Americans for Financial Reform Education Fund (AFREF) and the Consumer Federation of America (CFA) submitted comments this week calling on regulators to more closely supervise partnerships between banks and independent banking-as-a-service (BaaS) companies that pose unique and serious risks for consumers.
Today, 38 labor unions, investors, and advocates submitted a letter to the Federal Deposit Insurance Corporation (FDIC) in support of a proposed rule that would increase oversight of asset managers with substantial voting power in banks. The proposal would bolster FDIC oversight when asset managers gain control of over 10 percent of voting securities of bank holding companies with FDIC-supervised subsidiaries.
A new probe by New York Attorney General Letitia James, revealed in a court filing Wednesday, marks an important step in pushing back against the proposed merger of Capital One and Discover, one that should prompt other state antitrust officials to join efforts to block this harmful transaction.
NEW YORK – Today, New York City Comptroller Brad Lander announced a commitment to exclude new pension investments in private equity-backed fossil fuel midstream and downstream companies and projects, addressing a significant loophole in the funds’ Net-Zero Implementation Plan. This makes NYCERS, NYCTRS, and NYCBERS – three of New York City public pensions representing $207 billion in assets – the first-in-the-nation to make such a commitment, setting precedent for funds across the country and around the world to follow suit.
Today, the Consumer Financial Protection Bureau (CFPB) finalized its Personal Financial Data Rights proposal, a long-overdue measure that can help create a more consumer-friendly and competitive financial services marketplace.
New report recommends financial and trade reforms to improve data and accountability on financial flows and help close the climate finance gaps in Africa, Latin America, and Asia.
The Securities and Exchange Commission (SEC) approved a new standard from the Public Company Accounting Oversight Board (PCAOB) that clarifies the “General Responsibilities” of an auditor in conducting a public company audit. AFREF and Public Citizen submitted a comment to the PCAOB on the proposed standard.
Audio recording of this tele-conference available by calling (605) 562-3099. Reference (call) #6. Enter Access Code 815383#.
AFR held a conference call briefing on the financial industry support for financial speculation taxes. Click here to see a summary of the discussion, read a letter from more than 50 financial professionals showing their support for the tax, and listen to the audio from the call.