NGFA Leads Effort to Improve Banking Regulations

摘要

The National Grain and Feed Association (NGFA) spearheaded a joint letter submitted to Congress, signed by 18 other national trade associations, banks and lending organizations, that urged lawmakers to review the protections that were believed to be in place for customer-segregated funds following the Chapter 11 Bankruptcy Petition filing of MF Global Inc. on Oct. 31, in which an estimated $600 million to $1.2 billion of MF Global customer funds were unaccounted for. In a nearly identical letter to the Commodity Futures Trading Commission (CFTC), the NGFA also urged the agency to review the adequacy ofpurported protections believed to exist for such customer-segregated accounts.