AFR submitted a comment letter on the FSOC’s rule establishing standards for the designation of Financial Market Utilities (FMUs). The letter generally agreed with the broad designation standards, but called on the FSOC to rapidly designate key existing FMUs for enhanced prudential oversight.

For Immediate Release:
May 26, 2011
Contacts:
NCLC: Lauren Saunders, 202-452-6252 ext. 105; lsaunders@nclc.org;
AFR: John Carey, 202-466-3311; john@financialsecurity.org
OCC Again Chooses Interests of Banks Over Consumers and States
Consumer, Civil Rights Groups Attack New Proposed Rule Preempting State Consumer …

Read the group letter signed by AFR and other consumer and civil rights groups to the CFPB here.

AFR submitted a comment on rules implementing the “claw back” provisions that permit the FDIC to recoup pay and bonuses from executives of a failed bank that is being resolved under the FDIC’s orderly liquidation authority. AFR favors tougher and more comprehensive claw back rules.

AFR commented on the Federal Reserve’s proposed rule setting out risk-management standards for systemically significant financial market utilities. Examples of such entities would include major derivatives clearinghouses, key bank payment systems, and repo clearing banks. AFR’s letter urged an increase capital requirements for such entities, more specific risk management standards, and a requirement that key risk assessments be performed by impartial third parties.

View pdf here.
 
May 20, 2011
 
Ben Bernanke, Chairman
Board of Governors of the Federal Reserve System
 
John Walsh, Acting Comptroller
Office of the Comptroller of the Currency
 
Sheila Bair, Chairman
Federal Deposit Insurance Corporation
 
John Bowman, Acting Director
Office of Thrift Supervision
 
Dear Federal …