Tag Archives: CFPB

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AFR in the News: This New Rule Could Make It A Lot Easier to Sue Your Bank (KUSA-TV Colorado)

“‘Forced arbitration deprives victims of not only their day in court, but the right to band together with other targets of corporate lawbreaking. It’s a get-out-of-jail-free card for lawbreakers,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘The consumer agency’s rule will stop Wall Street and predatory lenders from ripping people off with impunity, and make markets fairer and safer for ordinary Americans.’”

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Congressional Testimony: Reject legislation to radically decrease bank oversight

“Americans for Financial Reform (AFR) appreciates the opportunity to provide this statement for the record of this Financial Institutions and Consumer Credit Subcommittee hearing, which considers several bills that would significantly undermine consumer financial protection and the safety and soundness of the financial system. Although the hearing is entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions,” the bills under consideration are not focused principally on community financial institutions. The most sweeping provisions of these bills apply to all institutions, many of which would radically decrease oversight of the nation’s largest banks and increase the risk of harm to the public.”

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AFR in the News: House wants to deregulate Big Banks again (Pekin, Ill. Daily Times)

“‘This legislation takes the worst ideas concocted by Wall Street and predatory lenders, and combines them into one toxic package,” [Lisa Donner, director of Americans for Financial Reform] said. ‘The bill is crammed with deregulatory gifts to the entire industry, including megabanks that want to return to the excessive borrowing and risky practices that led to the financial crisis.’”

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AFR in the News: Mnuchin calls for major rollbacks of Dodd-Frank (LA Times)

“‘We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders,’ said Lisa Donner, executive director of Americans for Financial Reform, a group advocating tougher oversight of the financial system. The report, which included dozens of recommendations, is the first of three ordered by Trump as he looks to fulfill a campaign promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act.”

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AFR in the News: Bill to Erase Some Dodd-Frank Banking Rules Passes in House (NY Times)

“’It’s a bill that’s so harmful to vast swaths of the American public…,’ said Lisa Donner, executive director of Americans for Financial Reform. “It would make it easier for predatory lenders to rip people off. It would make it easier for Wall Street to keep taking $17 billion out of retirees’ pockets by repealing the fiduciary rule. It would make it easier for big Wall Street banks to take the kind of risks in pursuit of short-term gains that go directly to the pockets of the tiny handful of people at the top that led to the financial crisis.’”

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AFR in the News: House Poised to Pass Bill Taking Aim at Dodd-Frank Regulations (NY Times)

“’This legislation would be better dubbed Wall Street’s Choice Act as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks,’ Marcus Stanley, policy director at Americans for Financial Reform, wrote in a letter to Congress on Wednesday.”