Americans for Financial Reform

AFR in the News: Obama To The Rescue On Federal Student Loans, But What About Private Loans?

Obama To The Rescue On Federal Student Loans, But What About Private Loans? – Eva Pereira (Forbes)

“The new Consumer Financial Protection Bureau (CFPB) aims to make the education lending market much more transparent with its KnowBeforeYouOwe project, but for those already knee deep private debt, there is little recourse. Several distressed borrowers shared their private loan struggles on a recent call organized by the Americans for Financial Reform, a consumer rights coalition.”

AFR Letter: BofA/Merril Lynch Transfer Poses Risk to Taxpayers

AFR sent a letter to the Federal Reserve and FDIC on the reported transfer of the Merrill Lynch derivatives book to Bank of America’s depository subsidiary, which could expose taxpayers to substantial additional risks.”

AFR in the News: Private Student Loan Debts Highlight Need for Fully Operational CFPB

AFR in the News: Private Student Loan Debts Highlight Need for Fully Operational CFPB The Institute for College Access & Success and Americans for Financial Reform hosted a conference call with reporters and bloggers on Tuesday, October 25th to discuss private student loan debt and

AFR and CFA Letter: Urge to CFTC to Impose Strong Business Conduct Standards

AFR wrote a letter to the CFTC urging them to maintain strong business conduct standards for derivatives dealers when dealing with municipalities and pension funds.

AFR Press Statement: Senate Banking Committee hearing on Empowering and Protecting Servicemembers, Veterans and their Families in the Consumer Financial Marketplace

We applaud Senator Johnson for holding this important hearing. In 2006, the Department of Defense (DoD) issued a “Report on Predatory Lending Practices Directed at Members of the Armed Forces and Their Dependents”, which concluded that “predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all volunteer fighting force.” In surveys conducted by DoD last year, personal finances ranked second on the list of causes of stress for servicemembers, second only to career concerns. Financial problems are now the top cause of revocation of military security clearances.

CFA Press Release: Oil Speculation on Wall Street Devastates Household Budgets on Main Street

Dr. Mark Cooper, CFA Director of Research, submitted the following statement for the record of the hearing on Excessive Speculation and Compliance with the Dodd-Frank Act, being conducted by the Senate Committee on Homeland Security and Governmental Affairs, along with CFA’s recent report entitled Excessive Speculation and Oil Price Shock Recessions: A Case of Wall Street ‘Déjà vu All Over Again.’

Press Release: Reps. Maloney, Frank and consumer groups hail first 100 days of Consumer Financial Protection Bureau

Rep. Carolyn Maloney (D-NY), Ranking Member of the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee, and Rep. Barney Frank (D-MA), Ranking Member of the full House Financial Services Committee, today hailed the first 100 days of the Consumer Financial Protection Bureau.

AFR Letter: AFR Opposes Regulatory Accountability Act

Read our letter opposing the regulatory accountability act here

AFR Letter: Support DeFazio and Harkin Financial Transaction Tax Legislation

AFR authored a letter in support of the Wall Street Trading and Speculators Tax Act of 2011 introduced by Senator Harkin and Representative DeFazio.

AFR in the News: Protesters Rally Around Trading Tax

Eliza Newlin Carney (Roll Call)

“After weeks of waving signs and chanting with no clear policy objective, Occupy Wall Street protesters finally have an issue to rally around: a tax on Wall Street. Known in Occupy movement parlance as the ‘Robin Hood tax,’ taxes on trades of stocks, bonds and derivatives are getting a fresh look on Capitol Hill and may draw thousands of protesters to Washington, D.C., next week. Helping lead the charge are an unlikely breed of tax activist: registered nurses. … ‘There [are] people in the streets angry about economic inequality, and angry about what Wall Street has gotten away with,’ said Lisa Donner, executive director of Americans for Financial Reform, which supports both bills.