Amid growing concern about corporate consolidation, the Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund are leading a letter calling for the Federal Reserve and the Office of the Comptroller of the Currency (OCC) to reject a proposed merger between TD Bank and First Horizon Bank.
The November 2020 version of “Where Members of the 116th Congress Stand on Financial Reform” documents how Members voted on over thirty legislative measures concerning consumer protections, housing, Wall Street and the financial industry, from January 2019 to November 2020.
SAVE THE DATES — July 17, July 20, Aug. 4, and more Webinar Series A Decade after Dodd-Frank: What Next? Building a Just Financial System Ten years ago this month, Congress passed, and President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer
“By making the fiduciary duty commitment stronger and more specific, these Proposed Revisions to the Standards For Professional Conduct for Certified Financial Planners will enhance CFP client service and assure the public that CFP professionals will reliably act in the best interests of the investor. We strongly support their inclusion in the final revisions to the Standards, and urge the CFP Board to resist any pressures to weaken them.”
“Americans for Financial Reform opposes the confirmation of Neomi Rao as Administrator of the Office of Information and Regulatory Affairs (OIRA). Professor Rao’s announced views demonstrate an extreme disregard for the independence of financial regulatory agencies and an unwarranted hostility to critical financial protections.”
“H.R. 10, the ‘Financial CHOICE Act’… 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. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis.”
“…The digital economy should ensure consumers can access and use records about themselves, and that consumers can choose to authorize third-parties to access such data on their behalf to support their financial health and facilitate competition among financial services providers.”
“‘Critics of altering Dodd-Frank believe the signs point to a regrettable return to a pre-recession era when large banks operated without significant regulatory oversight,’ said Marcus Stanley, policy director at Americans for Financial Reform…’We had experience with Wall Street self-regulation prior to the financial crisis, and it did not work out well,’ Stanley said. ‘When you let industry determine its own rules, it’s going to create more risks. The downside of those risks is going to be pushed to taxpayers and working families.'”