Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

SEC petitions for ‘guidance’ restrictions, enhanced bank disclosures to break out overdraft fees

Joe Mont | August 20, 2018

A recent rulemaking petition, submitted by members of the public, asks the Securities and Exchange Commission to prohibit guidance that becomes binding and enforceable without undergoing Constitutionally established rulemaking procedures.

A separate petition asks the Commission to require that banks file more detailed revenue breakdowns, including collected overdraft fees, in their 10-K filings.

Although they seldom gain traction—even when gaining more than 1 million public comments, as was the case with a call to disclose political contributions by public companies—the SEC does accept and consider public rulemaking petitions.

Any person may request that the Commission issue, amend, or repeal a rule of general application. All petitions will be forwarded to the appropriate office or division of the Commission for consideration and recommendation.

petition for rulemaking, filed on Aug...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.