Senators could be voting today on proposals to gut the CFPB and to repeal ALL of the progress we made on financial reform. In a last minute development, opponents of financial reform are pushing for votes TODAY on amendments to gut the new Consumer Financial
A big reason why we have suffered through the financial crisis and Great Recession is that banking regulatory agencies were looking out for short-term profits at big banks – not looking out for consumers, investors or economic stability. The American public wants and needs an
Read our letter here.
The New Yorker The Financial Page by James Surowiecki June 13, 2011 “Elizabeth Warren may well be the most popular person in Washington. When she was head of the Congressional Oversight Panel on TARP, her willingness to go after Wall Street, the Treasury Department,
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