Tag Archives: Wall Street

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Press Statement: Civil Rights Groups, Consumer Advocates, Legal Scholars and Members of Congress file Amicus Briefs in PHH Corporation vs. CFPB

“Today, consumer and civil rights groups, leading legal scholars and members of Congress will submit amicus briefs to the U.S. Court of Appeals for the D.C. Circuit in the case of PHH Corporation v. CFPB in support of the Consumer Financial Protection Bureau. The diverse amici urge the full D.C. Circuit Court of Appeals to maintain a strong, independent agency to protect American consumers. …’In the five years since it opened its doors, the CFPB has worked tirelessly to enforce the laws that went ignored in the run-up to the 2008 financial crisis, and has done more than any other federal agency to empower consumers against predatory, deceptive, and outright fraudulent behavior by bad actors in the financial industry…,’ said Wade Henderson, president and CEO, The Leadership Conference on Civil and Human Rights.”

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AFR IN THE NEWS: Consumer Watchdog Faces Attack by House Republicans (NY Times)

“’People know that financial companies were running amok, and that kind of behavior takes money out of people’s pockets and was the cause of a financial crisis,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘President Trump campaigned on standing up to Wall Street, and I don’t think his voters are looking for putting Goldman Sachs even more in charge.’”

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AFR IN THE NEWS: How banks and Republicans plan to kill financial reform under Trump (Slate)

“‘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.'”

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Letter to Congress: Don’t Deregulate Wall Street: Oppose HR 5, HR 78, and HR 238

“HR 5 (the Regulatory Accountability Act), HR 78 (the SEC Regulatory Accountability Act), and HR 238 (the Commodity End User Relief Act) — would severely damage the capacity of the Federal government to protect the public. This legislation would disastrously weaken oversight of major Wall Street institutions and financial markets. Proper oversight of big banks and financial markets is crucial to the economic well-being of workers, families, and communities …The 2008 financial crisis demonstrated beyond doubt that the well-being of America’s working families is dependent on strong and effective regulation of Wall Street financial markets. These three pieces of legislation would cripple the capacity to properly regulate such markets. We urge you to reject all three.”

Press Release: Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2016 Election Cycle – More than $2.3 million a day

Since 2008, the financial industry’s political spending has increased to levels even higher than they were before the financial crisis, and the the current cycle’s expenditures are on track to be the highest yet, according to a new AFR report. This continued high level of spending reflects the ongoing battle to reshape the financial system and the industry’s persistent efforts to repeal or win exemptions from parts of the Dodd Frank financial reform law, to weaken implementing regulations, and to forestall further proposals for change.