AFR sent a letter to the Federal Reserve and FDIC on the reported transfer of the Merrill Lynch derivatives book to Bank of America’s depository subsidiary, which could expose taxpayers to substantial additional risks.”
AFR submitted a comment to the FDIC and the Federal Reserve on the rules implementing the Dodd-Frank requirement that companies submit “living wills” and records of credit exposures. “Living Wills” are plans detailing how the company could be resolved through the bankruptcy process without a need for government intervention. AFR supported the rules but suggested they be strengthened by requiring planning for situations of market stress and also by establishing more thorough and continuous records of credit exposures.
A coalition of consumer advocates recently sent this letter to Sheila Bair about the FDIC and overdraft fees. Dear Ms. Bair: We, the undersigned civil rights, labor, consumer, housing, community, business, and sustainable and responsible investor groups, write to thank the FDIC for bringing attention
The Associated Press has this report about Chairman Sheila Bair’s support for a new Consumer Financial Protection Agency. Here is an excerpt: WASHINGTON — The head of the Federal Deposit Insurance Corp. pitched again Monday for a new agency for consumer financial protection, now a