consumer complaints can help individuals make smart decisions upfront. Consumers will be able to draw their own conclusions from the data. Those who identify a company with disreputable lending practices or poor complaint resolution will be in a position to harness the power of the purse to protect themselves. Businesses with good products and customer service will benefit, and academics, researchers and others will be able to help the agency spot harmful trends and patterns before they become widespread.”
“Americans for Financial Reform urged members of Congress to allow Operation Choke Point and other oversight of payment fraud to continue. ‘Banks are not always aware that they are being used to facilitate illegal activity,’ their July 15 letter said. ‘But when they choose profits in the face of blatant signs of illegality, they become an appropriate target for enforcement action.’”
Testifying before a House Financial Services subcommittee on July 15, Lauren Saunders of the National Consumer Law Center warned against measures that “would undermine important efforts underway at the Department of Justice and banking regulators designed to ensure that banks do not facilitate illegal activity.”
Appearing before the House Financial Services Committee’s Subcommittee on Consumer Credit, AFR Policy Director Marcus Stanley criticized a set of bills that would undermine current consumer protections, weaken Wall Street reforms, and put roadblocks in the way of financial regulators.
AFR sent a letter to members of Congress opposing HR 5016. This bill would place funding restrictions on our financial regulatory agencies. Sections of this bill would undermine consumer protections that are currently in place, weaken Wall Street reforms, and hurt the ability of regulators to do an efficient job protecting the economy.
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.
“We write to you now on behalf of the millions of families who are still struggling with negative home equity, as well as those who are in danger of losing their homes through foreclosure, and the neighbors and communities hurt by foreclosures around them. The need to swiftly reverse the government sponsored enterprise (GSE) policy on principal reduction remains a major priority for many organizations and community members.”