“The OCC and FDIC got it right in standing up for borrowers who have been taken advantage of,” said Lisa Donner, AFR’s Executive Director. “Now it’s up to the Federal Reserve to follow the OCC’s and FDIC’s lead with the institutions it regulates.”
AFR wrote to the banking regulators to urge them to strengthen the new supplementary leverage ratio proposed for large U.S. banks.
AFR joined more than 45 organizations in submitting a comment letter to the OCC and the FDIC supporting their proposed guidance on bank payday lending. The letter praises their proposal, and adds some additional steps that we believe would be beneficial to curbing the use of payday loans.
AFR joined more than 15 leaders of public interest groups in releasing a joint statement applauding the FDIC and the OCC for their proposed guidance issued this week directing banks to stop making predatory loans that trap borrowers in a cycle of debt with 300% interest.
Comment Letter: AFR Signs on to Comment Letter to the OCC Urging Withdrawal of Proposed Bank Payday/Overdraft Guidance
Read the letter that AFR signed onto, urging the OCC to withdraw proposed bank payday and overdraft guidance here.
AFR sent a letter to the Federal Reserve and FDIC on the reported transfer of the Merrill Lynch derivatives book to Bank of America’s depository subsidiary, which could expose taxpayers to substantial additional risks.”
Read our comment letter to the OCC here.
Read a letter from the National Association of Attorneys General criticizing the OCC preemption rules here.
FOR IMMEDIATE RELEASE DATE: February 17, 2011 CONTACT: John Carey at 202-466-1854 John@ourfinancialsecurity.org AFR Statement on OCC’s Obstruction of Foreclosure Solutions Washington, DC – Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong financial reform, issued
Real Reform Won’t Allow National Banks to Ignore State Laws Targeting New Abuses Not Yet Addressed in Federal Law Urgent Recommendation to Joint Conference Committee on Financial Reform: Keep the House language that requires a “substantive federal standard” before allowing national banks to ignore state