Better Markets regularly joins with other public interest advocates and nonprofit organizations in support of regulatory action on a broad range of issues related to the economy, financial regulation, and social justice. Joining strong coalitions on critical issues that we support helps raise their visibility among key influencers, including regulators, legislators, interested members of the […]
Better Markets regularly joins with other public interest advocates and nonprofit organizations in support of regulatory action on a broad range of issues related to financial regulation and social justice—many of which disproportionately impact underserved communities, communities of color, and low-income communities. Joining strong coalitions on critical issues that we support helps raise their visibility […]
Better Markets’ Co-founder, President and CEO Dennis Kelleher testified at the March 17 House Financial Services Committee Hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part II.” In addition to submitting detailed written testimony before the hearing, Dennis gave a five-minute opening statement at the beginning of the hearing when […]
FOR IMMEDIATE RELEASE Tuesday, March 23, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] CNBC Posts Edited Video from House Financial Services’ GameStop Hearing, Deleting Dennis Kelleher’s Key Testimony Criticizing Citadel Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to revelations that CNBC […]
FOR IMMEDIATE RELEASE Tuesday, March 16, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] WASHINGTON, D.C. — Dennis Kelleher, Co-founder, President and Chief Executive Officer, will testify Wednesday, March 17, before the U.S. House Committee on Financial Services at a hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail […]
DOL Must Move Quickly to Protect Retirement Savers from Adviser Conflicts of Interest A Trump-era rule (that replaced an Obama administration rule) recently went into effect governing retirement investment betrays hardworking Americans saving for retirement and those already retired, says Better Markets. The Obama administration’s Department of Labor enacted a strong fiduciary duty rule that […]
Fed Must Improve, Update CRA for Underserved Communities In a comment letter to the Federal Reserve, Better Markets commended the agency for its plans to modernize bank rules for underserved communities but said the Fed must commit to some core principles as it develops a new rule. Why it matters: The CRA is a crucially important […]
Cutting Through the Clutter: GameStop Hearing, Fact Sheets and Committee Letters The frenzied trading in some stocks, like GameStop and Bed Bath & Beyond, pierced the public consciousness this month, resulting in lots of media coverage, a hearing on the Hill and even the White House press secretary fielding questions about it. These events have raised critical […]
FOR IMMEDIATE RELEASE Tuesday, February 16, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Better Markets Sends Letter to House Financial Services Committee on Key Issues for Thursday’s Hearing on GameStop Trading and the Role of Robinhood, Citadel, Reddit Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued […]
FOR IMMEDIATE RELEASE Wednesday, February 3, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Better Markets’ Letter to Treasury Secretary and Financial Regulators Meeting on Issues Raised by Frenzied Trading in GameStop and Other Stocks Encourages Regulators to Aggressively Enforce the Laws While Investigating the Broad Range of Market Issues Highlighted by Recent Trading […]
FOR IMMEDIATE RELEASE Monday, February 1, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Key Issues for Investigation Regarding Robinhood, Reddit, GameStop and Rigged Markets Better Markets Issues a Fact Sheet for Investigators Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement and the attached Fact […]
FOR IMMEDIATE RELEASE Monday, January 18, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] CFPB Director Nominee Rohit Chopra Will Change Trump’s Predator Protection Bureau Back to a Consumer Protection Bureau Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to President-elect […]
FOR IMMEDIATE RELEASE Tuesday, December 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Senior Securities Policy Adviser Lev Bagramian issued the following statement after Better Markets filed a comment letter with the Securities and Exchange Commission on a proposed Financial Industry Regulatory Authority rule that fails to adequately protect unsuspecting […]
In the Middle of a Pandemic, Heartless CFPB Finalizes Rule Benefiting Predatory Debt Collectors at the Expense of Struggling Main Street Families FOR IMMEDIATE RELEASE Friday, October 30, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, released the following statement regarding the […]
In a recent brief filed with the Supreme Court, Better Markets urged the court to review a ruling by the 1st Circuit Court that would allow private equity firms to escape liability for pension shortfalls of the companies in which they invest. Better Markets filed a friend-of-the-court brief with the Supreme Court in support of […]
The Office of the Comptroller of the Currency has issued a proposed rule that would make it easier for payday lenders to dodge interest rates and consumer protection laws. Better Markets says it’s bad policy and bad rulemaking. The OCC says its proposed rule would define when a bank can be considered the true lender […]
Better Markets and several other public advocacy groups submitted a comment letter opposing the Consumer Financial Protection Bureau’s proposal to establish an advisory opinion program that would allow industry insiders special access to the bureau’s rulemaking process. The CFPB recently launched a pilot of the advisory opinion program that it says would publicly address regulatory […]
FOR IMMEDIATE RELEASE Thursday, October 1, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement after Better Markets filed its comment letter on the Qualified Mortgage proposal issued by the Consumer Financial Protection Bureau (“CFPB”): “In its latest […]
FOR IMMEDIATE RELEASE Monday, September 14, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the filing of a friend-of-the-court brief with the Supreme Court in support of a petition for certiorari filed in New England Teamsters […]
The SEC recently approved two rules friendly to corporations and Wall Street. Better Markets’ Lev Bagramian gives an insider’s perspective of the changes and their possible negative implications for Main Street families. The SEC continued its pro-Wall Street and pro-corporate streak by allowing companies to reduce the information they disclose to investors and authorizing itself […]
FOR IMMEDIATE RELEASE Thursday, September 3, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement after Better Markets filed its comment letter on the so-called “true lender” proposal issued by the Office of the Comptroller of the Currency […]
FOR IMMEDIATE RELEASE Wednesday, September 2, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the eve of tomorrow’s hearing set by the Department of Labor (“DOL”) on its proposed rule that will allow financial advisers to […]
The Fourth Circuit Court of Appeals has sided with investors and Better Markets, which filed an amicus brief in support of a reversal of a lower court’s decision in Interactive Brokers LLC v. Saroop. The Fourth Circuit Court upheld an award to an investor whose broker had violated FINRA rules. Steve Hall, Legal Director and […]
Better Markets has joined nearly 25 other public interest groups in urging the Consumer Financial Protection Bureau to reinstate easily accessible public access to its consumer complaint database. The CFPB maintains a consumer complaint database that publishes complaint narratives, which provide consumers with vital information about unresolved problems between consumers and financial firms. However, recent changes to […]
says the Consumer Financial Protection Bureau continued its transformation into the Financial Predator Protection Bureau this month with a proposed rule that would unleash predators on low-to-no income people. In early August, Better Markets filed a comment letter on a supplementary CFPB rule proposal that amended previously proposed rules governing debt collection practices, specifically time-barred […]
Better Markets has filed a comment letter urging the Department of Labor to withdraw a recently proposed rule that would allow financial advisers to continue siphoning away hard-earned savings from Americans’ retirement accounts. The proposed DOL rule would allow financial advisers to continue accepting forms of compensation that create powerful conflicts of interest without imposing […]
FOR IMMEDIATE RELEASE August 12, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on today’s Fourth Circuit decision upholding an arbitration award in favor of investors harmed by a broker’s rule violations in Interactive Brokers LLC v. Saroop. […]
FOR IMMEDIATE RELEASE Wednesday, August 12, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Better Markets has joined other public interest groups in urging the Consumer Financial Protection Bureau to reinstate a once-prominent link on its homepage that provided vital information to consumers and helped hold financial companies accountable for their actions. […]
FOR IMMEDIATE RELEASE Friday, August 7, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the filing of a comment letter urging the Department of Labor (“DOL”) to withdraw its proposed rule that will allow financial advisers […]
FOR IMMEDIATE RELEASE Tuesday, August 4, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, made the following statement in connection with the filing of a comment letter on the Consumer Financial Protection Bureau’s (CFPB) proposed rule on time-barred debt: “Continuing its […]
Better Markets joined several other public interest groups to urge the Department of Labor to extend the comment period on a rule that would take away protections for retirees. In a statement on the DOL’s attempt to shortcut the comment period for the flawed rule, Steve Hall, Legal Director and Securities Specialist for Better Markets, said […]
Stephen Hall, Legal Director and Securities Specialist for Better Markets, participated in a panel discussion on cost-benefit analysis Wednesday, July 29, during a CFPB virtual symposium. Hall was joined by panelists Jerry Ellig, research professor of George Washington University; Brian Hughes, executive vice president and chief risk officer, Discover Financial Services; Howell Jackson, Professor of […]
Better Markets says the recent Supreme Court decision in the Seila Law v. CFPB case is simply another anti-consumer, pro-predator and pro-corporate decision that reduces the independence of the Consumer Financial Protection Bureau. Dennis Kelleher, President and CEO of Better Markets, says that the court’s ruling earlier this month overruled Congress’s decision to create a […]
The Consumer Financial Protection Bureau issued its final payday lending rule this month that will protect predatory payday lenders and victimize Main Street consumers. Financial predators will be able to make most of their loans to borrowers who will not be able to repay their loans on the very day they receive them. President Trump’s CFPB […]
FOR IMMEDIATE RELEASE Wednesday, July 8, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Better Markets has joined other public interest groups to urge the Department of Labor to extend the comment period on a rule that would take away protections for retirees. Stephen W. Hall, Legal Director and Securities Specialist for […]
FOR IMMEDIATE RELEASE Tuesday, July 7, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) announcement today of a new payday lending rule: “No one in his or her […]
FOR IMMEDIATE RELEASE Monday, June 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the Supreme Court decision in the Seila Law v. CFPB case: “Today, the Supreme Court overruled Congress’s decision to create […]
FOR IMMEDIATE RELEASE Thursday, June 25, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Tim P. Clark, Distinguished Senior Banking Adviser for Better Markets, issued the following statement on the FDIC’s release today of its final rule aimed at overriding state consumer protection laws: “The FDIC has now delivered the second blow […]
The Supreme Court issued a ruling this week upholding the SEC’s right to obtain disgorgement from those who violate the securities laws and defraud investors. This is a major win for the SEC and investors everywhere, says Steve Hall, legal director and securities specialist. “The ability to recover money stolen by scam artists has long […]
Better Markets, the Consumer Federation of America and other allies expressed “grave concerns” about the Department of Labor’s recent decision to clear the way for private equity firms to access the multi-trillion-dollar retirement plan market. In a letter to the DOL, the groups wrote that, “Far from providing the benefits touted without any supporting evidence […]
A new SEC proposal to expand exempt offerings in the private market is a “dangerous change” that would weaken investor protection. Better Markets has called on the SEC to safeguard public markets and protect retail investors and market integrity by retracting recent actions that would make securities markets less transparent and less accountable and expose […]
Better Markets has called on the Consumer Financial Protection Bureau’s task force to help consumers and not cater to the financial industry. “Millions of Americans who rely on credit cards, auto loans and mortgages need protection from predatory behavior in these markets,” says Steve Hall, legal director and securities specialist. “But time and time again […]
FOR IMMEDIATE RELEASE Contact: Pamela Russell at 202-618-6433 or [email protected], D.C.—Better Markets joined with AFL-CIO, AFREF, CFA and PIABA in releasing the following statement in response to the DOL’s expected release of its new investment advice rule for retirement plans: “With the country struggling to address pandemic-related economic disruptions that have made it harder than […]
The Department of Labor’s decision to open up 401Ks to include investments in private equity is “just the latest example of this Administration’s DOL putting retirees’ best interests last,” says Better Markets’ President and CEO Dennis Kelleher. Kelleher says the DOL is using the pandemic as a pretext to open high-risk, high-fees and high-leverage predatory […]
FOR IMMEDIATE RELEASE Monday, June 22, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the SEC’s victory before the U.S. Supreme Court upholding the agency’s right to obtain disgorgement from those who violate the securities laws […]
FOR IMMEDIATE RELEASE Tuesday, June 16, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the decision from the U.S. Court of Appeals for the D.C. Circuit in NYSE V. SEC, which struck down the “maker-taker” pilot […]
FOR IMMEDIATE RELEASE Wednesday, June 3, 2020 Contact: [email protected] or 202-618-6433 Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to today’s announcement by the Department of Labor on opening up defined contribution plan investments in private equity. “The last thing the Department of Labor should be doing is […]
FOR IMMEDIATE RELEASE Wednesday, June 3, 2020 Contact: [email protected] or 202-618-6433 Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor with Better Markets, issued the following statement on Better Markets’ comment letter about the Securities and Exchange Commission’s latest efforts to further deregulate capital markets: “The SEC’s proposal would enable foreign companies—including companies domesticated in […]
FOR IMMEDIATE RELEASE June 2, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the comment letter filed with the Consumer Financial Protection Bureau (“Bureau”), which calls on the Bureau’s taskforce on consumer protection law to help […]
FOR IMMEDIATE RELEASE May 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on today’s oral argument in the U.S. Court of Appeals for the Fourth Circuit in a case that will determine whether injured investors can […]
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