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Articles tagged with: Volcker Rule

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

FOR IMMEDIATE RELEASE
Nov. 20, 2017
CONTACT
Carter Dougherty
carter@ourfinancialsecurity.org
(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 Statement: House Committee Approves a Package of Wall Street Giveaways
November 16, 2017 – 10:55 am

“The package includes legislation that would release the nation’s largest banks from measures to prevent a financial crisis, saving them billions of dollars in expenses,” AFR’s Lisa Donner said. “It would also allow banks and fintech firms to cooperate in new forms of payday lending, and make investment products riskier for mom-and-pop savers. And it’s all happening against the backdrop of a big proposed tax cut for Wall Street.”

AFR in the News: After Virginia Sweep, Democrats Join Republicans for More Bank Deregulation (The Intercept)
November 14, 2017 – 2:36 pm

“[T]he Senate cabal has masked their handout by claiming to focus on relief for small community banks… [But] the proposal ‘includes over a dozen measures that would ease rules on banks, and a few minor changes for consumers that ought to be a given,’ said Marcus Stanley, policy director at Americans for Financial Reform, the main pro-regulatory advocacy group in D.C.”

Letter to Congress: AFR Opposes A Dozen Deregulatory Bills in House Financial Services Committee Markup
November 14, 2017 – 7:55 am

AFR sent a letter opposing a dozen different deregulatory bills being marked up by the House Financial Services Committee.
AFR Letter Re HFSC 11-14 Markup

Letter to Regulator: AFR Opposes FDIC Insurance for Square Inc.
October 10, 2017 – 1:05 pm

“ILC charters exploit a loophole in federal banking laws to gain access to the federal deposit-insurance safety net while avoiding critical federal supervision and regulation. ILCs therefore pose unique risks to the financial system… If these applications are granted, [it] will send a clear signal to the marketplace that the FDIC intends once again to approve ILC deposit insurance applications, potentially unleashing a dangerous avalanche of new applications.”

AFR Statement: Regulators were wrong to remove AIG from list of systemically important financial companies
September 30, 2017 – 5:41 pm

“The financial crisis demonstrated that purely state-level oversight cannot fully address the potential systemic risks of our largest insurance companies. It was an ill-considered and reckless decision to remove AIG’s designation as a systemically significant financial institution.”

AFR in the News: Gary Cohn is Giving Goldman Sachs Everything It Ever Wanted (The Intercept)
September 18, 2017 – 3:32 pm

“No other piece of Dodd-Frank “mattered to Goldman quite like the Volcker Rule, which would protect banks’ solvency by limiting their freedom to make speculative trades with their own money. Unless Goldman could initiate what [AFR Policy Director Marcus] Stanley called the ‘complexity two-step’ — win a carve-out so a new rule wouldn’t interfere with legitimate business and then use that carve-out to render a rule toothless — Volcker would slam the door shut on the entire direction in which Blankfein and Cohn had taken Goldman.”

Letter To Congress: Oppose HR 3312 — A Gift To Some Of The Largest Banks In The Country
September 6, 2017 – 12:02 pm

“On behalf of Americans for Financial Reform, we are writing to express our opposition to H.R.
3312, the “Systemic Risk Designation Improvement Act of 2017.” This legislation is a gift to
some of the largest banks in …