AFR Conference: Looking Back, and Ahead, on the Fifth Anniversary of the Dodd-Frank Act
July 22, 2015 – 3:19 pm | Comments Off on AFR Conference: Looking Back, and Ahead, on the Fifth Anniversary of the Dodd-Frank Act

Senators Sherrod Brown and Elizabeth Warren joined regulators and experts for a discussion of the progress made, and the work yet to be done, in building a financial system that is safer and fairer and does a better job of serving the real economy and the country as a whole.

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Letter to Regulators: AFR, 10 Orgs Urge Treasury, FinCEN to Complete the Anti-Money Laundering Rule for Asset Managers
April 4, 2016 – 12:08 pm

“In this last year of the Obama Administration, this proposed rule deserves priority attention for strengthening a key U.S. defense against money laundering that furthers terrorism, drug trafficking, organized crime, and tax evasion. It would close a major, decade-old gap that has allowed hedge funds, private equity funds, and other big investment firms to accept substantial funds with no questions asked, to facilitate the transfer of offshore funds into the United States without determining their source, and to witness troubling transactions with no legal obligation to report them.”

AFR in the News: GE says lending unit shouldn’t face strict federal oversight (Washington Post)
March 31, 2016 – 5:29 pm

“The [Metlife] decision is ‘really potentially damaging to the framework Dodd Frank set up to oversee nonfinancial institutions,’ said Marcus Stanley, policy director for Americans for Financial Reform. If the ruling is upheld, ‘FSOC would have a very hard time designating anybody in the future, even when they truly do pose risk to the financial system…'”

AFR Statement: AFR Statement on Metlife Decision
March 30, 2016 – 3:36 pm

“We are disappointed that a single Federal district court judge has overturned the decision of the Financial Stability Oversight Council (FSOC), which voted 9-1 to designate Metlife for additional Federal Reserve oversight. “

Letter to Regulators: AFR Supports SEC Proposal to Restrict Derivatives Use at Mutual Funds
March 30, 2016 – 12:51 pm

“… for many years the SEC did not sufficiently address the ways in which Investment Company Act restrictions can be violated through the use of derivatives. The SEC’s basic approach to derivatives risk at funds was set out in a series of releases and no-action letters between 1979 and the late 1980s. The fundamental approach adopted at that time was based on ‘offsetting’ or ‘coverage’ – that is, if a fund segregates assets deemed sufficient to ‘cover’ a derivatives risk, or an offsetting derivatives exposure, then derivatives usage would not violate ’40 Act limitations.”

AFR in the News: Corinthian students may have a clearer path towards debt relief (Washington Post)
March 28, 2016 – 4:42 pm

“The pace of relief for wronged Corinthian students…remains far too slow, and its scope frustratingly narrow,” said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. She pointed out that only students who took out loans after July 2010 are eligible for debt cancellation, which excludes borrowers with old bank-based federal student loans.

AFR Statement: Department of Education must expedite and broaden relief to Corinthian students
March 25, 2016 – 2:16 pm

“We join with the advocates, lawmakers, and law enforcement officials who have all called on the Department use its legal authority to discharge debts of students covered by the Department’s enforcement actions without further delay and without requiring each borrower to make an individual application.”

Letter to Regulators: Regulators Must Not Weaken Dodd-Frank Regulations in the Regulatory Review Process
March 24, 2016 – 2:44 pm

“On behalf of Americans for Financial Reform, we are writing with regard to your current review of bank safety and soundness rules under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) Notice #4 (December 23, 2015)… Reviewing these rules before they are finalized and while the process of implementation is still ongoing also carries the risk that the burden of implementation will be mistaken for the permanent effects of the rule.”

Letter to Regulators: Doing Better by Mortgage Applicants Who Are Not Fluent in English
March 24, 2016 – 10:45 am

“Allowing mortgage applicants to choose in which language they are most comfortable in communicating addresses a major problem of lenders and servicers working with limited English proficiency (LEP) populations and collecting this information through the URLA is the most comprehensive way to do so, because every mortgage borrower fills one out.”