Americans for Financial Reform

AFR in the News: Liberal Groups Back ‘Operation Choke Point’

In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: “Fighting payment fraud should not be controversial. Everyone benefits from efforts to stop illegal activity that relies on the payment system.” As Weyl goes on to note, “Conservative activists and GOP lawmakers have accused the Obama administration of pursuing law-abiding businesses that cross the administration’s agenda, including gun sellers.” But the known investigations launched in the name of Operation Choke Point have all been directed at out-and-out-fraud.

House Reauthorization Bill Would Undermine Rather than Support CFTC

“The Commodity Futures Trading Commission (CFTC) has a huge role to play in protecting consumers and the economy against fraud, price manipulation, and reckless speculation… Unfortunately, HR 4413 would seriously interfere with the agency’s ability to fulfill its mission and defend our economic security.”

AFR Supports the Waters and Moore Amendments, Rejects HR 4413

Download the letter here.

AFR Urges Fed and OCC to use leftover funds to Help Homeowners

AFR submitted a letter to the Fed and the OCC suggesting that leftover funds from the Independent Foreclosure Review (IFR) be spent to help current and Former homeowners who have been hurt in the foreclosure crisis.

Organizations Support the CFTC – Oppose HR 4413

AFR and other organizations have submitted letters and materials to members of Congress opposing HR 4413.

AFR and More Than 25 Orgnizations Support Operation Choke Point and Other Efforts to Fight Payment Fraud

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.

AFR Urges Congress Not to Undermine the CFPB

AFR sent a letter to members of Congress urging them to reject proposed legislation within the House Appropriations Committee that make CFPB funding through Appropriations, and strip the Bureau of its independence. This change would leave the CFPB vulnerable to financial industry efforts to cut off funding in retaliation for doing its job. Bank regulators have historically been funded outside of the appropriations process to avoid this outcome, which poses serious risks to our financial system and our economy.

AFR Advocates for the CFTC, Urges Congress to Reject HR 4413

AFR sent a letter to members of Congress urging them to oppose HR 4413, “The Customer Protection and End User Relief Act”. This legislation would have a severe negative impact on the CFTC and its ability to police commodities and derivatives markets crucial to our economy.

AFR Comments on Regulators’ Capital Rules for Bank Borrowing

AFR offered comments to regulators on what kinds of risk exposures banks should be required to back with their own capital.

AFR Advocates for a Simple, Safer Banking System

AFR sent a letter to members of Congress urging them to co-sponsor and support the 21st Century Glass-Steagall Act. The proposal would narrow the scope of activities that banks are permitted to engage in, and refocus them on their traditional core functions of lending to businesses and individuals. This change would improve the safety of the banking system by simplifying banks’ structure and activities so that they are easier for directors to manage, for regulators to supervise and for investors to evaluate.