CFPB Archives - Page 36 of 85 - Americans for Financial Reform

AFR in the News: Wells Fargo urged to clawback bonuses over fake accounts (Financial Times)

“Two top institutional shareholders in the world’s most valuable bank by market capitalisation have demanded answers over payments to Carrie Tolstedt, who headed the division where the episode took place… Brian Simmonds Marshall, ‎policy counsel at Americans for Financial Reform, said: ‘Those who are responsible for the misconduct should not be getting bonuses for costing their shareholders and their customers money.'”

AFR Statement: CHOICE Act would be an unprecedented blow to effective financial oversight

“This is not a serious piece of legislation. It is, however, a sad reminder of the Financial Services Committee’s apparent willingness, under its current leadership, to do Wall Street’s bidding with breathtaking disregard for the costs to consumers and to the safety of the financial system as a whole.”

AFR Statement: Wells Fargo Called to Account for Abusing Customers’ Rights

“As the consent orders highlight, Wells Fargo’s egregious violations of consumers’ rights were fueled by sales quotas imposed on front-line bank workers. These settlements underline the importance of strong consumer protection enforcement from federal and local regulators. They highlight the particular importance of attention to bank compensation practices, including the need to make sure banks are not pushing their employees to harm consumers and break the law by requiring them to meet otherwise unattainable sales goals.”

AFR in the News: How Predatory Payday Lenders Plot to Fight Government Regulation

“VICE has obtained exclusive transcripts of this year’s annual meeting of the Community Financial Services Association of America… at the Atlantis Paradise Island Resort. That’s where lenders were taught exactly what it might take to beat back an existential threat to their business. Trapping people in unaffordable debt is ‘their business model,’ said Gynnie Robnett [of] Americans for Financial Reform… ‘And they seem determined to preserve it, any weasel-y way they can.'”

Letter to Regulators: Over 18,000 AFR Members call on the CFPB to Rein in Forced Arbitration Ripoff Clauses

Over 18,000 members of Americans for Financial Reform signed a petition calling on the Consumer Financial Protection Bureau to ensure that consumers aren’t deprived of their day in court.

AFR Press Release: More than 100 Lawmakers Call for Swift CFPB Action on Forced Arbitration

“More than 100 U.S. Senators and Representatives are asking the Consumer Financial Protection Bureau (CFPB) to move ahead with its efforts to restore the right of consumers to join together to hold corporations accountable when they break the law. In separate House and Senate letters, the lawmakers voice their support for a CFPB proposal that would limit the financial industry’s use of forced arbitration “ripoff clauses,” typically buried in the fine print of take-it-or-leave-it contracts, to block consumers from challenging hidden fees, fraud, and other illegal behavior.”

AFR Statement: CFPB Merits Praise for Laying out “Principles for the Future of Loss Mitigation”

“AFR hopes that other agencies and private investors recognize the CFPB’s thoughtful recommendations and that the CFPB will remain an active participant in this important conversation.”

Joint Event: AFR Coalition Celebrates CFPB’s 5th Birthday

On July 21, the Consumer Financial Protection Bureau turned five years old. In a joint statement, AFR and 25 allied organizations celebrated the bureau’s accomplishments. The AFR coalition also marked the occasion by hosting a breakfast event at the downtown Washington offices of the National

Joint Statement: AFR and 25 Allies Salute the Work of the CFPB on its Fifth Birthday

The CFPB was created after the 2008 financial crisis to bring basic standards of fairness and transparency to the consumer finance marketplace. Five years later, our organizations join in celebrating the important changes the CFPB has already made, and in eager anticipation of the work to come.

Bipartisan Poll: Americans Express Broad Support for Financial Regulation and the Work of the CFPB

Ninety-six percent of Democrats and 89 percent of Republicans regard financial regulation as important, according to the survey, which was conducted in June by Lake Research Partners and Chesapeake Beach Consulting on behalf of Americans for Financial Reform and the Center for Responsible Lending. Here