AFR Calls on International Regulators to Improve Derivatives Market Transparency
AFR submitted a comment letter to the financial stability board on plans for the aggregation of global derivatives data.
AFR Statement on House Approval of HR 3193
“Many millions of people have already benefited from the Consumer Bureau’s rules, enforcement actions and online complaint system. Polls show that a large majority of Americans strongly approve of what this important new agency has been doing… And yet, 232 members of the House of Representatives voted today for legislation designed to systematically undermine this first-ever federal agency with a mandate to prioritize fairness and transparency over short-term financial-industry profits.”
AFR and Consumer Organizations Call on CFPB to Address and Prevent Debt Collection Abuses
AFR and more than 15 consumer organizations submitted a letter to the CFPB calling for stronger obligations on debt collectors and creditors, including in particular requirements that they actually have and maintain accurate records of debts, and that they cannot collect without real documentation that people owe and how much, limits on contacts with borrowers, and an end to harassment threatening conduct, including manipulation of credit reporting.
AFR Joins AFL-CIO, More Than 40 Other Organizations Call for Public Consultations on Investor Rights in Trade Deals
AFR joined the AFL-CIO and more than 40 organizations in sending a letter to the U.S. Trade Representative calling for a public consultation process to review and revise the “investor-state dispute settlement” (ISDS) process. This flawed process grants special legal rights and privileges to foreign-based business interests.
Lawmakers Back DOJ Crackdown on Illegal Use of Bank Payment Systems
“Department enforcement plays a critical role in ensuring banks and payment processors meet [their] legal obligations,” the lawmakers say in a letter to Attorney General Eric Holder. “Unfortunately, recent cases demonstrate the seriousness of the consequences when those obligations are not met. Accordingly, we urge the Department to enforce vigorously applicable laws pertaining to payment fraud, money-laundering, and other illegal payments…”
Who Do They Represent, Anyway?
The House of Representatives plans to vote this week on the so-called “Consumer Financial Protection and Soundness Improvement Act” (HR 3193). This bill is a gift to the worst elements of Wall Street and the financial industry, whose tricks and traps cost American families tens of billions of dollars a year. If enacted into law, HR 3193 would invite a resurgence of the abusive and deceptive lending that was one of the leading causes of the financial crisis that nearly capsized the U.S. economy five-and-a-half years ago.
AFR and 115 Organizations Defend CFPB, Strongly Oppose HR 3193
115 organizations joined AFR in sending a letter to members of Congress urging them to reject HR 3193. This legislation would weaken the Consumer Bureau, prevent it from doing its job and instead serve the interests of the worst elements of the financial industry.
AFR in the News: “DC Quadrakill”
“First, if you don’t like a bill, amendment or provision thereof, you try to defeat it with a vote. Just say, then vote, no (or nay, or whatever). If that fails, go to stage two. You can try to defund it through the appropriations process. If that doesn’t work, there is stage three. This is where you can try to stop it, change it or delay it through the regulatory rule-making process. If all of those things fail, you can go to DEFCON four: litigation. That’s the D.C. Quadrakill: 1. kill bill; 2. defund it; 3. regulate it; and, 4. litigate it.”
AFR and More Than 215 Organizations Sign Letter Supporting Mortgage Forgiveness Tax Relief Act
More than 215 organizations joined AFR in signing a letter in support of the Mortgage Forgiveness Tax Relief Act. This crucial piece of legislation would protect homeowners who receive principal reduction modifications from devastating tax consequences is set to expire on December 31, 2013, just as the government’s recent settlement with JP Morgan Chase promises additional principal write downs. Congress must act swiftly to extend this legislation.
AFR in the News: ‘Unaccountable Bureaucracy’ Wins High Marks From Public
Despite broad popular support for the CFPB, the House Financial Services Committee depicts it as “a bogeyman that’s menacing borrowers and homebuyers,” says Susan Antilla (The Street, 2/13).
“’Eventually, the legislators who have acted this way are going to realize how wildly out of touch they are with their own constituents,” AFR’s Jim Lardner told Antilla. “They’re running the risk of being seen as pawns of Wall Street and slippery lenders.”