Incredibly, last week, in a letter to Professor Elizabeth Warren, House Financial Services Committee chairman Spencer Bachus (R-AL), along with key subcommittee chair Shelley Moore Capito (R-WV), all but accused Professor Elizabeth Warren of lying to Congress in her recent, excellent testimony on the work of the Consumer Financial Protection Bureau Implementation team.
Dear Representative:
On behalf of the NAACP, our nation’s oldest, largest and most widely-recognized grassroots-based civil rights organization, I strongly urge you to oppose and vote against any funding cuts to the newly created Consumer Financial Protection Bureau (CFPB).
The recently introduced Responsible Consumer Financial Protection Regulation Act, H.R. 1121, aims to create a five- member commission to carry out the duties of the Consumer Financial Protection Bureau. Consumers Union, the nonprofit publishers of Consumer Reports®, respectfully disagrees with this proposed change to the CFPB’s structure and strongly supports a single director as the most efficient and effective way to run the CFPB.
AFR submitted a comment on the Securities and Exchange Commission’s proposed rule for Swaps Execution Facilities (SEFs). The Dodd-Frank Act gives the SEC authority over the trading of security-based swaps, such as the credit
default swaps that brought down AIG and helped trigger the financial crisis. The AFR comment criticized the proposal for not following the expressed intent of Congress that cleared security-based swaps be traded on open exchanges with transparent and competitive pricing. The current SEC rule would permit the continuation of swaps trading in opaque bilateral transactions. This type of trading helps big swaps dealers but is harmful to derivatives users and could increase systemic instability.
The American public wants and needs an effective Consumer Bureau to prevent rip-off financial products laden with tricks, traps, and hidden fees. Abusive financial products take tens of billions of dollars a year out of our pockets, sending them to feed the inflated bonuses of a handful of Wall Street CEOs.
March 27, 2011 Who Will Rescue Financial Reform? In what passes for self-restraint these days, House Republicans have been insisting that they do not intend to repeal last year’s Dodd-Frank financial reform law. Not in one fell swoop, anyway. A direct assault on Dodd-Frank would
The big Wall Street banks and their allies in Congress and in the media have launched an all out attack on the fledgling Consumer Financial Protection Bureau (CFPB). This new Consumer Bureau will be the first banking regulator with the sole job of standing up for consumers in the financial market place, starting on July 21, 2011.
As the country’s largest financial institutions spend hundreds of thousands of dollars trying to beat back debit card swipe fee reforms, Senator Durbin and a group of dedicated consumer advocates and small business owners will hold a press call TODAY at 2:15pm EST in order to highlight the broad support for the reforms.
Washington, DC – Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong financial reform, issued the following statement today: The Consumer Financial Protection Bureau (CFPB) was created in the wake of the monumental financial crisis and
FOR IMMEDIATE RELEASE DATE: March 2, 2011 CONTACT: John Carey at 202-466-1854 john@ourfinancialsecurity.org Proposed Funding Cuts Put Consumer Protections and Economy in Peril Durbin, small business leader join AFR in opposing CFPB cuts that would not subtract a dime from the deficit Washington, DC