CRS – A Brief Overview of Actions Taken by the Consumer Financial Protection Bureau (CFPB) in Its First Year. Sean M. Hoskins, Analyst in Financial Economics, August 29, 2012 “The Consumer Financial Protection Bureau (CFPB), which formally started operating on July 21, 2011, was established by Title X of the Dodd-Frank Wall Street Reform and… Continue Reading
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SEC Adopts Rule for Disclosing Use of Conflict Minerals
News release: “he Securities and Exchange Commission today adopted a rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to require companies to publicly disclose their use of conflict minerals that originated in the Democratic Republic of the Congo (DRC) or an adjoining country. The regulatory reform law directed the Commission to… Continue Reading
Agencies issue proposed rule on appraisals for higher-risk mortgages
News release: “Six federal financial regulatory agencies today issued a proposed rule to establish new appraisal requirements for “higher-risk mortgage loans.” The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are higher-risk if… Continue Reading
Reforming Wall Street, Protecting Main Street: An Update on Wall Street Reform
“Two years ago [July 2010], President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act – the most significant set of financial reforms since the Great Depression. The landmark law is designed to help protect Americans from the excessive risk, fragmented oversight, and poor consumer protections that played leading roles in bringing about… Continue Reading
Federal Reserve Board – final rule establishing risk-management standards for financial market utilities designated as systemically important
News release: “The Federal Reserve Board announced the approval of a final rule establishing risk-management standards for certain financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. The final rule also establishes requirements for advance notice of proposed material changes to the rules, procedures, or operations of certain designated FMUs.… Continue Reading
CFPB – Private Student Loans Report
“The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Director of the Consumer Financial Protection Bureau and the Secretary of Education to submit a Report on private student loans. This Report addresses the following topics, as set forth in the Act: The private lenders, their market and their products, as they have evolved… Continue Reading
Financial Services Roundtable – State of the Financial Services Industry
State of the Financial Services Industry – July 17, 2012. Focus on fortress balance sheets; too big to fail; the cumulative weight of new rules; and economic benefits of big banks “The two-year anniversary of the Dodd-Frank Act is marked by a safer and stronger financial services industry. Capital is at a record high, lending… Continue Reading
Financial Stability Oversight Council Makes First Designations in Effort to Protect Against Future Financial Crises
News release: “The Financial Stability Oversight Council (the Council) today voted unanimously to designate eight financial market utilities (FMUs) as systemically important under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). This action, the first designations made by the Council, represents another key step towards creating a safer,… Continue Reading
Federal Reserve releases public section of resolution plans filed by the first group of largest banking organization
News release: “The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve submit resolution plans annually to the Federal Reserve and the Federal Deposit Insurance… Continue Reading
Federal Reserve releases public section of resolution plans filed by the first group of largest banking organizations
Resolution Plans [links to each plan are available at this link] “The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve submit resolution plans annually… Continue Reading
The Consumer Financial Protection Bureau: A Legal Analysis
CRS – The Consumer Financial Protection Bureau (CFPB): A Legal Analysis, David H. Carpenter, Legislative Attorney, June 7, 2012 “Title X of the Dodd-Frank Act is entitled the Consumer Financial Protection Act of 2010 (CFP Act). The CFP Act establishes the Bureau of Consumer Financial Protection (CFPB or Bureau) within the Federal Reserve System (FRS)… Continue Reading
CRS – Ability to Repay, Risk-Retention Standards, and Mortgage Credit Access
Ability to Repay, Risk-Retention Standards, and Mortgage Credit Access – Darryl E. Getter, Specialist in Financial Economics, June 5, 2012 The ability to repay and risk-retention standards, while designed to curtail the pre-crisis proliferation of risky lending practices, are likely to simultaneously reduce access to mortgage credit. Although ability-to-repay standards would encourage consistent underwriting at… Continue Reading
