AFREF and the National Housing Law Project submitted a comment to the FHFA in support of their proposed revisions to the Suspended Counterparty Program.
Americans for Financial Reform Education Fund sent a letter commending the Federal Trade Commission and Department of Justice for developing a robust, accessible update to the merger guidelines The post Letters to the Regulators: Letter in Support of Proposed Merger Guideline appeared first on Americans for Financial Reform.
Americans for Financial Reform Education Fund sent a letter commending the Federal Trade Commission and Department of Justice for developing a robust, accessible update to the merger guidelines
AFREF submitted comment letters to the Financial Stability Oversight Council (FSOC) on two proposals that would strengthen its toolbox for addressing threats to financial stability, including those related to climate change, and make it easier to designate nonbank companies like asset managers and insurance companies as systemically important institutions that need enhanced regulation by the Federal Reserve Board.
The letters detail how threats to financial stability from nonbank financial institutions are growing, and it encourages FSOC to quickly strengthen and finalize its proposals to be able to respond effectively and proactively to emerging risks. Many nonbank financial institutions already face heightened stress from large climate-related shocks, including several major insurers’ recent decisions to withdraw coverage from many states and zip codes. Insurance companies, asset managers, private equity firms, and other nonbank financial institutions are also creating significant risks to the financial system through their insured or financed emissions — risks that are often forced upon other financial institutions and consumers who will struggle to manage them.
View or download a PDF of the letter here Americans for Financial Reform Education Fund joined the Homes Guarantee Campaign and over 300 national, state, and local organizations to call on the Federal Housing Finance Agency to require tenant protections in order to receive federal multifamily financing. These protections include a limit on rent increases,
AFREF joined Public Citizen in a comment urging PCAOB to strengthen and swiftly finalize its proposed updated audit standards around reporting noncompliance with laws and regulations and identifying risks of material misstatement in financial statements. Climate-related accounting fraud is on the rise, and many companies are misrepresenting their financial position by underestimating their asset retirement obligations and environmental liabilities, and failing to substantiate public climate commitments in their financial statements and SEC filings.
The proposed regulatory updates from PCAOB would strengthen auditors’ responsibilities to identify and report these types of misstatements and fraud and provide a significant benefit to investors by catching costly noncompliance issues early before they harm financial performance, and to the public by deterring corporate law-breaking and noncompliance.