Banking | Better Markets

On the Eve of the Presidential Election, Trump’s Banking Deregulators Are Finalizing Rules on Partisan Votes Favoring Wall Street’s Biggest Banks Over Main Street’s Families, Businesses and Taxpayers

FOR IMMEDIATE RELEASE Tuesday, October 20, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, released the following statement regarding the rulemakings today by the Federal Deposit Insurance Corporation (FDIC), which will also be adopted by the OCC and Federal Reserve: “It […]

CFPB’s Latest Gift to the Mortgage Industry is Unlawful and Cruel

FOR IMMEDIATE RELEASE Thursday, October 1, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement after Better Markets filed its comment letter on the Qualified Mortgage proposal issued by the Consumer Financial Protection Bureau (“CFPB”): “In its latest […]

The OCC’s Latest Assault on Consumer Protection Under State Law Should Be Abandoned

FOR IMMEDIATE RELEASE Thursday, September 3, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement after Better Markets filed its comment letter on the so-called “true lender” proposal issued by the Office of the Comptroller of the Currency […]

Better Markets, Others Press FHFA on GSEs Framework

Better Markets joined several other prominent public interest groups seeking information about the Federal Housing Finance Agency’s proposed capital framework for Fannie Mae and Freddie Mac. Better Markets President and CEO Dennis Kelleher says Fannie Mae and Freddie Mac play a key role in supporting the U.S. housing market so it’s vital to know about […]

Groups Urge Fed Not to Weaken Main Street Lending Programs for PE Firms

Better Markets was one of 17 prominent organizations that united to urge the Federal Reserve to not weaken the rules preventing private equity firms from getting public funds through the Main Street Lending Programs. Better Markets, the AFL-CIO, Center on Economics and Policy Research, Public Citizen, Americans for Financial Reform, others, sent a letter to the Federal […]

Better Markets to Fed Chair: Don’t Give in to Big Banks

Better Markets expressed concern about a possible weakening of the leverage ratio requirements applicable to Wall Street’s largest, most dangerous banks. Earlier this month, Better Markets expressed its strong opposition to weakening tier 1 leverage ratio requirements for the country’s largest banks. The tier 1 leverage ratio determines how much capital banks have available to absorb losses in case […]

Federal Reserve Must Stop Predatory, Wealth-Extraction Private Equity Firms from Getting Bailed out With Public Funds Meant for Main Street; Better Markets Joins Coalition to Urge Fed to Follow the Law

FOR IMMEDIATE RELEASE Thursday, August 13, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in connection with a letter sent with 16 other prominent organizations urging the Federal Reserve to not weaken rules preventing private equity firms from getting public […]

To Prevent Future Taxpayer Bailouts, Better Markets Joins with Prominent Public Interest Groups Seeking Information About the FHFA’s Proposed GSE Capital Framework

FOR IMMEDIATE RELEASE Tuesday, August 11, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the filing of a joint letter seeking more information about the potential impact of the recently proposed capital framework for […]

Letter to Chairman Jay Powell Opposing Fed Lobbying to Weaken the Capital Leverage Ratio, Endangering the Banking System and Making Bailouts More Likely

FOR IMMEDIATE RELEASE Tuesday, August 4, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, sends letter to the Chairman of the Federal Reserve, Jerome Powell, opposing the Fed’s lobbying Congress to weaken the leverage ratio applicable to Wall Street’s biggest, most […]

Wall Street Again Using Pandemic as a Pretext to Get More Deregulation

From the beginning, Wall Street’s biggest banks have tried to use the pandemic as a pretext for dangerous deregulation, as we pointed out here, but they just won’t stop. They are trying again to reduce their capital buffers, which is all that stands between a failing bank and taxpayer bailouts. In response, Better Markets sent […]

FDIC Proposals Help Banks, Not Main Street

The last few weeks were busy ones for the FDIC which proposed or instituted numerous rules that overall favored the financial industry over Main Street families. In early July, the FDIC proposed a rule that will spur attempts by large commercial enterprises to own and control industrial banks. The FDIC claims that this proposal of […]

Fed’s Stress Test Actions: Bank Failures, Bailouts More Likely

In late June, the Federal Reserve Board decided not to fully stop Wall Street banks from making capital distributions through dividend payouts, although they did put some “limitations” on dividend payouts. Dennis Kelleher, president and CEO of Better Markets, says this decision could lead to more bank failures and make taxpayer bailouts more likely. On June […]

Wall Street Again Shamelessly Using Pandemic as a Pretext to Get More Deregulation: Lowering Capital Leverage Ratio Endangers Banking System, Makes Bailouts Likely

FOR IMMEDIATE RELEASE Wednesday, July 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, sends letter to Senate Banking Committee detailing why the leverage ratio and banks’ capital cushions are so important to financial stability and to avoiding taxpayer bailouts of […]

Better Markets Releases White Paper Detailing How the Dodd-Frank Act and Other Banking Reforms Have So Far Prevented a Banking Crash

FOR IMMEDIATE RELEASE Wednesday, July 8, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Better Markets today released a White Paper that details how the Dodd-Frank Act and other banking reforms over the last 10 years have prevented a crash of the banking system similar to the one experienced in 2008. Dennis […]

Better Markets Opposes FDIC Proposal Encouraging Dangerous Combinations of Banking and Commerce

FOR IMMEDIATE RELEASE Thursday, July 2, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the FDIC’s rule proposal that threatens to ramp up the acquisition of industrial banks by commercial enterprises. “The FDIC is proposing to […]

Fed’s Stress Test Actions Allowing Capital Payouts in the Middle of an Historic Economic Crisis Undermines Its Credibility and Makes Bank Failures and Bailouts More Likely

FOR IMMEDIATE RELEASE Thursday, June 25, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the Federal Reserve’s release of 2020 stress tests and aggregate pandemic-informed scenarios: “While the Fed is right that ‘the banking […]

Latest Weakening of Volcker Rule Re Covered Funds Creates Multiple Loopholes, Endangers Financial Stability and Makes Bailouts More Likely

FOR IMMEDIATE RELEASE Thursday, June 25, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Joseph R. Cisewski, Senior Derivatives Consultant and Special Counsel for Better Markets, issued the following statement with respect to the Federal Deposit Insurance Corporation’s (FDIC) final rulemaking to amend the Volcker Rule’s covered funds provisions: “The Volcker Rule […]

In Unlawfully Eliminating Inter-Affiliate Margin, Bank Regulators Hand Wall Street’s Biggest Banks Nearly $40 Billion, About One-Third of All Regulatory Initial Margin

FOR IMMEDIATE RELEASE Thursday, June 25, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Joseph R. Cisewski, Senior Derivatives Consultant and Special Counsel with Better Markets, issued the following statement with respect to the Federal Deposit Insurance Corporation’s (FDIC) elimination of initial margin on inter-affiliate derivatives: “Margin on derivatives transactions is a […]

Bank Regulators are Paving the Way for Loan Sharks, Payday Lenders and Debt Collectors to Gouge Consumers with Sky-High Interest Rates

FOR IMMEDIATE RELEASE Thursday, June 25, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Tim P. Clark, Distinguished Senior Banking Adviser for Better Markets, issued the following statement on the FDIC’s release today of its final rule aimed at overriding state consumer protection laws: “The FDIC has now delivered the second blow […]

The FDIC’s Proposal on Brokered Deposits Will Weaken Banks and Cost Taxpayers Money—For No Good Reason

Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the comment letter filed with the Federal Deposit Insurance Corporation (FDIC), which would give less than well-capitalized banks more access to risky brokered deposits: “This proposal is a classic example of arbitrary and capricious rulemaking. It […]

Banking Regulators Should Not Put Taxpayers at Risk of Bailouts by Letting Banks Waste Capital on Payouts to Shareholders and Executives

FOR IMMEDIATE RELEASE Wednesday, May 6, 2020 Contact: Pamela Russell, 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement on Better Markets’ comment letter calling on bank regulators to strengthen, not weaken, limits on capital distributions via dividends and executive bonuses during the […]

Better Markets Applauds Federal Reserve’s Announced Commitment for CARES Act Program Transparency

FOR IMMEDIATE RELEASE Thursday, April 23, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the Federal Reserve’s announced commitment to transparency regarding CARES Act programs and activities: “We have stressed to the Federal Reserve (Fed) that transparency must […]

Better Markets Demands Fed Transparency in Lending Programs

In response to the economic crisis caused by COVID-19, the Federal Reserve has established a Main Street Lending Program. Under these facilities, U.S. taxpayers, through the Federal Reserve, will purchase 95 percent participations in loans to eligible businesses, i.e., those with up to 10,000 employees or up to $2.5 billion in annual revenue. As we […]

Financial Regulators Should Not Open New Loopholes in the Volcker Rule Allowing Wall Street’s Biggest Banks to Engage in Speculative Activities

FOR IMMEDIATE RELEASE Monday, April 13, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding the covered funds exclusions from the Volcker Rule ban on proprietary trading proposed by the Board of Governors of the Federal Reserve System, the Office of the […]

Better Markets Applauds Federal Reserve for Helping Wells Fargo’s Customers during the Coronavirus Crisis by Providing the Bank Temporary, Conditional, Targeted Relief from the Asset Cap

FOR IMMEDIATE RELEASE Wednesday, April 8, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to the Federal Reserve’s announcement today giving Wells Fargo temporary, targeted and conditional relief from the asset cap to enable the bank to help its customers […]

Federal Reserve Should Temporarily Suspend Wells Fargo Asset Cap – Must be Limited to Coronavirus-Crisis Related Assistance

FOR IMMEDIATE RELEASE March 31, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding Wells Fargo’s reported request that the Federal Reserve lift the asset cap it imposed due to the bank’s decade of customer exploitation and extensive controls […]

As the Federal Reserve Floods the Financial System with Capital, It Must Order Large Banks to Stop Capital Distributions via Stock Buybacks and Dividends

FOR IMMEDIATE RELEASE March 24, 2020 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the need for the Federal Reserve to order banks with assets greater than $100 billion to stop all capital distributions and to revoke two counterproductive rule changes enacted […]

The Treasury Secretary and Wall Street Should Not Use the Coronavirus as a Pretext to Weaken Key Financial Rules that Prevent Taxpayer Bailouts

FOR IMMEDIATE RELEASE Sunday, March 15, 2020 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to reports that the Trump administration is considering weakening key financial rules put in place to protect taxpayers and prevent bailouts of Wall Street’s financial firms […]

To Prevent More Taxpayer Bailouts, Wall Street Banks Must Suspend All Capital Distributions via Dividends, Stock Buybacks or Otherwise Until the Coronavirus Crisis is Over

FOR IMMEDIATE RELEASE March 11, 2020 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding President Trump’s meeting today with the CEOs of Wall Street’s biggest banks and their lobbyists trade groups: “The first topic of discussion among the CEOs of Wall Street’s […]

President Trump and Wall Street CEOs Should Suspend All Capital Distributions and Financial Deregulation Until the Coronavirus Crisis is Over

FOR IMMEDIATE RELEASE March 10, 2020 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding President Trump’s meeting tomorrow with the CEOs of Wall Street’s biggest banks and their lobbyists trade groups: “In light of the risks posed by the coronavirus crisis, President Trump […]

RELEASE: The Federal Reserve’s Actions Today Lowering Capital Requirements are Dangerous, Unwise, Unnecessary and Poorly Timed

FOR IMMEDIATE RELEASE Wednesday, March 4, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Federal Reserve Board’s finalizing a rule regarding the stress capital buffer and related matters: “The only thing that stands between a failing bank and a […]

Wall Street Biggest Banks Shamelessly Trying to Use Coronavirus to Get Federal Reserve to Weaken Rules

FOR IMMEDIATE RELEASE Monday, March 2, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the Bank Policy Institute’s request for “Actions the Fed Could Take in Response to COVID-19”: “It is shameless but not surprising, that Wall Street’s […]

The Volcker Rule Loopholes Proposed Today Further Reopen the Gambling Casino at Wall Street’s Biggest Banks by Allowing More Proprietary Trading

FOR IMMEDIATE RELEASE Thursday, January 30, 2020 Contact: [email protected], 202-618-6433 Washington, D.C. – Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the action taken by Board of Governors of the Federal Reserve (“Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Commodities Futures Trading Commission (“CFTC”) […]

Opposing Industry-Cost-Only Analysis as a Trojan Horse to Kill Critical Rules

Comment Letters | Opposing Industry-Only Cost Analysis as a Trojan Horse To Understate the Public Interest and Overstate Industry Costs to Kill Financial Protection Rules Cost-benefit analysis (CBA) sounds good and neutral. After all, who could oppose only doing something when the benefits outweigh the costs? The fatal flaws in a cost-benefit framework only appear […]

The Shocking Attack on Bank Supervision by the Fed’s Vice Chair for Supervision

Press Release | The Shocking Attack on Bank Supervision by the Fed’s Vice Chair for Supervision The Federal Reserve failed miserably in the years before the 2008 crash. The facts are pretty clear that the crash could have been largely avoided, or at least substantially reduced in severity, if the Fed had even done a […]

Countering Wall Street’s Latest Baseless Attack Against Financial Protection Rules

Op Ed and Fact Sheet | Op Ed (Bloomberg): “Don’t Use Repo Volatility as a Reason to Roll Back Bank Regulations” (Effective Standards Aren’t Causing the Turmoil Despite Claims to the Contrary) and Fact Sheet: “Report Market: Reality vs. Wall Street Claims” Last September, rates in the repo markets spiked, and the biggest Wall Street […]

In Delivering a Speech That Could Have Been Written By Wall Street’s Biggest Banks, the Federal Reserve Vice Chair for Supervision Fails to Mention 2008 Crash or the Fed’s Widespread Supervisory Failures in Contributing to It

FOR IMMEDIATE RELEASE Friday, January 17, 2020 Contact: Christopher Elliott, 202-618-6433 [email protected] Washington, D.C. – Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to a speech by the Vice Chairman for Supervision for the Federal Reserve, Randal Quarles: “The Vice Chairman for Supervision at the Federal Reserve Board […]

Better Markets Calls Out FDIC for Not Protecting Depositors & Taxpayers

The Federal Deposit Insurance Corporation (FDIC) exists to protect bank depositors and taxpayers, but – shockingly – the new Chairwoman ranks this priority as a “third goal” behind helping finance “innovate” and a new-found “balanced” interpretation of the law. Our President and CEO, Dennis Kelleher, was on a panel right after her speech at the Brookings […]

The FDIC Can Protect Taxpayers, Prevent Crashes & Bailouts, AND Promote Innovation

The Brookings Institution hosted a lively and enlightening discussion on December 11, 2019 focusing on “Brokered Deposits in the Fintech Age.” That sounds boring, but it’s really important to everyone with a debit card, prepaid card, HSA, etc., or who cares about the safety and soundness of the banking system and avoiding costly taxpayer bailouts. […]

Banking Regulators Should Not Give Wall Street’s Five Biggest Banks a $40 Billion Deregulatory Gift for Their Dangerous Derivatives Trading

The five US banking regulators have proposed to eliminate initial margin requirements on interaffiliate derivatives. This is a deregulatory gift worth more than $40 billion to Wall Street’s five largest banks who have been lobbying for this because they are also the five largest derivatives dealers, handling about 90% of all U.S. derivatives transactions. The posting […]

Bank Regulators Give Wall Street $40 Billion Deregulatory Gift While Significantly Increasing Derivatives Risks to the Financial System & Taxpayers

FOR IMMEDIATE RELEASE Monday, October 28, 2019 Contact: Christopher Elliott, 202-618-6433 Washington, D.C. – Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the Office of the Comptroller, Federal Deposit Insurance Corporation, Farm Credit Administration, Federal Housing Finance Agency, and the Board of Governors of the Federal Reserve […]

The New Secretary General for the Basel Committee on Banking Supervision Visits Better Markets

Not many people know of the Basel Committee on Banking Supervision (BCBS), but it’s a key global standard-setter for financial regulators around the globe. It recently underwent a leadership change, receiving a new Chair (Pablo Hernandez de Cos) in March and a new Secretary General (Carolyn Rogers) in August this year. They are both deeply experienced […]

Lehman Crash Anniversary: Wall Street’s TBTF Wealth Extraction Mechanism is Alive, Well & Getting Worse

Last Sunday was the 11th anniversary of the 2008 crash of Lehman Brothers investment bank and the onset of the worst financial crash since 1929 and the beginning of the worst economic catastrophe for the country since the Great Depression in the 1930s. Wall Street’s biggest too-big-to-fail banks, which were all bailed out by taxpayers […]

Volcker Rule: Trump Administration Re-opening the Wall Street Casino, Endangering Main Street

One reason Wall Street’s too-big-to-fail banks are dangerous and a threat to all American families is because the highest-risk activities have the highest-margins and generate the biggest bonuses. That shift to the high-margin wealth extraction activities is also a shift from the lower-margin wealth creation activities like traditional lending that supports the productive economy, jobs […]

Better Markets Comments on the CFTC’s Approval of the Revised and Weakened Volcker Rule

FOR IMMEDIATE RELEASE Monday, September 16, 2019 Contact: [email protected] Washington, D.C. – Joseph R. Cisewski, Senior Derivatives Consultant for Better Markets, issued the following statement with respect to the Commodity Futures Trading Commission’s (CFTC) adoption of the revised Volcker Rule: “The CFTC today celebrated the anniversary of the collapse of Lehman Brothers by approving a […]

CFTC to Gut the Volcker Rule on Anniversary of Lehman Brothers Crash: Ignoring the 2008 Crash, Laying the Groundwork for the Next One

FOR IMMEDIATE RELEASE Wednesday, September 11, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Commodity Futures Trading Commission’s (CFTC) upcoming meeting to finalize a substantially weakened Volcker Rule on the anniversary of the collapse of Lehman Brothers: “The anniversary of the […]

Better Markets Responds to Deutsche Bank’s CFO

Last week, Deutsche Bank Chief Financial Officer, James von Moltke, published a letter in The American Banker responding to our Op Ed the week before last. In our Op Ed, we discussed Deutsche Bank’s reported intent to decrease capital and return that capital to its shareholders. We said that would be irresponsible and jeopardize the […]

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