View or download a PDF of the letter here.

AFR submitted a statement for the record that challenges the notion of so-called de-banking, which is really a red herring to obscure the real risks from reckless speculation, egregious self-dealing, or illegal and harmful financial transactions by the companies that complain. These firms are pushing to operate with little oversight, with special exemptions, and with no regard for the risks that harm banks’ customers and present real risks to the safety and soundness of banks and the financial system. The hand-wringing over so-called de-banking is actually a ruse to discourage regulators from doing their jobs: attending to risks and requiring banks to do the same.