News with the tag "American Bankers Association"

The American Bankers Association, Bank Policy Institute, Financial Services Forum, and Securities Industry and Financial Markets Association sent a letter to President Joe Biden on May 31, urging him to sign the resolution passed by Congress to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 1...

The American Bankers Association claims that United States President Joe Biden's move will "harm investors, customers, and ultimately the financial system."

In a rare lobbying overlap with crypto world, Wall Street banks and members of Congress are asking President Joe Biden to reverse course on his vow to veto the U.S. congressional resolution to overturn the U.S. Securities and Exchange Commission's (SEC) crypto accounting policy.

The U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.

Financial advocacy organizations are urging the SEC to amend current accounting rules that increase the financial burden on American banks managing crypto assets for clients.