AFR sent a letter to the Federal Reserve and FDIC on the reported transfer of the Merrill Lynch derivatives book to Bank of America’s depository subsidiary, which could expose taxpayers to substantial additional risks.”

Click here to view an August 29 letter from the Federal Reserve asking Capital One Financial Corp. where businesses overlap and what their market share is in these areas.

Read our letter regarding the Fed’s proposed changes to the Truth in Lending Act here.

AFR submitted a comment to the FDIC and the Federal Reserve on the rules implementing the Dodd-Frank requirement that companies submit “living wills” and records of credit exposures. “Living Wills” are plans detailing how the company could be resolved through the bankruptcy process without a need for government intervention. AFR supported the rules but suggested they be strengthened by requiring planning for situations of market stress and also by establishing more thorough and continuous records of credit exposures.

Click here to view this week’s highlights and lowlights in Wall Street Reform – June 3, 2011 – June 10, 2011.

This continuing resolution does not give the Commodity Futures Trading Commission and the Securities and Exchange Commission all of the resources they need, but we are very pleased that the President and Congress fought to keep Wall Street reform on track and resisted efforts to starve them of the funds necessary to police the rules of the financial market.