Posts Tagged ‘wall street’

“We are not Wall Street banks, but we face the same regulatory regime

Monday, November 5th, 2012 by Geoffrey Lyons

More mid-size and regional banks are increasing their lobbying activity in the wake of Dodd-Frank.

The colossal law contains a number of provisions these “middle children” feel should be limited to their bigger brothers.  Chief among these provisions are the Volcker Rule and a “living-will” requirement that commands big banks to detail “resolution plans” in the event of collapse.

The banks’ mission won’t be to wheedle their way out of Dodd-Frank, but rather to encourage regulators to tailor the rules with them in mind.  In other words, they’d like to be treated as a separate species from Wall Street.

To give an idea of how seriously they’re taking this, SunTrust has so far upped its lobbying expenditures fifteen-fold for 2012.  PNC has gone from spending $570,000 in 2010, to $1.53 million in 2011.

More on this as it unfolds.