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.
Read the bulletin here.
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 Protection Laws Washington, DC−A broad
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
Read the pdf here.
Read our letter to Congress urging members to oppose H.R. 1573, a bill that would both delay implementation of the derivatives reforms in Title VII of the Dodd-Frank Act and introduce possible new exemptions to those reforms
AFR signed on in support of a letter sent to members of Congress today regarding four pieces of legislation that would threaten the ability of the CFPB to sufficiently protect consumers.If enacted, these bills would virtually guarantee that the CFPB would be a weak and timid agency without the will or ability to curb the kind of financial abuses that caused the nation’s worst financial crisis since the Great Depression.