AFR Press Statement: Rushed JOBS Act Rulemaking Puts Investors at Risk, Advocates Warn SEC
AFR issued a press statement urging the SEC to abandone its rushed JOBS Act Rulemaking, which could put investors at risk.
Sign on Letter: Support CFPB’s Overseas Remittances Rule
AFR signed onto a letter supporting the CFPB’s overseas remittances rule, which requires remittance transfer providers to provide essential information to consumers about the actual amount of money to be received by their family in the foreign country. The rule makes remittance providers liable for agents acting on their behalf and includes an error resolution procedure to resolve problems.
Sign on Letter: Investors Oppose Rushed JOBS Act Rulemaking
With the SEC poised to adopt its first major rule under the controversial JOBS Act next week, former regulators, securities law experts, and advocates for investors, workers, and older Americans have called on SEC Chairman Mary Schapiro not to move forward with rulemaking without first carefully examining the potential harm to investors, developing a regulatory approach designed to minimize those harms, and putting its regulatory proposal out for public comment. At its August 22 meeting, the SEC is reportedly considering lifting the ban on general solicitation and marketing in private offerings through an interim or temporary rule, a move that advocates say would be a clear violation of the letter and the spirit of the Administrative Procedures Act.
AFR Comment Letter: Oppose Delay of International Derivatives Rules
AFR submitted a comment letter to the CFTC opposing the delay of key international derivatives rules. At a minimum, safe guards should be maintained if the delay is granted.
AFR in the News: Talking Populist, Walking Plutocrat: Paul Ryan on Dodd-Frank and the Volcker Rule
In a little noted speech to his constituents in May, Paul Ryan decried the “crony capitalism” that he said, prompted the big bank bail-outs of 2008 (though he himself voted for the TARP, and he himself gets massive campaign contributions from big financial firms).
AFR in the News: AFR Policy Director Marcus Stanley Discusses the Benefits of Regulation for Consumers on CNBC
AFR’s Policy Director, Dr. Marcus Stanley, appeared on CNBC to discuss the benefits of regulation for consumers on CNBC.
AFR Press Statement: CFPB Stands Firm on Protections for Millions Sending Money to Family and Friends Overseas
FOR IMMEDIATE RELEASE CONTACT: Jim Lardner at 202-466-1854 Jim@ourfinancialsecurity.org The Consumer Financial Protection Bureau has moved forward with important protections for consumers who send money to relatives and friends overseas. Under the terms
AFR Letter: Oppose H.R. 2446
AFR sent a letter to members of Congress urging them to oppose H.R. 2446. This legislation will exempt payments related to homeowner warranties (also known as home service contracts) from the Real Estate Settlement Procedure Act’s ban on kickbacks and referral fees. We believe exempting payments related to these products from the ban on kickbacks and referral fees would be harmful to consumers.
AFR Celebrates the First Birthday of the CFPB
AFR sponsored an event celebrating the first birthday of the CFPB with Director Richard Cordray. The even was cosponsored by AFL-CIO, Consumer Action, Consumer Federation ofAmerica, Consumers Union, The Leadership Conference on Civil and Human Rights, National Community Reinvestment Coalition, National Fair HousingAlliance, and U.S.PIRG
Press Release: Advocates Urge CFPB to Ban Overdraft Fees and Payday Loans on Prepaid Cards
Consumer advocates, civil rights groups, and community organizations across the country urged the Consumer Financial Protection Bureau to ban overdraft fees and payday loans on prepaid cards in numerous comments filed with the Bureau yesterday.