By: Janis Bowdler, Director, Wealth-Building Policy Project, NCLR Channel: Economics, Social Univision News Tumblr “Being a consumer of financial products isn’t easy these days. Fine print, changing technology, and “gotcha” fees are enough to make you put your money back under the mattress, but that
Read our letter to Senators urging them to oppose the Moran amendment (#391) to gut the CFPB and oppose DeMint the amendment (#394) to repeal all of Dodd-Frank to Economic Development Revitalization Act, S. 782.
AFR submitted a joint comment with Professor Michael Greenberger of the University of Maryland on Treasury proposal to exempt foreign exchange swaps and forwards from clearing and exchange trading requirements under Dodd-Frank. The letter pointed out that Treasury had not provided any evidence supporting its case that foreign exchange derivatives did not pose systemic risk, and in fact there is very strong evidence from the 2008 financial crisis and today that they do pose such risks.
AFR submitted a comment in response to the CFTC’s request for views on their overall proposed structure for regulating swaps and derivatives. The comment raised several issues concerning conflicts of interest in ownership and management of key areas of derivatives infrastructure, like clearinghouses and swaps data repositories. AFR also raised potential problems with definitions of “commercial risk” that could permit evasion of regulations.
For Mortgage Defaulters, More Loans for the Taking Annamaria Andriotis (Smart Money) June 1, 2011 “After years of turning down all but the best borrowers, banks and other lenders are now extending credit to a surprising group of customers: former homeowners who defaulted on their
The Bank Lobby Steps Up Its Attack on Elizabeth Warren Ari Berman (The Nation) June 1, 2011 “On May 24 Elizabeth Warren was back on Capitol Hill testifying before Congress, defending her brainchild, the new Consumer Financial Protection Bureau, a key element of the 2010
AFR submitted a comment letter to the banking oversight agencies on proposed rules to change pay practices at big banks. The rules include a number of proposals, including mandatory deferral of some compensation, intended to ensure that Wall Street executives are financially accountable for the long-term consequences of their actions. The letter commended a number of positive steps taken in the proposal, but made the case that the deferral and oversight rules would have to be strengthened to fully address the problem.
FOR IMMEDIATE RELEASE May 31, 2011 CONTACT: John Carey at 202-466-1854 john@ourfinancialsecurity.org AFR Statement on Markup of FY 2012 Agriculture Budget Washington, DC – Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong Wall Street reform,
AFR submitted a comment letter calling on the FSOC to change its proposed rules for Freedom of Information Act (FOIA) requests to better ensure the public’s access to information from financial regulators.
AFR submitted a comment letter on the FSOC’s rule establishing standards for the designation of Financial Market Utilities (FMUs). The letter generally agreed with the broad designation standards, but called on the FSOC to rapidly designate key existing FMUs for enhanced prudential oversight.