Amid growing concern about corporate consolidation, the Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund are leading a letter calling for the Federal Reserve and the Office of the Comptroller of the Currency (OCC) to reject a proposed merger between TD Bank and First Horizon Bank.
AFR led a letter from a broad coalition of 33 groups representing civil rights, financial reform, and consumer advocate groups in support of H.R. 5912 the “Close the ILC Loophole Act.”
AFR’s Senior Policy Analyst Renita Marcellin testified at the House Financial Services Committee’s Task Force on Financial Technology’s hearing “What’s in Your Digital Wallet? A Review of Recent Trends in Mobile Banking and Payments.”
AFREF sent a comment letter to the Federal Reserve on firms’ eligibility to gain access to privileged Fed Reserve accounts and services.
AFR joined a broad coalition of bank and credit union associations and consumer organizations in submitting a letter to the U.S. House Committee on Financial Services urging passage of the Close the ILC Loophole Act, introduced by Representatives Chuy Garcia (D-IL) and Lance Gooden (R-TX).
Following reports that Facebook is scaling up its cryptocurrency efforts with the launch of a pilot of its cryptocurrency wallet “Novi”, Demand Progress Education Fund and Americans for Financial Reform Education Fund released the following joint statement.
The Federal Reserve has announced the results of its 2021 bank stress tests. Since then, these results have led a steady parade of the largest banks in the country to announce dramatic increases in dividends. The stress tests will also enable greater share buybacks and other capital distributions by banks. This will enrich senior executives and large shareholders, while putting financial stability at risk.
AFR released recommendations for “Day One” policy actions by the Biden Administration in the areas of banking regulation, securities and markets regulation, and addressing systemic risk. These are actions that could be taken without a lengthy rulemaking and would make immediate progress toward a fairer
AFR released a recommended set of systemic reforms outlining steps to create a safe and just financial system. These include both reversing the deregulation of the Trump years and taking positive steps to create a far more secure and inclusive financial system. The full document
AFR sent a letter opposing a dozen different deregulatory bills being marked up by the House Financial Services Committee. AFR Letter Re HFSC 11-14 Markup