The Fifth Circuit’s radical and unprecedented decision in the case of CFPB vs. CFSA, if confirmed, would undermine the critical work carried out by the CFPB in protecting consumers and enforcing regulations on Wall Street and predatory lenders, according to an amicus brief filed by consumer advocates.
“We have to think much more deeply as a society about how we view housing and whose interests are worth protecting the most,” [Caroline] Nagy, [senior policy analyst at AFR] said. “Looking at our tax and finance policy and seeing that we’re incentivizing the exact opposite is a very difficult, problematic place to be in.”
As the former CEOs of failed banks prepare to testify before Congress, consider the self-serving statements that bank executives, lobbyists and lawmakers uttered to grease passage of banking deregulation legislation in 2018. “SVB, like our mid-sized bank peers, does not present systemic risks,” Greg Becker, the CEO of Silicon Valley Bank insisted, about five years before federal authorities declared his bank a systemic risk.
Bankers, lobbyists, elected officials uttered some choice words on 2018’s bank deregulation legislation and the impact of mid-sized banks on financial stability that belong in any good collection of famous last words.
May 12, 2023 Americans for Financial Reform Education Fund (AFREF) submitted an environmental justice advocates comment letter signed by Public Citizen and WE ACT for Environmental Justice to the Environmental Protection Agency (EPA) on its Implementation Framework for the Greenhouse Gas Reduction Fund. The Implementation
Americans for Financial Reform submitted today a statement for the record for the joint House Financial Services/Agriculture Committees’ subcommittee hearing on digital assets entitled, “The Future of Digital Assets: Closing the Regulatory Gaps in the Digital Asset Ecosystem.”
Washington, D.C. – The Solicitor General submitted today a brief supporting the Consumer Financial Protection Bureau (CFPB) in the case CFPB v. CFSA. The Supreme Court will hear the case this fall, reviewing a radical and unprecedented Fifth Circuit decision that held the CFPB’s funding structure unconstitutional and sided with predatory pay-day lenders over CFPB rulemaking designed to protect consumers.
Americans for Financial Reform Education Fund and 12 other signers submitted a letter to the Securities and Exchange Commission reiterating the need for the SEC to finalize a strong set of rules to better protect investors in private funds, which include hedge funds and private equity.
“They will say, ‘we have a good control on our risk,’ but you generate these returns somehow — these higher returns,” said Andrew Park, a senior policy analyst at the advocacy group Americans for Financial Reform. “There is no free lunch on that.”
The banking crisis of 2023, an event appearing on few bingo cards, has thrown a harsh light on the urgency of managing the multitude of crises that the world now faces – climate change being the most existential of them. Factor in the vexing problem that economists have repeatedly underestimated the economic impacts of climate change and we have a straightforward case for proactively hardening the financial system against its effects.