Big Banks Archives - Americans for Financial Reform

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News Release: House Votes to Remove Guardrails Against Megabank Consolidation

Today, the House voted to rubber stamp bank mergers and accelerate the consolidation of the banking industry, harming depositors, small businesses, and communities. The vote is a giant gift to Wall Street banks and corporate monopolists. The repeal of this rule further threatens the stability of our banking and financial system and leaves families, communities, small businesses, and consumers more vulnerable to increased costs to access banking and financial services.

In the News: CFPB Director: Wall Street wants a lap dog, not a watchdog (MSNBC)

News Release: CFPB Lawsuit Highlights Need For Safeguards on Digital Transactions

Americans for Financial Reform applauds today’s announcement of action against the nation’s three largest banks, Bank of America, JPMorgan Chase, and Wells Fargo, for failing to protect consumers from widespread fraud and risky activity on Zelle, the most widely available peer-to-peer payment network.

In the News: New Federal Rule Limits Overdraft Fees at Large Banks (The New York Times)

“High overdraft fees make it harder for customers to be able to return back to a positive balance,” [said Christine Chen Zinner, senior policy counsel at Americans for Financial Reform.] “It contributes to involuntary account closures, even from customers being blocked out of the banking system altogether.”

In the News: ‘Dancing in the street’: Some Wall Street banks are triumphant heading into Trump era (The Washington Post)

“If you mean to stick up for the little guy, and not stick it to the little guy, you don’t pick nominees from industry for agencies that should be protecting the public interest,” said Patrick Woodall, managing director for policy at Americans for Financial Reform.

IN THE NEWS: BlackRock, Vanguard Stakes in Banks Draw Labor Union Critics (Bloomberg)

“Regulators need to catch up to the reality that the growth and concentration of the asset management industry has fundamentally reshaped how public companies — including listed banks — make decisions,” said Natalia Renta, a senior policy counsel at the Americans for Financial Reform Education Fund.

Blog: Fed Should Ignore Megabank Lobby and Strengthen Capital Rules

As the Federal Reserve prepares new capital rules for American banks, Wall Street is rolling out its misdirection and bad arguments – as it has for much of the past decade – about why they should not be required to steel themselves against a crisis or downturn. And once again, regulators and Congress must be prepared to ignore their histrionics and strengthen capital requirements.

News Release: Court Accepts Brief Seeking Debt Classification in Case Against Big Banks

Washington, D.C. — The Second Circuit Court of Appeals has accepted an amicus brief arguing that syndicated loans are risky debt instruments that pose “significant economic implications for families and communities” and must be regulated as securities, according to Americans for Financial Reform.

News Release: Banks Should Heed Fed Warning on Crypto Asset Risks

Washington, D.C. — The Federal Reserve and other banking regulators made the right call Tuesday by issuing a warning regarding the risks that crypto-assets pose to banking organizations. There is widespread volatility, fraud risk, legal uncertainties, unfair and deceptive practices, run and contagion risks, high levels of concentration and interconnections between firms, and poor risk management and governance found throughout the industry – all of which spells danger for investors and consumers alike.

News Release: Record-Setting CFPB Action Against Wells Fargo Brings Consumer Relief

Washington, D.C. – The record Consumer Financial Protection Bureau settlement with Wells Fargo over widespread wrongdoing in providing auto loans, mortgages, and deposit accounts represents an opportunity for all federal regulators to force durable change at the oft-penalized megabank.