AFR Statement on House Financial Services Committee June 10 Markup
AFR issued a statement to the press regarding the June 10 markup in the House Financial Services committee.
AFR Urges Congress to Support Investor Protections — Oppose HR 2629, HR 4564, HR 4697
AFR sent a letter to members of Congress, urging them to oppose HR 2629, HR 4564, and HR 4697. These three proposals would reduce investor protections and market transparency without genuinely benefiting sustainable capital formation and job growth.
Preserve Financial Stability Protections — Reject HR 4387 (the FSOC Transparency and Accountability Act) and the FSOC Designation Moratorium Act”
AFR sent a letter to members of Congress urging that they reject HR 4387. The FSOC is crucial to protecting American families and workers from the impacts of a financial crisis. If enacted, this legislation would hinder FSOC operations.
Do Not Weaken Dodd-Frank Mortgage Protections – Oppose HR 3211
AFR and more than twenty public interest, consumer, and labor organizations sent a letter to members of Congress urging them to oppose HR 3211. This legislation would reopen the door to the higher fees borrowers faced in the lead up to the mortgage crisis.
AFR and Organizations Urge Members of Congress to Defend the CFPB
AFR and more than fifteen organizations submitted a letter to members of the House Financial Services Committee, calling on them to defend the CFPB from specific legislative attacks.
AFR Statement: The Senate Looks at Student Loan Debt
40 million Americans currently owe some $1.2 trillion in student loan debt, which is making it hard for people to buy cars, homes, and even daily necessities. In one recent survey, 29 percent of borrowers said that student loans had caused them to delay getting married…
So this is a problem that fully deserves the double-barreled attention it is getting from the Senate. And more: it deserves meaningful action from regulators and legislators alike.
AFR in the News: Massad Heads to U.S. Swaps Agency as Wall Street Seeks Rollback
“There is still ‘great risk of going back even on the commitments that have been made final,’ said Marcus Stanley, policy director at Americans for Financial Reform… ‘In no way is he just a caretaker for a job that’s just been completed by somebody else,” Stanley, referring to Massad, said in an interview. ‘To make derivatives reform a reality means taking on some powerful interests and pushing forward against significant opposition and we hope he’s up to it.’”
AFR in the News: OCC to Rotate On-Site Examiners at Banks to Boost Oversight
“The Office of the Comptroller of the Currency, criticized for missing some high-profile problems such as JPMorgan Chase & Co.’s London Whale losses, will institute a five-year rotation schedule for in-bank examiners, the agency said today in response to a review of its practices by non-U.S. regulators. The regulator also said transfers to the risk-analysis group would reduce the number of on-site examiners.”
AFR Calls on Regulators to Improve Swaps Market Transparency
AFR submitted a comment letter to the CFTC regarding the importance of collecting data essential to analyzing potential systemic risk.
AFR Calls for Strong Action Against For-Profit Colleges that Exploit Students and Federal Aid
“We strongly support the Department of Education’s efforts to keep federal funds from being used to support career education companies that routinely fail to deliver on their promises, leaving students with unmanageable debt. We urge you to stand by the thrust of the regulations the Department proposed in March, and to bolster those regulations in several key ways.”