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The agency says the subprime auto lender pledged the same car loans to several lenders and bond deals at once, leaving investors owed about $945 million.
The American Bankers Association, Bank Policy Institute and Securities Industry and Financial Markets Association submitted comment letters to the Securities and Exchange Commission arguing that a proposed change to Form S-3 eligibility would make it more difficult for some banks to access the capital markets.
A Securities and Exchange Commission proposal to change reporting requirements for public companies has drawn mixed reactions, with some groups warning that reduced transparency could harm markets.
A big part of the outreach is to clearly distinguish Regulation AB asset-backed securities from Exchange Act ABS, especially as new issuers and investors enter the market.
CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
