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 sent a letter to members of Congress opposing S. 949, legislation which promotes steering borrowers into more expensive loans.
Citi’s recommendations influenced “more than 70 lines” of an 85-line bill. Two key paragraphs “were copied nearly word for word” from a draft prepared by Citi and two other large banks.
AFR joined public interest groups in weighing in on the CFPB’s proposal defining larger market participants for student loan servicing.
“U.S. bankers and insurers are trying to use trade deals, which can trump existing legislation, to weaken parts of the Dodd-Frank Act…,” according to Carter Dougherty of Bloomberg.
AFR sent a letter to members of Congress opposing HR 1135, the “Burdensome Data Collection Relief Act.” This legislation would repeal Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires that companies report the ratio of CEO to median worker pay.
AFR sent a letter to members of Congress opposing HR 1105, “The Small Business Capital Access and Job Preservation Act.” This legislation would exempt nearly all private equity fund advisers from the registration requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
AFR sent a letter to the CFPB commending their excellent work, and listing a set of issues that we feel should become priorities for the bureau in the future.
AFR joined more than a dozen organizations in sending a letter to members of Congress urging that they oppose HR 1062, the “SEC Regulatory Accountability Act”. This legislation would imperil the implementation of many important financial regulatory rules by adding numerous unnecessary procedural requirements to rulemakings by the Securities and Exchange Commission (SEC).
Banks could “take exotic swap dealings and put them inside the public safety net, and we could all get stuck bailing these guys out like we did in 2008,” AFR policy director Marcus Stanley told the Washington Post.