What industry calls “innovation” is often easily mapped to a longstanding financial service and therefore the existing laws should apply. At the same time, certain tools and certain forms of partnerships should have no place in our economy whatsoever. Treating innovation as an unqualified good leads regulators to ignore both considerations of equity and long-term, sustainable innovation. Give the interface between powerful corporations, complex products, and the public, precaution should be the norm, as it is in food and drug regulation.
Americans for Financial Reform wrote to the New Jersey State Senate in support of S. 2358. This important bill seeks to stop practices like dual tracking and robo-signing in the private student loan market. As a coalition formed in the wake of the 2008 financial
The message, for too long, has been that policymakers must choose between policies that protect shareholders’ interest and those that protect workers’ interests. Investors know that economic stability is good for investment outcomes. Over the long-term, economic stability requires broad-based economic growth and shared prosperity.
Today at a public hearing at the Department of Education, AFR’s senior policy analyst gave testimony about the need to reinstate the Memorandum of Understanding with the CFPB, ended by Secretary DeVos to widespread criticism.
Testimony of Peter Skillern, Executive Director Community Reinvestment Association of North Carolina United States House of Representatives Financial Institutions and Consumer Credit Subcommittee Wednesday, March 3, 2011 Thank you Representative Capito and Representative Maloney for the opportunity to speak with you on the impact of
Download this testimony as a PDF. Chairman Lincoln, Ranking Member Chambliss, and Members of the Committee, thank you for inviting me to testify before you today. The American people clearly sense that there is something deeply flawed in the current structure of our financial markets
Download this testimony as a PDF. Introduction: This testimony describes why we recommend that consumer protection for financial products and services be consolidated within a new federal Consumer Financial Protection Agency. A review of the history of consumer protection by the Federal Reserve and the