AT A GLANCE Requested by the ECON committee Study in focus Policy Department for Economic, Scientific and Quality of Life Policies Directorate-General for Internal Policies. Author: S. HONNEFELDER, P. DELGADO CUBILLO PE 631.031 – January 2019 EN

Financial Supervision and Regulation in the US – “In response to the financial crisis of 2008 and the government-supported bailouts of financial institutions, the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), signed into law in July 2010, was a massive, 2 300-page bill that represented the biggest overhaul to financial regulation in the US since the 1930s. The main goal of the reform was securing stability in the US financial system through the creation and reform of several agencies and other legal depositions. The Consumer Financial Protection Bureau (CFPB) , the new Financial Stability Oversight Council (FSOC), the Volcker Rule, the Dodd-Frank Act Stress Tests (DFAST) , the US Comprehensive Capital Analysis and Review (CCAR), US supervision of Foreign Banking Organisations (FBOs) and the Current Expected Credit Losses (CECL) framework are the milestones that guided the implementation of the reform.”