Tag Archives: Systemic Risk

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Testimony: AFR Policy Director Marcus Stanley Testifies to HFSC On Deregulatory Bills

AFR Policy Director Marcus Stanley testified to the Financial Institutions subcommittee of the House Financial Services Committee on five pieces of proposed legislation. Written Testimony: Marcus Stanley Testimony To House Financial Services FI Subcommittee December 7 2017 FINAL The full hearing is available here: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=402730

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Letter to Congress: AFR Opposes HR 477 — the misleadingly labeled “Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017″

Disguised as a regulatory relief for small businesses, this legislation would exempt from registration requirements merger and acquisition brokers of transactions involving quite large privately held companies, while opening a deregulatory window of opportunity for private equity firms to exploit.

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AFR Statement: Treasury Report on Systemic Risk Designation of Large Non-Banks

FOR IMMEDIATE RELEASE Nov. 20, 2017 CONTACT Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Treasury Memorandum Weakens Systemic Risk Supervision On Friday the Treasury Department released a memorandum on the process used by the Financial Stability Oversight Council (FSOC) to designate large systemically significant non-bank financial institutions

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AFR Statement: House Committee Approves a Package of Wall Street Giveaways

“The package includes legislation that would release the nation’s largest banks from measures to prevent a financial crisis, saving them billions of dollars in expenses,” AFR’s Lisa Donner said. “It would also allow banks and fintech firms to cooperate in new forms of payday lending, and make investment products riskier for mom-and-pop savers. And it’s all happening against the backdrop of a big proposed tax cut for Wall Street.”

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AFR in the News: After Virginia Sweep, Democrats Join Republicans for More Bank Deregulation (The Intercept)

“[T]he Senate cabal has masked their handout by claiming to focus on relief for small community banks… [But] the proposal ‘includes over a dozen measures that would ease rules on banks, and a few minor changes for consumers that ought to be a given,’ said Marcus Stanley, policy director at Americans for Financial Reform, the main pro-regulatory advocacy group in D.C.”

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Letter to Regulator: AFR Opposes FDIC Insurance for Square Inc.

“ILC charters exploit a loophole in federal banking laws to gain access to the federal deposit-insurance safety net while avoiding critical federal supervision and regulation. ILCs therefore pose unique risks to the financial system… If these applications are granted, [it] will send a clear signal to the marketplace that the FDIC intends once again to approve ILC deposit insurance applications, potentially unleashing a dangerous avalanche of new applications.”