Wells Fargo & Company appreciates the opportunity to share an additional comment on the "Draft Interagency White Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System" ("white paper") to the Federal Reserve Board of Governors, New York State Banking Department, Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
It is Wells Fargo's opinion that the cost burden associated with compliance of regulatory requirements that should occur as result of Wells Fargo being identified within the scope of this White Paper should be subsidized by the regulatory agencies or other parts of the financial services infrastructure. We believe not resolving this issue up front could cause delays and even conflict as we move forward. We would suggest getting a group of these large banks together to discuss how this might get funded before going further.
Thank you again for considering the views of Wells Fargo & Company on these important issues. If you have any further questions or comments, please do not hesitate to contact either Aaron Meckler, Senior Vice President at 303-889-2928 or Rex Engstrand, Vice President at 515-213-5395.