Consumer Finance Protection Bureau: “The people just now reaching their sixties are part of Americas largest-ever generation of retirees. The CFPB is creating an Office of Financial Protection for Older Americans to ensure we serve this large community effectively. This Office will connect seniors with what they need to guide themselves through their financial lives.… Continue Reading
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Search Results for: Dodd-Frank
SEC Proposes Rules to Increase Transparency and Improve Integrity of Credit Ratings
Fact Sheet: “The Securities and Exchange Commission [May 18, 2011] voted unanimously to propose new rules and amendments intended to increase transparency and improve the integrity of credit ratings. The proposed rules would implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and enhance the SECs existing rules governing credit ratings… Continue Reading
SEC Proposes Product Definitions for Swaps
Fact sheet: “The Securities and Exchange Commission voted unanimously to propose rules further defining the terms swap, security-based swap, and security-based swap agreement. The Commission also proposed rules regarding mixed swaps and books and records for security-based swap agreements. The rules were proposed jointly with the Commodity Futures Trading Commission (CFTC) and stem from the… Continue Reading
Proposed rule to implement amendments to the Truth in Lending Act
News release: “The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer’s ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA),… Continue Reading
Publication of Joint Study on Feasibility of Mandating Algorithmic Descriptions for Derivatives
“the Securities and Exchange Commission and Commodity Futures Trading Commission (collectively Commissions) delivered to Congress a joint staff study on the the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives. See Title VII, Sec. 719(b) of Dodd-Frank. Based on the… Continue Reading
Federal Reserve Testimony on Derivatives Regulation
Federal Reserve Governor Daniel K. Tarullo – Derivatives regulation, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C., April 12, 2011 “The Dodd-Frank Act addressed both the infrastructure of the derivatives markets and the regulation and supervision of its dealers and major participants. Central counterparties are given an expanded role in… Continue Reading
Agencies Seek Comment on Proposed Rule on Incentive Compensation
News release: “Federal financial regulatory agencies request comment on a joint proposed rule to ensure that regulated financial institutions design their incentive compensation arrangements to take account of risk. The proposed rule, which is being issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, would apply to certain financial institutions with more… Continue Reading
Agencies Announce Consideration of Risk Retention Notice of Proposed Rulemaking
News release: “The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development (together, the agencies) announced that the agencies this week are considering for approval a notice… Continue Reading
American Banker – Details of Regulators' Plan for Risk Retention, QRMs
American Banker: “One of the most important pieces of the Dodd-Frank Act is set to start falling into place Tuesday as regulators offer a plan that would establish stringent underwriting standards for most mortgages, provide limited new rules for servicers, and detail how institutions must retain some risk of loans they intend to sell to… Continue Reading
Federal Reserve expands consumer protection regulations for credit transactions and leases of higher dollar amounts
News release: “The Federal Reserve Board on Friday adopted two rules that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts. The final rules amend Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) to implement a provision of the Dodd-Frank Wall Street Reform and Consumer… Continue Reading
Removing References to Credit Ratings in Regulations; Proposing Alternatives to the Use of Credit Ratings
“NCUA [National Credit Union Administration] is proposing rules to implement certain statutory provisions in Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The proposed rules replace or remove references to credit ratings in NCUA regulations. Comments must be received on or before May 2, 2011…The proposed rule generally… Continue Reading
Federal Reserve seeks comment on proposed rules on risk-based pricing notices and adverse action notices
News release: “The Federal Reserve Board and the Federal Trade Commission (FTC) on Tuesday proposed regulations regarding the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The statute requires creditors to disclose credit scores and related information to consumers in risk-based pricing and adverse action notices under the Fair… Continue Reading
