Americans for Financial Reform

AFR in the News: National Journal’s Need-To-Know Memo – Reform Advocates Outraged Over Proposed CFTC Cuts

Need-To-Know Memo – National Journal

Financial reform advocates are up in arms over the House-Senate conference ‘minibus’ appropriations bill that would slash roughly one-third of what President Obama requested to fund the Commodity Futures Trading Commission for 2012 to $205.3 million, raising questions about how it will be able to enforce new financial regulations. ‘This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform,’ said Lisa Donner, the executive director for Americans for Financial Reform, in a press release.

This Week in Wall Street Reform

Click here to view this week’s highlights and lowlights in Wall Street Reform – November 11, 2011 – November 18, 2011. Note: TWiWSR will not be compiled next week – see you December 2nd.

AFR, NCLC, and Allies Comment Letter: Financial Inclusion Critical to Economy Recovery

AFR along with NCLC and other allies submitted a comment to the Department of Treasury on finanical inclusion.

Press Release: Consumer Advocates Renew Call for Fully Functioning Consumer Financial Protection Bureau

“I want to draw attention to one of the biggest financial issues facing seniors and this country today – elder financial abuse and exploitation. Whether you call it a hidden epidemic or the Crime of the 21st Century, as some have, it is a serious problem that we need to address. The numbers paint a sobering picture. According to a study by the MetLife Mature Market Institute, Americans over the age of 65 lost more than $2.9 billion to financial abuse and exploitation in 2010, a 12 percent increase from the $2.6 billion estimated in 2008. …More disturbing is the $2.9 billion the MetLife study estimated represents only a fraction of all instances of financial exploitation against older Americans because elder financial abuse and exploitation is underreported.”

AFR Press Statement: News Reports of CFTC Budget Freeze

“News reports indicate that House-Senate conference committee is cutting the administration’s $308 million budget request for the Commodities Futures Trading Commission (CFTC) by one-third, to $205.3 million, a near funding freeze. This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform. This is not just a budget question: this is a question of whether Washington is serious about bringing oversight and reform to Wall Street at all.”

AFR Letter: Oppose Legislation Providing Regulatory Loop Holes to Big Banks

AFR sent a letter to members of the House Financial Services Committee asking that they oppose legislation in today’s Capital Markets Subcommittee hearing that would provide regulatory loopholes to big banks.

Fact Sheet and Talking Points: The Fight for a Strong CFPB and Director

Read our fact sheet, “The Fight for a Strong Consumer Financial Protection Bureau and Director” here Read our talking points on Richard Cordray’s Nomination to Lead the CFPB here ————————————————————————————————- The Fight for a Strong Consumer Financial Protection Bureau and Director There’s good news and

This Week in Wall Street Reform

Click here to view this week’s highlights and lowlights in Wall Street Reform – November 5, 2011 – November 10, 2011.

AFR in the News: Senators cite MF Global as Volcker rule rationale

Senators cite MF Global as Volcker rule rationale – Ronald D. Orol (MarketWatch)

“Two senators on Wednesday urged approval of regulations to adopt key provisions in the Volcker rule, arguing that the recent failure of MF Global illustrates why it should be approved. …during a gathering organized by Americans for Financial Reform, a progressive-leaning group.” Click here for more.

AFR in the News: Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says

Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)

“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today…at an Americans for Financial Reform conference in Washington.”