AFR joined a letter to President Biden expressing support for the majority on the FDIC board, and calling on President Biden to remove the chair if she continues to attempt to thwart majority action.
Americans for Financial Reform Education Fund (AFREF) applauds the Office of the Comptroller of the Currency (OCC) for seeking comment on this strong first draft of principles to guide large banks on how to manage the risk that climate change poses to their safety and soundness.
Americans for Financial Reform welcomes the FDIC’s action on reviewing bank mergers. In the last 15 years, the federal bank regulators have rubber-stamped merger applications. This has led to unprecedented consolidation in the industry which has hurt consumers and small businesses, in the form of bank deserts and decreased lending to small businesses while lining the pockets of the banking executives. We look forward to commenting on ways to strengthen the bank merger guidelines to protect the interest of the communities they are supposed to serve.
Acting Comptroller Michael Hsu announced that the Office of the Comptroller of the Currency (OCC) plans to develop climate risk supervisory expectations for large banks and issue guidance for comment by the end of the year. Over the past year, Americans for Financial Reform Education Fund and partners have urged the OCC and other banking regulators to take this important initial step immediately. We applaud Acting Comptroller Hsu for his leadership on this issue and we urge the other regulators to follow suit and issue guidance by the end of the year.
Letter to Regulators: Letter Calls on Banking Agencies to Withdraw Proposed Rule on Supervisory Guidance
AFR Education Fund wrote a letter to banking regulators calling on them to withdraw a proposed rulemaking on the role of supervisory guidance. The letter criticized the new rule as unnecessary and potentially harmful, since it could limit the ability of bank supervisors to take
Policy Recommendations: Recommendations for Immediate Action by the Biden Administration in Banking and Markets Regulation
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
The FDIC’s ILC rule threatens state-level consumer protections, further erodes the traditional separation between banking and commerce, and jeopardizes the safety and soundness of the financial system and the economy as a whole.
AFR released policy recommendations to strengthen consumer financial protections and work towards reversing the damage caused by systemic racism, and products and systems that amplify inequality.
Policy Recommendations: Recommendations for Systemic Reform to Create a Safe and Just Financial System
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
AFREF and Demand Progress submitted comments to the FDIC on setting standards for fintech companies.