The Trump administration’s approval of the biggest, most complex bank merger in decades will raise credit card costs for working families, sap the earnings of small businesses, and undermine community investment.
At a time when far-right forces are literally dismantling the government, including stripping away most agencies’ regulatory and oversight capacity, further deregulation of the financial system would be a dangerous mistake that would help advance the far-right’s democracy-grab. The House and Senate Republicans are advancing so-called capital formation legislation that purports to be about helping companies raise capital but are really about undermining investor protections and exposing small investors—read people’s retirement and life savings—to the riskiest parts of the financial system.
The shutdown of all supervision and oversight by the Consumer Financial Protection Bureau will allow all manner of financial companies, from Wall Street megabanks to payday lenders to financial technology firms to credit bureaus to rip people off and mistreat their customers at will.
Today, the Consumer Financial Protection Bureau (CFPB) finalized its Personal Financial Data Rights proposal, a long-overdue measure that can help create a more consumer-friendly and competitive financial services marketplace.
Americans for Financial Reform made the following comments on item marked up by the House Financial Services Committee yesterday, On the bills related to climate and financial regulation, On the bills related to fintech regulation, On the bills related to systemic risk
Washington, D.C. – New investor protections announced today by the Securities and Exchange Commission (SEC) have the potential to curb widespread practices that have allowed Wall Street’s $25 trillion private fund industry to harvest tens of billions in fees at the expense of public pensions, retirees, and other savers – all to the advantage of some of the richest people in the world.
AFR’s Senior Policy Analyst, Alexa Philo, testified Before the Senate Banking, Housing and Urban Affairs Subcommittee on economic policy.
Washington, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a policy statement on how it defines prohibited abusive conduct against consumers.
Washington, D.C. — The Consumer Financial Protection Bureau (CFPB) proposed rulemaking to require that regulated nonbank entities annually register with the CFPB regarding their use of specific terms and conditions in form contracts for consumer financial products and services, will reinforce the agency’s ongoing efforts to bring transparency and accountability on how financial industries operate, according to Americans for Financial Reform Education Fund and consumer coalition advocates.
Washington, D.C.— The Securities and Exchange Commission’s proposal to prohibit conflicts of interest in securitizations, though a long time coming, will finally address the problem of Wall Street arranging bets in which financial institutions effectively rip off their own clients.