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.
FOR IMMEDIATE RELEASE May 25, 2011 CONTACT: John Carey at 202-466-1854 john@ourfinancialsecurity.org AFR Statement on Mark-up in House Appropriations Subcommittee on Agriculture Washington, DC – Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong Wall Street
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.
FOR IMMEDIATE RELEASE May 24, 2011 CONTACT: John Carey at 202-466-1854 john@ourfinancialsecurity.org AFR Statement on Mark-up of H.R. 1573 Washington, DC – Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong Wall Street reform, issued the
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
The ‘Warren Report’—GOP Attacks Consumer Agency Katherine Reynolds Lews (The Fiscal Times) May 19, 2011 “Even before it formally opens its doors this summer, the new federal agency created to protect consumers from unscrupulous financial industry practices is coming under withering attack by Wall Street