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News Release: Regulators were wrong to remove Prudential Financial from list of systemically important financial companies
October 17, 2018 – 10:22 pm

The Financial Stability Oversight Council (FSOC) announced that it has reversed its designation of Prudential Financial, Inc. as a systemically important financial institution (SIFI). The Council, under the leadership of Secretary Mnuchin, has now freed from Federal Reserve consolidated oversight the last of the four previously designated nonbank SIFIs.

AFR Statement: Treasury Report on Systemic Risk Designation of Large Non-Banks
November 20, 2017 – 4:25 pm

Nov. 20, 2017
Carter Dougherty
(202) 251-6700
Treasury Memorandum Weakens Systemic Risk Supervision
On Friday the Treasury Department released a memorandum on the process used by the Financial Stability Oversight Council (FSOC) to designate large …

AFR In the NEws: Divide Between Financial Regulators Appointed by Trump, Obama Widens (Reuters)
July 17, 2017 – 4:43 pm

The political fissure between an Obama-appointed financial overseer and regulators hired by U.S. President Donald Trump is widening, with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray threatening to challenge in court any attempt to kill his agency’s new arbitration rule. To overturn a CFPB rule, two-thirds of the FSOC must agree that it puts the whole banking system at risk. “It’s an extraordinarily high standard,” said Brian Marshall, policy counsel for Americans for Financial Reform, a Washington-based advocacy group. “It’s ludicrous that the arbitration rule would meet that standard.”

AFR in the News: Wall Street Critics on High Alert After Trump Victory (American Banker)
November 15, 2016 – 3:16 pm

“[The] question is whether Dodd-Frank will be replaced or just torn down. If Republicans create a regulatory vacuum or simply allow the banks to write their own rules, [AFR’s Marcus Stanley] said, they will have gone too far. ‘It’s obvious that Dodd-Frank is going to come under severe attack both in Congress and the regulatory agencies,’ Stanley said… [T]he first question is going to be, What do you plan to do to actually address these Wall Street abuses? If the answer is, We’re not going to do anything … then that is something we are going to fight really hard on.”

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 Urges Increased Oversight of Money Market Mutual Funds
February 15, 2013 – 4:02 pm

AFR submitted a comment letter to the Financial Stability Oversight Council urging an increase of oversight of money market mutual funds to address the systemic risk not fully addressed by current oversight rules.

AFR on Implementation of the Freedom of Information Act (FOIA)
May 27, 2011 – 12:37 pm

AFR submitted a comment letter calling on the FSOC to change its proposed rules for Freedom of Information Act (FOIA) requests to better ensure the public’s access to information from financial regulators.

Supervision and Regulation of Certain Nonbank Financial Companies
March 10, 2011 – 10:52 am

Read the pdf of our letter here.
February 25th, 2011
The Honorable Timothy F. Geithner
Financial Stability Oversight Council
c/o Lance Auer
1500 Pennsylvania Avenue, N.W.
Washington DC 20220
Re: 12 CFR Part 1310/ RIN 4030-AA00 Authority To Require Supervision and Regulation …