Federal agencies should move swiftly to identify systemically important financial institutions (SIFIs) for heightened scrutiny now that they have finalized a process for this designation process, according to Americans for Financial Reform Education Fund.
Treasury’s Federal Insurance Office (FIO) took an important initial step this week toward understanding how climate change is affecting homeowners insurers’ coverage and pricing decisions for consumers. Disappointingly, the notice of data collection was scaled back from earlier proposals, omitting queries critical to fully understanding the nature of the ongoing insurance crisis.
“Many risks in the nonbank sector, from insurance to private equity to hedge funds to asset management, are becoming increasingly serious and in need of closer attention,” said Alexa Philo, senior banking and systemic risk analyst at Americans for Financial Reform Education Fund.
Washington, D.C. – The following steering group members of the Save Our Retirement coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Center for American Progress, Consumer Federation of America, Economic Policy Institute, and Pension Rights Center – commended the public release of the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when financial professionals give retirement investment advice:
Americans for Financial Reform Education Fund submitted a comment letter to the Financial Accounting Standards Board (FASB) in support of its proposal to require public companies to disaggregate certain costs from expense captions, with a focus on the disaggregation of employee compensation costs. AFREF made a series of recommendations to improve these disclosures, including recommendations to include workers beyond employees in the disclosures.
The Sierra Club, Public Citizen and Americans for Financial Reform said Thursday that after analyzing the California law and state records, they believe that 75% of Fortune 1000 companies will have to make emissions disclosures once California’s requirements take effect later this decade.
WASHINGTON, DC – There should be no added compliance costs for 75% of the largest public companies to disclose their greenhouse gas emissions under the upcoming Securities and Exchange Commission (SEC) climate financial risk disclosure rules, a new report has found. The findings cast doubt on U.S. business groups’ claims that the costs of fully disclosing their climate risks would be too high.
Washington, D.C. — The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency today released joint Principles for Climate-related Financial Risk Management for Large Financial Institutions that establish climate-related risk management expectations for banks with over $100 billion in assets.
Washington, D.C. — The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a joint final rule to revise the regulations implementing the Community Reinvestment Act (CRA). This decision caps a long-awaited effort to modernize the rules to reflect the changing structure of the banking system and needs for community loans, investments, and services.
Washington, D.C. — SEC Commissioner Caroline Crenshaw gave a notable speech at an event sponsored by the Center for American Progress on October 11th warning of the dangers posed by the fact that the $1.4 trillion leveraged loan market, often used to finance private equity takeovers, is not subject to securities laws, and therefore operates without many investor protections.