Instead of having his most talented employees figuring out how to better serve customers or allocate credit to the real economy, Jamie Dimon has his best and brightest scheming how to evade tougher rules on bank capital that regulators are writing to make the financial system safer.
Americans for Financial Reform submitted today a statement for the record for the joint House Financial Services/Agriculture Committees’ subcommittee hearing on stablecoins entitled, “Putting the ‘Stable’ in ‘Stablecoins:’ How Legislation Will Help Stablecoins Achieve Their Promise.”
Consumer advocacy groups raise concerns about language in SAFE Banking Act that hampers regulators’ ability to stop fraud and prevent bad actors from gaining access to the banking system.
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.