The Agriculture Committee’s bills would “enable public bailouts of swaps dealers, weaken the ability of regulators to control derivatives trading in overseas subsidiaries of Wall Street banks and establish a blanket exemption for derivatives transactions among the thousands of subsidiaries of global banks.”
AFR sent materials to the hill regarding various Senate resolutions and their impact on financial regulation.
Under huge pressure and intense scrutiny, the CFPB’s “execution has been pretty darned good,” says AFR ‘s Lisa Donner..
Combing through a 1000-page contract, the Tribune found “some eye-opening fees.” Such as $2.95 for “reloading your account online using a credit card.”
Public Citizen and Americans for Financial Reform today delivered petitions signed by more than 17,000 people calling on the CFTC to stand firm in applying derivative standards to all the dealings of U.S. banks and their overseas subsidiaries.
“Last week’s Senate report on JPMorgan Chase’s ‘London Whale’ trades should have redoubled Washington’s resolve to carry out the basic derivatives safety measures of Dodd-Frank. But too many members of the House Agriculture Committee seem to have their heads buried in the sand.”
March 27, 2013 Joseph A. Smith Office of Mortgage Settlement Oversight 301 Fayetteville St., Suite 1801 Raleigh, NC 27601 Members of the Monitoring Committee Via electronic mail Dear Mr. Smith and Members of the Monitoring Committee: We write to follow up on your interim report
AFR sent a letter to members of Congress urging them to oppose HR 1256. This legislation would seriously undermine the CFTC’s efforts to properly regulate extraterritorial derivatives transactions that affect our economy and carry risk for U.S. taxpayers.
43 Senators are using the confirmation process to extract major, weakening changes in CFPB governance and funding. “We call on the Senate to reject this outrageous tactic and bring Richard Cordray’s nomination to a swift up-or-down vote.”
“For the economy’s sake as well as the sake of financial consumers – which is all of us – the country needs a fully functioning CFPB, with a confirmed director.”