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Monday, April 18, 2016

ABA Urges SEC to Tailor Transfer Agent Regs to Bank Rules

Noting that the federal banking regulators are subject to extensive rules on bank transfer agents, ABA urged the SEC to exempt bank transfer agents from any prospective SEC rulemaking that would duplicate or conflict with existing bank regulations. Further noting that the SEC’s model for broker-dealer regulation is inappropriate for the heavily regulated banking industry, ABA urged the SEC to identify risks arising from inadequate regulations, tailor any new rules narrowly to target those risks and conduct rigorous cost-benefit analysis.

Read the letter.

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