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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...

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