status of dodd-frank rulemakings, studies and recommendations · 2011. 4. 27. · frb interim final...

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Updated as of April 25, 2011

Status of Dodd-Frank Rulemakings, Studies and Recommendations This document provides the status of the rulemakings and principal studies and recommendations the

Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) requires or authorizes to be

made by each primary federal agency or other body, organized based on the relevant agency or body.

Certain terms and acronyms used in this document are defined in the glossary of terms appended hereto.

For a summary of Dodd-Frank, please see our memorandum, entitled “United States Adopts Historic

Revision of Financial Services Regulation” (the “S&C Memorandum”).

ADMINISTRATIVE OFFICE OF U.S. COURTS ........................................................................................... 1

BUREAU OF CONSUMER FINANCIAL PROTECTION (“BUREAU”) ....................................................... 1

COMMODITY FUTURES TRADING COMMISSION (“CFTC”) ................................................................... 6

COUNCIL OF INSPECTORS GENERAL ON FINANCIAL OVERSIGHT ................................................. 18

FEDERAL DEPOSIT INSURANCE CORPORATION (“FDIC”) ................................................................ 18

FEDERAL ENERGY REGULATORY COMMISSION (“FERC”) ............................................................... 28

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL ......................................................... 29

FEDERAL HOUSING FINANCE AGENCY (“FHFA”) ............................................................................... 29

FEDERAL INSURANCE OFFICE (“FIO”) ................................................................................................. 31

http://www.sullcrom.com/files/upload/S&C-Client-Memo-to-Revise.pdf

http://www.sullcrom.com/files/upload/S&C-Client-Memo-to-Revise.pdf

A-ii

FEDERAL RESERVE BOARD (“FRB”) .................................................................................................... 33

FEDERAL TRADE COMMISSION (“FTC”) ............................................................................................... 47

FINANCIAL STABILITY OVERSIGHT COUNCIL (“COUNCIL”) .............................................................. 48

GOVERNMENT ACCOUNTABILITY OFFICE/COMPTROLLER GENERAL (“GAO”) ............................ 51

MUNICIPAL SECURITIES RULEMAKING BOARD (“MSRB”) ................................................................ 56

NATIONAL CREDIT UNION ADMINISTRATION (“NCUA”) ..................................................................... 58

OFFICE OF THE COMPTROLLER OF THE CURRENCY (“OCC”) ......................................................... 60

OFFICE OF FINANCIAL RESEARCH (“OFR”) ......................................................................................... 64

OFFICE OF THRIFT SUPERVISION (“OTS”) ........................................................................................... 65

PRIMARY FINANCIAL REGULATORY AGENCY (“PFRA”) ................................................................... 66

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (“PCAOB”) ................................................. 68

SECURITIES AND EXCHANGE COMMISSION (“SEC”) ......................................................................... 68

SECURITIES INVESTOR PROTECTION CORPORATION (“SIPC”) ....................................................... 90

U.S. DEPARTMENT OF AGRICULTURE—RURAL HOUSING SERVICE (“RHS”) ................................ 90

U.S. DEPARTMENT OF COMMERCE (“COMMERCE DEPARTMENT”) ................................................ 90

U.S. DEPARTMENT OF EDUCATION (“DOE”) ........................................................................................ 91

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (“HUD”) ......................................... 91

U.S. DEPARTMENT OF JUSTICE (“DOJ”) .............................................................................................. 93

U.S. DEPARTMENT OF STATE (“STATE DEPARTMENT”) ................................................................... 93

U.S. DEPARTMENT OF THE TREASURY (“TREASURY”) ..................................................................... 94

U.S. DEPARTMENT OF VETERANS AFFAIRS (“VA”) ............................................................................ 97

U.S. DISTRICT COURT FOR THE DISTRICT OF COLUMBIA (“DISTRICT COURT”) ........................... 97

U.S. SENTENCING COMMISSION ............................................................................................................ 97

1

ADMINISTRATIVE OFFICE OF U.S. COURTS

Dodd-Frank Section

Description of Rulemaking, Study or Recommendation Deadline

Status of Rulemaking

202(e) Administrative Office of U.S. Courts and GAO must conduct separate studies regarding bankruptcy and orderly liquidation process for financial companies under the Bankruptcy Code

July 21, 2011, annually until July 21, 2013, and every fifth year thereafter

216 FRB, in consultation with Administrative Office of U.S. Courts, must study whether bankruptcy process could be made more effective for resolving systemic financial companies

July 21, 2011 FRB request for information relating to studies regarding the resolution of financial companies under the bankruptcy code , Docket No. OP-1418 (Apr. 21, 2011).

217 FRB, in consultation with Administrative Office of U.S. Courts, must study international coordination relating to the resolution of systemic financial companies under the Bankruptcy Code and applicable non-U.S. law

July 21, 2011 FRB request for information relating to studies regarding the resolution of financial companies under the bankruptcy code, Docket No. OP-1418 (Apr. 21, 2011).

BUREAU OF CONSUMER FINANCIAL PROTECTION (“BUREAU”)

Dodd-Frank Section



989A Bureau’s Office of Financial Literacy shall establish a grant program for states related to protection of senior investors

N/A

1012(a) Bureau authorized to establish rules for conducting its general business

N/A

1022 Bureau authorized to implement, administer and enforce federal consumer financial law

N/A

1022(c)(4) Bureau may establish rules requiring reports from nondepository covered persons

N/A

1022(c)(5) Bureau may establish rules requiring reports from a nondepository person for purposes of determining whether that person should be a covered person

N/A

1022(c)(7) Bureau may establish rules regarding registration of nondepository covered persons

N/A

http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20110421a1.pdf




2

Dodd-Frank Section



1022(c)(6) Bureau must establish rules regarding confidential treatment of information it obtains

N/A

1024(a)(2) Bureau must establish rules defining nondepository “covered person” in consultation with FTC

1 year after Designated Transfer Date

1024(b)(7) Bureau must establish rules to facilitate supervision of nondepository covered persons, including registration

N/A

1024(b)(7) Bureau authorized to establish rules for such entities relating to recordkeeping and to ensure they are “legitimate entities … able to perform their obligations to consumers”

N/A

1028(b) Bureau authorized to establish rules governing use of mandatory pre-dispute arbitration clauses in consumer financial product agreements

N/A

1031(b) Bureau authorized to establish rules applicable to covered persons and service providers that prohibit unfair, deceptive or abusive acts and practices

N/A

1032(a)-(b) Bureau authorized to establish rules governing disclosures for consumer financial products and services, including model forms

N/A

1032(f), 1096, 1099

Bureau must propose, for public comment, rules and model disclosures combining TILA and RESPA disclosures into a single disclosure


1033 Bureau must establish rules governing a consumer’s right to obtain information from covered persons about the consumer’s transactions with that person

N/A

1034 Bureau must establish, in consultation with other federal agencies, procedures for responding to consumer complaints

N/A

1041(c) Bureau must issue notice of proposed rulemaking whenever a majority of states have passed resolutions in favor of the establishment or modification of a Bureau regulation

N/A

3

Dodd-Frank Section



1042(c) Bureau must establish rules regarding consultation with state attorneys general who bring civil actions to enforce Dodd-Frank Title X or regulations thereunder

N/A

1071 Bureau must establish rules regarding collection of data on loan applications by women- or minority-owned small businesses

Designated Transfer Date

1073 Bureau to establish rules requiring certain disclosures relating to remittance transfers and establishing standards for remittance providers regarding resolution of errors in remittance transfers

January 21, 2012

1076 Bureau must conduct study on reverse mortgages and is authorized to establish rules placing conditions or limitations on reverse mortgages if the study finds that they are necessary or appropriate

Study to be completed 1 year after Designated Transfer Date

1077 Bureau, DOE, FTC and DOJ to jointly report to Congress on private education loans and private educational lenders

July 21, 2012

1078 Bureau report to Congress on study of variations between credit scores sold to creditors and those sold to consumers by consumer reporting agencies

July 21, 2011

1079(b) Bureau report to Congress on exchange facilitators and consumer protection


1079(c) Bureau to issue rules or establish a program to protect consumers who use exchange facilitators

2 years after submission of report required by 1079(b)

1083 Bureau must review existing OCC and NCUA rules under the Alternative Mortgage Transaction Parity Act of 1982 and promulgate additional rules under that Act

After the Designated Transfer Date

1085 Bureau to prescribe Equal Credit Opportunity Act regulations for motor vehicle dealers

N/A

4

Dodd-Frank Section



1094 Bureau to recommend to Congress any additional legislation as it deems appropriate to carry out the purposes of the Home Mortgage Disclosure Act

N/A

1088 Regulations implementing amendments to the Fair Credit Reporting Act

N/A CFTC NPR on business affiliate marketing and disposal of consumer information rules, 75 Fed. Reg. 66,018 (Oct. 27, 2010) (to be codified at 17 C.F.R. pt. 162).

1100 Bureau must develop a system for registering employees of depository institutions, their subsidiaries and institutions regulated by the Farm Credit Administration as loan originators with the National Mortgage Licensing System and Registry

July 21, 2011

1100 Bureau authorized to establish rules establishing minimum net worth or surety bond requirements for residential mortgage loan originators and minimum requirements for recovery funds paid into by loan originators

N/A

1414(c) Bureau must establish rules implementing limits on mortgage prepayment penalties in consultation with HUD, FHFA and the Department of Agriculture

N/A

1463 Bureau must issue regulations regarding the fees charged by mortgage service providers for responding to valid written requests

18 months after Designated Transfer Date

1463 Bureau authorized to issue regulations appropriate for carrying out the consumer protection purposes of RESPA

N/A

1471 FRB, OCC, FDIC, NCUA, FHFA and Bureau must jointly prescribe regulations implementing Section 1471, which governs property appraisal requirements


1472 OCC, FDIC, NCUA, FHFA and Bureau authorized jointly to issue rules with respect to acts or practices that violate appraisal independence in the provision of consumer mortgage lending or brokerage services

N/A

1472(a) OCC, FDIC, NCUA, FHFA and Bureau authorized to jointly issue regulations (1) addressing issue of appraisal report portability and (2) ensuring portability of appraisal reports between lenders or mortgage brokerage services

N/A

http://edocket.access.gpo.gov/2010/pdf/2010-26893.pdf


5

Dodd-Frank Section



1472(a) OCC, FDIC, NCUA, FHFA and Bureau must jointly issue rules with respect to acts or practices that violate appraisal independence in the provision of mortgage lending services for a consumer credit transaction secured by the principal dwelling of a consumer and mortgage brokerage services for such transactions

Interim final regulations by October 19, 2010

Correction to FRB interim final rule implementing Section 129E of the TILA, 75 Fed. Reg. 80,675 (Dec. 23, 2010) (to be codified at 12 C.F.R. pt. 226).

FRB interim final rule and request for public comment implementing Section 129E of the TILA, 75 Fed. Reg. 66,554 (Oct. 28, 2010) (to be codified at 12 C.F.R. pt. 226).

FRB announces interim final rule on real estate appraisal (Oct. 18, 2010).

1473(f)(2) FRB, OCC, FDIC, NCUA, FHFA and Bureau must jointly establish rule requiring that appraisal management companies not regulated by federal financial institution regulatory agencies verify that only licensed or certified appraisers are used for federally related transactions, that appraisals comply with Uniform Standards of Professional Appraisal Practice, and that appraisals be conducted independently and free from inappropriate influence


1473(f)(2) FRB, OCC, FDIC, NCUA, FHFA and Bureau must jointly establish rule setting minimum requirements to be applied by States in registration of appraisal management companies not regulated by a federal financial institution regulatory agency


1473(f)(2) FRB, OCC, FDIC, NCUA, FHFA and Bureau must jointly promulgate regulations for the reporting of the activities of the appraisal management companies to the Appraisal Subcommittee of Federal Financial Institutions Examination Council in determining the payment of the annual registry fee


1473(q) FRB, OCC, FDIC, NCUA, FHFA and Bureau in consultation with Appraisal Subcommittee of the Federal Financial Institutions Examination Council must promulgate rules to implement the quality control standards for Automated Valuation models established under Section 1125 of the Financial Institutions, Reform, Recovery, and Enforcement Act of 1989






http://www.federalreserve.gov/newsevents/press/bcreg/20101018a.htm

6

COMMODITY FUTURES TRADING COMMISSION (“CFTC”)

Dodd-Frank Section



406 SEC and CFTC must jointly promulgate rules to establish the form and content of reports required to be filed with them by investment advisers that are registered under both the Advisers Act and the Commodity Exchange Act

July 21, 2011 SEC-CFTC joint proposed rule on reporting by investment advisers to private funds and certain commodity pool operators and commodity trading advisors, 76 Fed. Reg. 8,068 (Feb. 11, 2011) (to be codified at 17 C.F.R. pts. 4, 275, 279).

CFTC NPR on commodity pool operators and commodity trading advisors: amendments to compliance obligations, 76 Fed. Reg. 7,976 (Feb. 11, 2011) (to be codified at 17 C.F.R. pts. 4, 145, 147).

CFTC NPR amending data collection obligations for commodity pool operators and commodity trading advisors, RIN 3038-AD30 (Jan. 26, 2010) (to be codified at 17 C.F.R. pts. 4, 145).

619(b) FRB, FDIC, OCC, SEC and CFTC must issue rules implementing the Volcker Rule and must consult and coordinate to ensure comparable regulations to the extent possible

9 months after completion of Council study of Volcker Rule

Council adopts notice and request for comment regarding Volcker Rule study and recommendations (Oct. 1, 2010).

Council notice and request for information regarding implementation of the prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds, 75 Fed. Reg. 61,758 (Oct. 6, 2010).

Title VII Request for Public Comment on Areas of Rulemaking Under Title VII of the Dodd-Frank Act

Comments must be submitted prior to publication of rulemaking in the Federal Register. Thereafter, comments will be accepted until close of comment period

CFTC notice of acceptance of public submissions on the Wall Street Reform and Consumer Protection Act and the rulemakings that will be proposed by the CFTC, 75 Fed. Reg. 52,512 (Aug. 26, 2010).

712(a)(8) CFTC and SEC must adopt rules regarding mixed swaps July 16, 2011

http://frwebgate2.access.gpo.gov/cgi-bin/PDFgate.cgi?WAISdocID=ERjDHV/1/2/0&WAISaction=retrieve





http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister012611b.pdf


http://www.treas.gov/press/releases/tg888.htm





http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2010-21269a.pdf



7

Dodd-Frank Section



712(d) CFTC and SEC, in consultation with the FRB, must jointly define the terms “swap,” “security-based swap,” “swap dealer,” “security-based swap dealer,” “major swap participant,” “major-security based swap participant,” “eligible contract participant,” and ”security-based swap agreement”

January 21, 2011 SEC and CFTC joint proposed rule and interpretations with respect to further definition of Title VII terms, 75 Fed. Reg. 80,174 (Dec. 21, 2010) (to be codified at 17 C.F.R. pt., 1, 240).

SEC and CFTC ANPR on definitions under Dodd-Frank Title VII, 75 Fed. Reg. 51,429 (Aug. 20, 2010) (to be codified at 17 C.F.R. pts. 1, 240).

712(d) CFTC and SEC, in consultation with the FRB, must jointly promulgate rules regarding definitions as they see necessary for the public interest and the safety of investors

N/A

712(d) CFTC and SEC, in consultation with the FRB, must jointly promulgate rules regarding the governing of books and records that must be kept and maintained by swap data repositories on security-based swap agreements.

N/A

712(d) CFTC and SEC, in consultation with the FRB, must jointly promulgate rules regarding the governing of books and records for swap dealers, major swap participants, security-based swap dealers and security-based swap participants regarding security-based swap agreements

N/A

713 CFTC and SEC must adopt rules to facilitate portfolio margining of securities and commodity futures and options

N/A CFTC NPR on protection of collateral of counterparties to uncleared swaps; treatment of securities in a portfolio margining account in a commodity broker bankruptcy, 75 Fed. Reg. 75,432 (Dec. 3, 2010) (to be codified at 17 C.F.R pts. 23 and 190).

719(a) CFTC must report on the effects of position limits on exchanges in the United States

12 months after imposition of position limits

719(a) CFTC must prepare biennial reports on growth or decline of derivatives market as a result of the new regulations

N/A

719(b) CFTC and SEC must study the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithimic descriptions of complex and standardized derivatives.

March 21, 2011 CFTC and SEC issue study on feasibility of mandating algorithmic descriptions for derivatives (Apr. 7, 2011).

CFTC and SEC issue request for comments on a study mandated by Dodd-Frank, Section 719(b) (Dec. 3, 2010).



http://sec.gov/rules/concept/2010/34-62717fr.pdf




http://www.sec.gov/news/studies/2011/719b-study.pdf


http://sec.gov/rules/other/2010/34-63423.pdf


8

Dodd-Frank Section



719(c) CFTC and SEC must jointly report on international swap regulation

January 21, 2012

719(d) CFTC and SEC must study whether stable value contracts fall within the definition of swap. If so, CFTC and SEC must determine if they should be exempted from definition of swap and to issue regulations resulting from the determination

October 21, 2011

720(a) CFTC and FERC must enter into an MOU to resolve overlapping jurisdictions

January 17, 2011

720(b) CFTC and FERC must enter into an MOU to share information when either is conducting an investigation into potential manipulation, fraud or market power abuse of a market participant subject to either Commissions’ regulation or jurisdiction

January 17, 2011

721 CFTC may define or modify terms to the Commodity Exchange Act amended under this subtitle of Dodd-Frank regarding regulation of OTC swap markets.

CFTC proposed rule on amendments to commodity pool operator and commodity trading advisor regulations, 76 Fed. Reg. 11,701 (Mar. 3, 2011) (to be codified at 17 C.F.R. pt. 4).

723(a) CFTC must review, with at least a 30-day public comment period, any swap or group of swaps that is required to be cleared

N/A CFTC interim final rule and request for comment on reporting certain post-enactment swap transactions, 75 Fed. Reg. 78,892 (Dec. 17, 2010) (to be codified at 17 C.F.R. pt. 44).

723(a) CFTC must establish rules for reviewing a derivatives clearing organization’s clearing of a swap or a group, category, type or class of swaps that the CFTC has accepted for clearing

July 21, 2011 CFTC NPR establishing core principles and other requirements for SEFs, 76 Fed. Reg. 1,214 (Jan. 7, 2011) (to be codified 17 C.F.R. pt. 37).

CFTC proposed rule providing an end-user exemption to mandatory clearing of swaps, 75 Fed. Reg. 80,747 (Dec. 23, 2010) (to be codified at 17 C.F.R. pt. 39).

CFTC NPR on the process for review of swaps for mandatory clearing, 75 Fed. Reg. 67,277 (Nov. 2, 2010) (to be codified at 17 C.F.R. pts. 39 and 140).

http://www.gpo.gov/fdsys/pkg/FR-2011-03-03/pdf/2011-4657.pdf


http://origin.www.gpo.gov/fdsys/pkg/FR-2010-12-17/pdf/2010-31579.pdf








9

Dodd-Frank Section



723(c) CFTC may issue any rule, regulation, or order to allow swaps in an agricultural commodity

N/A CFTC NPR on commodity options and agricultural swaps, 76 Fed. Reg. 6,095 (Feb. 3, 2011) (to be codified at 17 C.F.R. pts. 3, 32, 33, 35).

CFTC NPR regarding definition of “agricultural commodity,” 75 Fed. Reg. 65, 586 (Oct. 26, 2010) (to be codified at 17 C.F.R. pt. 1).

CFTC NPR on financial resource requirements for derivatives clearing organizations, 75 Fed. Reg. 63,113 (Oct. 14, 2010) (to be codified at 17 C.F.R. pts. 39 and 140).

CFTC ANPR on prohibitions related to agricultural swaps, 75 Fed. Reg. 59,666 (Sept. 28, 2010) (to be codified at 17 C.F.R. pt. 35).

CFTC seeks comment regarding agricultural swaps (Sept. 28, 2010).

724 CFTC may issue rules or regulations prohibiting futures commission merchants from commingling their funds with property of swaps customers

N/A CFTC NPR on protection of collateral of counterparties to uncleared swaps; treatment of securities in a portfolio margining account in a commodity broker bankruptcy, 75 Fed. Reg. 75,432 (Dec. 3, 2010) (to be codified at 17 C.F.R pts. 23 and 190).

CFTC ANPR on protection of cleared swaps customers before and after commodity broker bankruptcies, 75 Fed. Reg. 75,162 (Dec. 2, 2010) (to be codified at 17 C.F.R. pt. 190).






http://www.cftc.gov/PressRoom/PressReleases/pr5906-10.html






10

Dodd-Frank Section



725(c) CFTC shall establish core principles and requirements for derivatives clearing organizations.

N/A CFTC reopens comment period for NPR on risk management requirements for derivatives clearing organizations, 76 Fed. Reg. 16,587 (Mar. 24, 2011) (to be codified at 17 C.F.R. pt. 39).

CFTC extends comment period for NPR on core principles and other requirements for designated contract markets, 76 Fed. Reg. 14,825 (Mar. 18, 2011) (to be codified at 17 C.F.R. pts. 1, 16, 38).

CFTC NPR on risk management requirements for derivatives clearing organizations, 76 Fed. Reg. 3,698 (Jan. 20, 2011) (to be codified at 17 C.F.R. pt. 39).

CFTC NPR on governance requirements for derivatives clearing organizations, designated contract markets, and SEFs; additional requirements regarding the mitigation of conflicts of interest, 76 Fed. Reg. 722 (Jan. 6, 2011) (to be codified at 17 C.F.R. pts. 1, 37, 38, 39, 40).

CFTC NPR on core principles and other requirements for designated contract markets, 75 Fed. Reg. 80,572 (Dec. 22, 2010) (to be codified at 17 C.F.R. pts. 1, 16, 38).

CFTC NPR on general regulations and derivatives clearing organizations, 75 Fed. Reg. 77,576 (Dec. 13, 2010) (to be codified at 17 C.F.R. pts. 1, 39).

725(d) CFTC must establish rules mitigating conflicts of interest between swap dealers and MSPs and derivatives clearing organizations, exchanges or SEFs that clear or execute swaps in which the swap dealer or MSP has a material investment

N/A CFTC NPR on governance requirements for derivatives clearing organizations, designated contract markets, and SEFs; additional requirements regarding the mitigation of conflicts of interest, 76 Fed. Reg. 722 (Jan. 6, 2011) (to be codified at 17 C.F.R. pts. 1, 37, 38, 39, 40).

CFTC NPR on requirements for derivatives clearing organizations, designated contract markets, and SEFs regarding the mitigation of conflicts of interest, 75 Fed. Reg. 63,732 (Oct. 18, 2010) (to be codified at 17 C.F.R. pts. 1, 37, 38, 39, 40).




















11

Dodd-Frank Section



726 CFTC must issue rules to establish limits on the control of any derivatives clearing organization, SEF or exchange by a BHC (or its affiliate), nonbank financial company (or its affiliate), swap dealer or MSP

January 21, 2011 CFTC NPR on governance requirements for derivatives clearing organizations, designated contract markets, and SEFs; additional requirements regarding the mitigation of conflicts of interest, 76 Fed. Reg. 722 (Jan. 6, 2011) (to be codified at 17 C.F.R. pts. 1, 37, 38, 39, 40).

CFTC NPR on requirements for derivatives clearing organizations, designated contract markets, and SEFs regarding the mitigation of conflicts of interest, 75 Fed. Reg. 63,732 (Oct. 18, 2010) (to be codified at 17 C.F.R. pts. 1, 37, 38, 39, 40).

727 CFTC must establish rules to provide for the public reporting of swap transactions and price data

N/A CFTC NPR on real-time public reporting of swap transaction data, 75 Fed. Reg. 76,140 (Dec. 7, 2010) (to be codified at 17 C.F.R. pt. 43).

727 CFTC must publicly issue semiannual and annual reports on trading and clearing of swaps and the market participants and developments in new swaps

N/A

728 CFTC must establish rules to govern swap repositories, including data collection and maintenance standards that are comparable to those for derivatives clearing organizations

N/A CFTC NPR on swap recordkeeping and reporting requirement for pre-enactment and transition swaps, 76 Fed. Reg. 22,833 (Apr. 25, 2011) (to be codified at 17 C.F.R. pt. 46).

CFTC NPR on swap data repositories, 75 Fed. Reg. 80,898 (Dec. 23, 2010) (to be codified at 17 C.F.R. pt. 49).

CFTC proposed rule on swap data recordkeeping and reporting requirements, 75 Fed. Reg. 76,574 (Dec. 8, 2010) (to be codified at 17 C.F.R. p. 45).

729 CFTC must adopt an interim final rule to establish reporting requirements for swaps that were entered into before July 21, 2010

October 19, 2010 CFTC interim final rule on reporting pre-enactment swap transactions, 75 Fed. Reg. 63,080 (Oct. 14, 2010) (to be codified at 17 C.F.R. pt. 44).

731 CFTC must establish rules for the registration of swap dealers and MSPs

July 21, 2011 CFTC proposed rule on conforming amendments regarding the registration of intermediaries, 76 Fed. Reg.12,888 (Mar. 9, 2011) (to be codified at 17 C.F.R. pt. 3).

CFTC proposed rules on registration of swap dealers and MSPs, 75 Fed. Reg. 71,379 (Nov. 23, 2010) (to be codified at 17 C.F.R. pts. 3, 23 and 170).


















12

Dodd-Frank Section



731 CFTC must impose capital and margin requirements on swap dealers and MSPs

N/A

731 CFTC must establish rules governing reporting and recordkeeping requirements, and daily trading records for swap dealers and MSPs

N/A CFTC NPR on requirements for processing, clearing, and transfer of customer positions, 75 Fed. Reg. 13,101 (Mar. 10, 2011) (to be codified at 17 C.F.R. pts. 23, 37, 38, 39).

CFTC NPR on requirements for processing, clearing, and transfer of customer positions, RIN 3038-AC98 (Feb. 24, 2011) (to be codified at 17 C.F.R. pts. 23, 37, 38, 39).

CFTC NPR on reporting, recordkeeping, and daily trading records requirements for swap dealers and MSPs, 75 Fed. Reg. 76,666 (Dec. 9, 2010) (to be codified at 17 C.F.R. p. 23).

CFTC proposed rule on designation of a Chief Compliance Officer; required compliance policies; and annual report of a futures commission merchant, swap dealer, or MSP, 75 Fed. Reg. 70,881 (Nov. 19, 2010) (to be codified at 17 C.F.R. pt. 3).

731 CFTC must establish rules establishing business conduct standards for swap dealers and MSPs

N/A CFTC proposed rules on business conduct standards for swap dealers and MSPs with counterparties, 75 Fed. Reg. 80,638 (Dec. 22, 2010) (to be codified 17 C.F.R. pts. 23, 155).

CFTC NPR on regulations establishing and governing the duties of swap dealers and MSPs, 75 Fed. Reg. 71,397 (Nov. 23, 2010) (to be codified at 17 C.F.R. pt. 23).

CFTC NPR on implementation of conflicts of interest policies and procedures by swap dealers and MSPs, 75 Fed. Reg. 71,391 (Nov. 23, 2010) (to be codified at 17 C.F.R. pt. 23).
















13

Dodd-Frank Section



731 CFTC must establish rules governing documentation and back office standards for swap dealers and MSPs

N/A CFTC NPR on orderly liquidation termination provision in swap trading relationship documentation for swap dealers and MSPs, 76 Fed. Reg. 6,708 (Feb. 8, 2011) (to be codified at 17 C.F.R. pt. 23).

CFTC NPR on swap trading relationship documentation requirements for swap dealers and MSPs, 76 Fed Reg. 6,715 (Feb. 8, 2011) (to be codified at 17 C.F.R. pt. 23).

CFTC NPR on confirmation, portfolio reconciliation, and portfolio compression requirements for swap dealers and MSPs, 75 Fed. Reg. 81,519 (Dec. 28, 2010) (to be codified at 17 C.F.R. pt. 23).

CFTC proposed rule on designation of a Chief Compliance Officer; required compliance policies; and annual report of a futures commission merchant, swap dealer, or MSP, 75 Fed. Reg. 70,881 (Nov. 19, 2010) (to be codified at 17 C.F.R. pt. 3).

731(e) FRB, FDIC and OCC, in consultation with CFTC and SEC, must impose capital and margin requirements on swap dealers and MSPs that are depository institutions

January 21, 2011 OCC/FRB/FDIC/FCA/FHFA NPR on margin and capital requirements for covered swap entities, (Apr. 12, 2011) (to be codified at 12 C.F.R. pts 45, 237, 324, 624, 1221).

732 CFTC must require futures commission merchants and introducing brokers to implement conflict of interest systems and procedures.

N/A CFTC proposed rule on designation of a Chief Compliance Officer; required compliance policies; and annual report of a futures commission merchant, swap dealer, or MSP, 75 Fed. Reg. 70,881 (Nov. 19, 2010) (to be codified at 17 C.F.R. pt. 3).

CFTC NPR on implementation of conflicts of interest policies and procedures by future commission merchants and introducing brokers, 75 Fed. Reg. 70,152 (Nov. 17, 2010) (to be codified at 17 C.F.R. pt. 1).

733 CFTC must establish rules on the regulation of SEFs January 21, 2011 CFTC NPR on governance requirements for derivatives clearing organizations, designated contract markets, and SEFs; additional requirements regarding the mitigation of conflicts of interest, 76 Fed. Reg. 722 (Jan. 6, 2011) (to be codified at 17 C.F.R. pts. 1, 37, 38, 39, 40).

CFTC NPR establishing core principles and other requirements for SEFs, 76 Fed. Reg. 1,214 (Jan. 7, 2011) (to be codified 17 C.F.R. pt. 37).

http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister012411.pdf

http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister012411.pdf








http://www.fdic.gov/news/board/Apr11no4.pdf













14

Dodd-Frank Section



734 Prior to the effective date of Section 734, CFTC must consider petitions for a person to continue operating subject to Section 5d of the Commodity Exchange Act

Up to July 21, 2011

735(b) CFTC must establish core principles for contracts markets. N/A CFTC NPR on governance requirements for derivatives clearing organizations, designated contract markets, and SEFs; additional requirements regarding the mitigation of conflicts of interest, 76 Fed. Reg. 722 (Jan. 6, 2011) (to be codified at 17 C.F.R. pts. 1, 37, 38, 39, 40).

737 CFTC must establish spot month, single month and all-months-combined position limits for physical commodities futures and options traded on a designated contract market

January 17, 2011 for exempt commodities

April 17, 2011 for agricultural commodities

CFTC NPR on position limits for derivatives, 76 Fed. Reg. 4,752 (Jan. 26, 2011) (to be codified at 17 C.F.R. pts. 1, 150, 151).

737 CFTC must establish aggregate position limits for swaps that perform a significant price discovery function, and with respect to physical commodities futures and options traded on a designated contract market

January 17, 2011 for exempt commodities

April 17, 2011 for agricultural commodities

737 CFTC must establish position limits, including aggregate position limits, that may be held by any person with respect to swaps that are economically equivalent to contracts for sale for physical commodities, futures, or options traded on a designated contract market

N/A CFTC NPR on position reports for physical commodity swaps, 75 Fed. Reg. 67,258 (Nov. 2, 2010) (to be codified at 17 C.F.R. pts. 15 and 20).

737 CFTC must establish position limits on the aggregate number of positions that may be held by any person for each month across designated contract markets, foreign boards of trade, and swaps that perform a significant price discovery contract

N/A

738 CFTC may adopt rules and regulations requiring registration of foreign boards of trade that provide participants in the U.S. with direct access to electronic trading and order matching systems

July 15, 2011 CFTC NPR on registration of foreign boards of trade, 75 Fed. Reg. 70,974 (Nov. 19, 2010) (to be codified at 17 C.F.R. pt. 48).







15

Dodd-Frank Section



745 CFTC authorized to prohibit the listing of event contracts and to prohibit contracts if they are contrary to the public interest

N/A CFTC NPR on provisions common to registered entities, 75 Fed. Reg. 67,282 (Nov. 2, 2010) (to be codified at 17 C.F.R. pt. 40).

747 CFTC must promulgate rules prohibiting practices that are disruptive of fair and equitable trading

N/A CFTC proposed interpretive order on antidisruptive practices authority, 76 Fed. Reg. 14,943 (Mar. 18, 2011).

CFTC terminates ANPR on antidisruptive practices, 76 Fed. Reg. 14,826 (Mar. 18, 2011) (to be codified at 17 C.F.R. ch. 1).

CFTC proposed interpretive order on antidisruptive practices authority, RIN 3038-AD26 (Feb. 24, 2011).

CFTC ANPR and request for comments on antidisruptive practices authority contained in Dodd-Frank, 75 Fed. Reg. 67,301 (Nov. 2, 2010) (to be codified at 17 C.F.R. ch. 1).

748 CFTC must establish rules implementing commodity whistleblower incentives and protections

April 17, 2011 CFTC NPR on implementing the whisteblower provisions of Section 23 of the Commodity Exchange Act, 75 Fed. Reg. 75,728 (Dec. 6, 2010) (to be codified at 17 C.F.R. pt. 165).

748 Inspector general of the CFTC shall conduct a study on the new whistleblower provisions

January 21, 2013

750 Chairperson of CFTC must chair new interagency group, to prepare study and recommendations for Congress on oversight and development of carbon markets

January 21, 2011 CFTC study on oversight of existing and prospective carbon markets (Jan. 18, 2011).

CFTC requests public input for the study regarding the oversight of existing and prospective carbon markets, 75 Fed. Reg. 72, 816 (Nov. 26, 2010).

751 CFTC must establish an energy and environmental markets advisory committee

N/A

753 CFTC must promulgate rules prohibiting the use of manipulative or deceptive practices in connection with any swap, or contract of sale of a commodity, or future

July 21, 2011 CFTC NPR on prohibition of market manipulation, 75 Fed. Reg. 67,657 (Nov. 3, 2010) (to be codified at 17 C.F.R. pt. 180).

764(a) The prudential regulators, in consultation with CFTC and SEC, must impose capital and margin requirements on security-based swap dealers and major security-based swap participants that are depository institutions

N/A OCC/FRB/FDIC/FCA/FHFA NPR on margin and capital requirements for covered swap entities, (Apr. 12, 2011) (to be codified at 12 C.F.R. pts 45, 237, 324, 624, 1221).





http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister022411d.pdf

http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister022411d.pdf





http://www.cftc.gov/ucm/groups/public/@swaps/documents/file/dfstudy_carbon_011811.pdf

http://www.cftc.gov/ucm/groups/public/@swaps/documents/file/dfstudy_carbon_011811.pdf






16

Dodd-Frank Section



805(a) FRB (or in certain cases the SEC or CFTC) must issue rules, in consultation with the Council, prescribing risk management standards governing the operations related to the payment, clearing and settlement activities of designated FMU and the conduct of designated activities by financial institutions

N/A FRB NPR on risk management standards governing activities of designated FMUs, 76 Fed. Reg. 18,445 (Apr. 4, 2011) (to be codified at 17 C.F.R. pt. 234).

CFTC NPR on risk management requirements for derivatives clearing organizations, 76 Fed. Reg. 3,698 (Jan. 20, 2011) (to be codified at 17 C.F.R. pt. 39).

CFTC NPR on information management requirements for derivatives clearing organizations, 75 Fed. Reg. 78,185 (Dec. 15, 2010) (to be codified at 17 C.F.R. pts. 1, 21, 39).

CFTC ANPR on financial resource requirements for derivatives clearing organizations, 75 Fed. Reg. 63,113 (Oct. 14, 2010) (to be codified at 17 C.F.R. pts. 39 and 140) .

805(b) CFTC and SEC, in consultation with the Council and FRB, may prescribe regulations containing risk management standards for designated clearing entities and the conduct of designated activities within their respective jurisdictions

N/A CFTC NPR on risk management requirements for derivatives clearing organizations, 76 Fed. Reg. 3,698 (Jan. 20, 2011) (to be codified at 17 C.F.R. pt. 39).

806(e) OCC, FDIC, SEC, CFTC, in consultation with the FRB, must establish regulations defining standards for determining when designated FMUs must provide advance notice of certain changes to their rules, procedures or operations


807(c) The appropriate Supervisory Agency shall have the authority to enforce the provisions of Title VIII for designated financial market utilities

N/A CFTC NPR on risk management requirements for derivatives clearing organizations, 76 Fed. Reg. 3,698 (Jan. 20, 2011) (to be codified at 17 C.F.R. pt. 39).

810 FRB, OCC, FDIC, SEC, CFTC and the Council are authorized to prescribe such rules as necessary to administer and carry out their respective authorities and duties granted under Title VIII and to prevent evasions thereof

N/A















17

Dodd-Frank Section



813 CFTC, SEC and FRB must submit a joint report to the Senate Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry, and the House Committee on Financial Services and the Committee on Agriculture, containing recommendations for improving consistency in the designated clearing entity oversight programs of the SEC and CFTC, promoting robust risk management by clearing entities and oversight by regulators, and improving regulators’ ability to monitor the potential effects of clearing entity risk management on the stability of the financial system

July 21, 2011

939A Each federal agency must review any regulation issued by such agency that requires the use of an assessment of creditworthiness of a security or money market instrument

July 21, 2011

939A Each federal agency must substitute an appropriate standard of creditworthiness in place of references to credit ratings

July 21, 2011 (subject to some ambiguity)

CFTC NPR removing any reference to or reliance on credit ratings in CFTC regulations and proposing alternatives to the use of credit ratings, 75 Fed. Reg. 67,254 (Nov. 2, 2010) (to be codified at 17 C.F.R. pts. 1 and 4).

939A Each federal agency must submit a report to Congress describing any modifications made pursuant to Section 939A

N/A

1088 Regulations implementing amendments to the Fair Credit Reporting Act

N/A CFTC NPR on business affiliate marketing and disposal of consumer information rules, 75 Fed. Reg. 66,018 (Oct. 27, 2010) (to be codified at 17 C.F.R. pt. 162).

1093 Amendments to the Gramm-Leach-Bliley Act regarding CFTC rulemaking and consultation

N/A CFTC NPR regarding privacy of consumer financial information; conforming amendments under Dodd-Frank, 75 Fed. Reg. 66,014 (Oct. 27, 2010) (to be codified at 17 C.F.R. pt. 160).








18

COUNCIL OF INSPECTORS GENERAL ON FINANCIAL OVERSIGHT

Dodd-Frank Section



989E Council of Inspectors General on Financial Oversight must provide annual reports to the Council and Congress highlighting concerns and making recommendations with focus on measures to improve oversight of the financial sector

Annually

FEDERAL DEPOSIT INSURANCE CORPORATION (“FDIC”)

Dodd-Frank Section



165(d) FRB and FDIC must establish standards that include a resolution plan and credit exposure report requirements for Covered BHCs and Covered Nonbank Companies

January 21, 2012 FRB-FDIC proposed rule and request for comment on resolution plans and credit exposure reports required, 76 Fed. Reg. 22,648 (Apr. 22, 2011) (to be codified at 12 C.F.R. pts. 225 and 381).

166 FRB, in consultation with the Council and FDIC, must promulgate regulations establishing early remediation requirements for Covered Nonbank Companies or Covered BHCs

January 21, 2012

171 FDIC, FRB and OCC must establish minimum leverage and risk-based capital requirements and, subject to the recommendation of the Council, must develop capital requirements to address risks posed by the activities of depository institutions, depository institution holding companies and Covered Nonbank Companies

January 21, 2012 Joint NPR on risk-based capital guidelines re market risk, 76 Fed. Reg. 1,890 (Jan. 11, 2011) (to be codified at 12 C.F.R. pts. 3 208, 225, 325).

Joint NPR on risk-based capital guidelines re advanced capital adequacy framework and establishment of a risk-based capital floor, 75 Fed. Reg. 82,317 (Dec. 30, 2010) (to be codified at 12 C.F.R. pts. 3, 208, 225, 325).

201(b) FDIC, in consultation with Treasury Secretary, must establish by regulation how to apply the revenue test to determine whether a company is a “financial company” for purposes of Title I

N/A

202(d)(5) FDIC may promulgate rules governing the termination of receiverships under Title II

N/A

203(c)(3) FDIC must report to Congress after it is appointed receiver of a covered financial company

60 days after appointment







19

Dodd-Frank Section



203(d) FDIC must establish policies and procedures acceptable to Treasury Secretary governing use of funds available under Title II

As soon as practicable after July 21, 2010

205(h) FDIC and SEC must jointly, after consultation with SIPC, issue rules to implement Section 205, relating to orderly liquidation of broker-dealers

N/A

209 FDIC must establish rules and regulations to implement Title II N/A

FDIC NPR regarding implementing certain OLA provisions of Dodd-Frank, 76 Fed. Reg. 16,324 (Mar. 23, 2011) (to be codified at 12 C.F.R. pt. 380).

FDIC interim final rule implementing certain OLA provisions of Dodd-Frank, 76 Fed. Reg. 4,207 (Jan. 25, 2011) (to be codified at 12 C.F.R. pt. 380).

FDIC NPR on implementing certain OLA provisions of Dodd-Frank, 75 Fed. Reg. 64,173 (Oct. 19, 2010) (to be codified at 12 C.F.R. pt. 380). Notice of FDIC Board meeting to discuss interim final rule implementing certain OLA provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Sept. 27, 2010).

Chairman's remarks for Dodd-Frank Act notice of proposed rulemaking (Sept. 27, 2010).

210(a)(6)(D) FDIC authorized to prescribe rules as necessary to establish an interest rate for, or to make payments of, post-insolvency interest to creditors holding proven claims against receivership estate of a covered financial company

N/A

210(a)(16)(D) FDIC must prescribe rules and establish retention schedules as are necessary to maintain the documents and records of the FDIC generated in exercising its authority under Title II

N/A

210(c)(8)(G) PFRA must jointly prescribe recordkeeping regulations requiring financial companies to maintain records with respect to qualified financial contracts. Treasury Secretary and FDIC have back-up rulemaking authority if the deadline is not met

July 21, 2012







http://fdic.gov/news/board/Notice10Sept27.html



http://www.fdic.gov/news/news/press/2010/statement_chairman_bair09272010.html

http://www.fdic.gov/news/news/press/2010/statement_chairman_bair09272010.html

20

Dodd-Frank Section



210(c)(9)(D) FDIC may by regulation include institutions in the definition of “financial institution” for purposes of the requirements relating to transfer of qualified financial contracts

N/A

210(n)(7) Treasury Secretary and FDIC must jointly, in consultation with the Council, establish regulations governing maximum obligation limitation

N/A

210(o)(6)(A) FDIC must establish regulations to establish and carry out assessment system and consult with Treasury Secretary on the development and finalization of such regulations

N/A

210(s) FDIC must promulgate regulations to recover compensation for prior 2 years (or in case of fraud, an unlimited prior period) from senior executives and directors substantially responsible for failure of covered financial company

N/A

211(d) FDIC inspector general must report on actions taken by FDIC as receiver of a covered financial company

6 months after appointment and every 6 months thereafter

213(d) FDIC and FRB, in consultation with the Council, must jointly establish rules to issue and carry out orders of prohibition against senior executives and directors of covered financial companies for violations of law or regulatory agency agreements, unsafe or unsound practices or breaches of fiduciary duty

N/A

316 FRB, FDIC and OCC must each publish list of regulations transferred to it from OTS that the agency will enforce

Transfer Date

327 FRB, OCC, OTS and FDIC must submit joint plan for transfer of OTS responsibilities

January 21, 2011 FRB/FDIC/OCC/OTS Joint Implementation Plan (Jan. 2011).

327 Inspectors general of Treasury, FDIC and FRB must report on agency plans to transfer OTS responsibilities

6 months after submission of plans and every 6 months thereafter

http://www.occ.gov/publications/publications-by-type/other-publications/pub-other-joint-implementation-plan.pdf

21

Dodd-Frank Section



331 FDIC must amend assessment base for federal deposit insurance to use average total assets less tangible equity

N/A FDIC NPR and request for comment on assessments, assessment base and rates, 75 Fed. Reg. 72,582 (Nov. 24, 2010) (to be codified at 12 C.F.R. pt. 327).

Proposal to adopt amended NPR on assessments, RIN 3064-AD66 (Nov. 9, 2010) (to be codified at 12 C.F.R. pt. 327).

Memorandum on proposal to adopt amended NPR on assessments (Nov. 9, 2010).

FDIC NPR on risk-based assessment system for large insured depository institutions, RIN 3064-AD66 (Nov. 9, 2010) (to be codified at 12 C.F.R. p. 327).

Memorandum on NPR re risk-based assessment for large insured depository institutions (Nov. 9, 2010).

FDIC Board proposes implementation of Dodd-Frank assessment changes and a revised assessment system for large institutions (Nov. 9, 2010).

NPR on assessment dividends, assessment rates, and designated reserve ratio, 75 Fed. Reg. 66,272 (Oct. 27, 2010) (to be codified at 12 C.F.R. pt. 327).

Adoption of FDIC Restoration Plan, 75 Fed. Reg. 66,293 (Oct. 27, 2010).

FDIC proposes comprehensive, long-range fund management plan (Oct. 19, 2010).

FDIC staff memo on restoration plan and NPR (Oct. 19, 2010).



http://www.fdic.gov/news/board/Nov9no6.pdf







http://www.fdic.gov/news/news/press/2010/pr10247.html







http://www.fdic.gov/news/news/press/2010/pr10229c.pdf

22

Dodd-Frank Section



332 FDIC must adopt rules after notice and opportunity for comment governing the method to declare, calculate and distribute dividends from the Insurance Fund

N/A FDIC final rule on assessments, large bank pricing, 76 Fed. Reg. 10,672 (Feb. 25, 2011) (to be codified at 12 C.F.R. pt. 327).

FDIC final rule setting the Designated Reserve Ratio, 75 Fed. Reg. 79,286 (Dec. 20, 2010) (to be codified at 12 C.F.R. pt. 327).

Correction to FDIC NPR and request for comment on assessments, large bank pricing, 75 Fed. Reg. 73,983 (Nov. 30, 2010) (to be codified at 12 C.F.R. pt. 327).

FDIC NPR and request for comment on assessments, large bank pricing, 75 Fed. Reg. 72,612 (Nov. 24, 2010) (to be codified at 12 C.F.R. pt. 327).

Proposal to adopt amended NPR on assessments, RIN 3064-AD66 (Nov. 9, 2010) (to be codified at 12 C.F.R. pt. 327).


NPR on risk-based assessment system for large insured depository institutions, RIN 3064-AD66 (Nov. 9, 2010) (to be codified at 12 C.F.R. p. 327).




























23

Dodd-Frank Section



334(a) Increase in the floor for the Deposit Insurance Fund from 1.15% to 1.35% and requirement that it be met by September 30, 2020, with offset for depository institutions with assets of less than $10 billion; and elimination of the ceiling on the Fund

July 22, 2010 Proposal to adopt amended NPR on assessments, RIN 3064-AD66 (Nov. 9, 2010) (to be codified at 12 C.F.R. pt. 327).


NPR on risk-based assessment system for large insured depository institutions, RIN 3064-AD66 (Nov. 9, 2010) (to be codified at 12 C.F.R. p. 327).






















24

Dodd-Frank Section



343 Unlimited federal deposit insurance on funds in demand accounts

FDIC NPR on repeal of prohibition against payment of interest on demand deposits, 76 Fed. Reg. 21,265 (Apr. 15, 2011) (to be codified at 12 C.F.R. pts. 329 and 330). Final rule for unlimited coverage of noninterest-bearing transaction accounts, 75 Fed. Reg. 69,577 (Nov. 15, 2010) (to be codified at 12 C.F.R. pt. 330). Memorandum regarding final rule for unlimited coverage of noninterest-bearing transaction accounts (Nov. 9, 2010). FDIC Board approves temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts (Nov. 9, 2010). Memorandum regarding notice of proposed rulemaking on deposit insurance of noninterest-bearing transaction accounts (Sept. 27, 2010). Notice of proposed rulemaking on deposit insurance of noninterest-bearing transaction accounts, 75 Fed. Reg. 60,314 (Sept. 27, 2010) (to be codified at 12 C.F.R. pt. 330).

FDIC Board proposes rules on temporary unlimited deposit insurance coverage for noninterest- bearing transaction accounts (Sept. 27, 2010).

616(c) OCC, FDIC and FRB must seek to make capital requirements countercyclical for depository institutions

N/A

616(d) FRB for BHCs and SLHCs, and OCC and FDIC for other holding companies of insured depository institutions must issue rules implementing source of strength requirements

July 21, 2011









http://fdic.gov/news/board/10Sept27no7.pdf

http://fdic.gov/news/board/10Sept27no7.pdf

http://www.fdic.gov/regulations/laws/federal/2010/10proposeAD37.pdf

http://www.fdic.gov/regulations/laws/federal/2010/10proposeAD37.pdf



25

Dodd-Frank Section







620 OCC, FRB and FDIC must complete study of activities permitted for banking entities, the risks presented by these activities, and risk-mitigation activities

January 21, 2012

627 FRB, FDIC to repeal prohibition against on payment of interest on demand deposits.

July 21, 2011 FRB NPR to repeal prohibition against payment of interest on demand deposits (Reg Q), 76 Fed. Reg. 20,892 (Apr. 14, 2011) (to be codified at 12 C.F.R. pts. 204, 271, and 230).

716 OCC, FRB and FDIC shall make written findings regarding impact of Section 716 on mortgage lending, small business lending, job creation and capital formation and other factors that may be appropriate.

July 21, 2012








N/A














26

Dodd-Frank Section




July 21, 2011



OCC/FRB/FDIC/OTS ANPR on alternatives to the use of credit ratings in the risk-based capital guidelines of the federal banking agencies, 75 Fed. Reg. 52,283 (Aug. 25, 2010) (to be codified at 12 C.F.R. pts. 3. 208, 225, 325, 567).


N/A

941 OCC, FDIC, FRB and SEC must jointly promulgate regulations requiring any securitizer to retain an economic interest in a portion of the credit risk for any asset that the securitizer (through an ABS) transfers, sells or conveys to a third party

April 17, 2011 Final rule on treatment by the FDIC as conservator or receiver of financial assets transferred by an insured depository institution in connection with a securitization or participation after September 30, 2010, 75 Fed. Reg. 60,287 (Sept. 30, 2010) (to be codified at 12 C.F.R. pt. 360).

941 OCC, FDIC, FRB, SEC, HUD and FHFA must jointly promulgate regulations requiring retention of credit risk for residential mortgages

April 17, 2011

941 OCC, FDIC, FRB, SEC, HUD and FHFA must jointly promulgate regulations defining “qualified residential mortgage”

N/A

956 FRB, OCC, FDIC, OTS, NCUA Board, SEC and FHFA must promulgate rules relating to incentive-based compensation at regulated entities

April 21, 2011 OCC/FRB/FDIC/OTS/NCUA/SEC/FHFA proposed rule on incentive-based compensation arrangements, 76 Fed. Reg. 21,170 (Apr. 14, 2011) (to be codified at 12 C.F.R. pts. 42, 236, 372, 563h, 741, 751, and 1232 and 17 C.F.R. pt. 248).

987 Inspectors general of FRB, OCC, NCUA and FDIC must submit semi-annual report to his or her agency and Congress regarding Deposit Insurance Fund losses that are not material

90 days after the relevant 6-month period (first 6-month period ending March 30, 2010)

1105 FDIC, in consultation with the Treasury Secretary, must issue regulations establishing policies and procedures to govern the Emergency Financial Stabilization Authority

As soon as practicable




http://fdic.gov/regulations/laws/federal/2010/10finalAD55.pdf






27

Dodd-Frank Section






N/A




FRB interim final rule and request for public comment implementing Section 129E of the TILA, 75 Fed. Reg. 66,554 (Oct. 28, 2010) (codified at 12 C.F.R. pt. 226).



N/A










28

Dodd-Frank Section







1506 FDIC must conduct a study relating to core deposits and brokered deposits and submit a report to the Congressional Banking Committees with legislative recommendations, if any

July 21, 2011

FEDERAL ENERGY REGULATORY COMMISSION (“FERC”)

Dodd-Frank Section



720(a) CFTC and FERC must enter into an MOU to resolve overlapping jurisdictions

January 17, 2011

720(b) CFTC and FERC must enter into an MOU to share information when either is conducting an investigation into potential manipulation, fraud or market power abuse of a market participant subject to either Commissions’ regulation or jurisdiction

January 17, 2011

29

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

Dodd-Frank Section



1473(b) Appraisal Subcommittee of Federal Financial Institutions Examination Council must transmit annual report to Congress describing the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year and including the results of all audits of State appraiser regulatory agencies, and providing an accounting of disapproved actions and warnings given in the previous year

June 15th of each year

Appraisal Subcommittee notice of statutory provisions affecting State Appraiser Regulatory Programs, 76 Fed. Reg. 16,627 (Mar. 24, 2011).

FFIEC amendments to Appraisal Subcommittee rules of operation, 75 Fed. Reg. 80,813 (Dec. 23, 2010).

FEDERAL HOUSING FINANCE AGENCY (“FHFA”)

Dodd-Frank Section






July 21, 2011



FHFB-FHFA-OFHEO ANPR on alternatives to the use of credit ratings governing Fannie Mae, Freddie Mac, Federal Home Loan Banks, 76 Fed. Reg. 5,292 (Jan. 31, 2011) (to be codified at 12 C.F.R. pts. 932, 955, 956, 966).


N/A


April 17, 2011


N/A










30

Dodd-Frank Section





1305 FHFA must submit a report to Congress regarding its plans to continue to support and maintain the U.S. housing industry while also guaranteeing taxpayers will not suffer unnecessary losses

N/A




N/A






1472(a) OCC, FDIC, NCUA, FHFA and Bureau authorized to jointly issue regulations (1) addressing issue of appraisal report portability, and (2) ensuring portability of appraisal reports between lenders or mortgage brokerage services

N/A








31

Dodd-Frank Section







1473(q) FRB, OCC, FDIC, NCUA, FHFA and Bureau must jointly promulgate regulations for the reporting of the activities of the appraisal management companies to the Appraisal Subcommittee of Federal Financial Institutions Examination Council in determining the payment of the annual registry fee


1473 FRB, OCC, FDIC, NCUA, FHFA and Bureau in consultation with Appraisal Subcommittee of the Federal Financial Institutions Examination Council must promulgate rules to implement the quality control standards for Automated Valuation models established under Section 1125 of the Financial Institutions, Reform, Recovery, and Enforcement Act of 1989


FEDERAL INSURANCE OFFICE (“FIO”)

Dodd-Frank Section



502(a) FIO authorized to identify issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the U.S. financial system

N/A

502(a) FIO authorized to recommend to Council that it designate an insurer as an entity subject to regulation as a nonbank financial company

N/A

32

Dodd-Frank Section



502(a) FIO authorized to develop federal policy on prudential aspects of international insurance matters

N/A

502(a) FIO authorized to determine whether state insurance measures are preempted

N/A

502(a) FIO authorized to analyze and disseminate information and issue reports regarding all lines of insurance except health insurance

N/A

502(a) FIO must, prior to making a determination that a state measure is preempted, cause to be published in the Federal Register notice of the issue

N/A

502(a) FIO must, after making a determination that a state measure is preempted, notify the appropriate state, the House Committees on Financial Services and Ways and Means and the Senate Committees on Banking, Housing, and Urban Affairs and Finance

N/A

502(a) FIO must, after a determination that a state measure is preempted has become effective, cause notice thereof to be published in the Federal Register and notify the appropriate state

N/A

502(a) Beginning September 30, 2011, the director of FIO must submit an annual report to the President and the Congressional Banking Committees regarding the insurance industry

Not later than September 30 of each year

502(a) Beginning September 30, 2011, the director of FIO must submit an annual report to the President, the Senate Committees on Banking, Housing, and Urban Affairs and Finance and the House Committees on Financial Services and Ways and Means on any actions taken by the FIO to preempt state measures

Not later than September 30 of each year

502(a) By September 30, 2012, the director of FIO must submit a report to the Congressional Banking Committees describing the breadth and scope of the global reinsurance market and the critical role such market plays in supporting insurance in the United States

September 30, 2012

33

Dodd-Frank Section



502(a) By January 1, 2013, with an update by January 1, 2015, the director of FIO must submit a report to the Congressional Banking Committees describing the impact of Part II of the Nonadmitted and Reinsurance Reform Act of 2010 on the ability of state regulators to access reinsurance information for regulated companies in their jurisdictions

January 1, 2013, with an update by January 1, 2015

502(a) Director of FIO must conduct a study and submit a report to Congress on how to modernize and improve insurance regulation in the U.S., which must also contain the director’s legislative, administrative or regulatory recommendations to carry out the findings of the report

January 21, 2012


July 21, 2011





N/A

FEDERAL RESERVE BOARD (“FRB”)

Dodd-Frank Section



102(a)(7) FRB must promulgate rule defining “significant nonbank financial company” and “significant bank holding company”

January 21, 2012 FRB NPR on definitions of “predominantly engaged in financial activities” and “significant” nonbank financial company and BHCs, 76 Fed. Reg. 7,731 (Feb. 11, 2011) (to be codified at 12 C.F.R. 225).

102(b) FRB must promulgate regulations establishing criteria for determining whether a company is “predominantly engaged” in financial activities in the U.S.

January 21, 2012 FRB NPR on definitions of “predominantly engaged in financial activities” and “significant” nonbank financial company and BHCs, 76 Fed. Reg. 7,731 (Feb. 11, 2011) (to be codified at 12 C.F.R. 225).








34

Dodd-Frank Section



121 FRB authorized to establish regulations regarding the application of measures to non-U.S. Covered Nonbank Companies and non-U.S. BHCs that the FRB and Council may impose on Covered Nonbank Companies and BHCs with $50 billion in assets that pose a grave threat to the financial stability of the United States

N/A

165(b) FRB must establish standards for Covered Nonbank Companies and Covered BHCs including (1) risk-based capital requirements; (2) leverage limits; (3) liquidity requirements; (4) resolution plan and credit exposure report requirements; (5) concentration limits; and (6) overall risk management requirements

18 months after Transfer Date (but see Sections 165(d) and (e))

165(b) FRB authorized to establish standards for Covered Nonbank Companies and Covered BHCs that may include (1) a contingent capital requirement; (2) enhanced public disclosures; (3) overall risk management requirements; and (4) such other prudential standards as determined by FRB

N/A

165(b) FRB must submit a report to Congress regarding the implementation of the standards required by Section 165, including the use of such standards to mitigate risks to U.S. financial stability

Annually

165(c) FRB authorized to promulgate regulations, subsequent to the Council’s report to Congress under Section 115(c) regarding contingent capital, requiring Covered Nonbank Companies and Covered BHCs to maintain a minimum amount of contingent capital that is convertible to equity in times of financial stress

N/A

165(d) FRB and FDIC must establish standards that include a resolution plan and credit exposure report requirements for covered BHCs and Covered Nonbank Companies

January 21, 2012 FRB-FDIC proposed rule and request for comment on resolution plans and credit exposure reports required, 76 Fed. Reg. 22,648 (Apr. 22, 2011) (to be codified at 12 C.F.R. pts. 225 and 381).

165(e) FRB must establish standards that limit credit exposure for BHCs and Covered Nonbank Companies

Not to take effect until at least July 21, 2013



35

Dodd-Frank Section



165(e) FRB authorized to issue regulations and orders as may be necessary to administer and carry out credit exposure standards for BHCs and Covered Nonbank Companies


165(e) FRB authorized to exempt transactions from definition of “credit exposure” if it finds the exemption is in the public interest and is consistent with the purpose of the credit exposure limits


165(f) FRB authorized to establish periodic public disclosure requirements for Covered Nonbank Companies and Covered BHCs to support market evaluations of risk profile, capital adequacy, and risk-management capabilities

N/A

165(g) FRB authorized to issue regulations prescribing a limit on short-term debt, including off-balance sheet exposures

N/A

165(g) FRB authorized to issue regulations and orders to carry out short-term debt provisions

N/A

165(g) FRB authorized to exempt a company from any short-term debt limit

N/A

165(h) FRB must issue regulations requiring all publicly traded Covered Nonbank Companies (within 1 year of final determination) and all publicly traded BHCs with total consolidated assets of at least $10 billion to establish a risk committee

July 21, 2011, to take effect not later than 15 months after Transfer Date

165(h) FRB authorized to require publicly traded BHCs with total consolidated assets of less than $10 billion to establish a risk committee

N/A

165(j) FRB must promulgate regulations establishing procedures and timelines for complying with leverage limits

January 21, 2012

165(k) FRB authorized to provide exemptions from the requirement to include off-balance sheet activities in computing capital requirement

N/A

36

Dodd-Frank Section




January 21, 2012

167 FRB must promulgate regulations to establish criteria for determining whether to require a Covered Nonbank Company to establish an intermediate holding company

January 21, 2012

167 FRB authorized to promulgate regulations to restrict or limit transactions between an intermediate holding company or a Covered Nonbank Company or any subsidiary thereof and its parent company or affiliates that are not its subsidiaries

N/A

170 FRB must promulgate regulations on behalf of, and in consultation with, the Council, setting forth criteria for exempting certain types or classes of U.S. and non-U.S. nonbank financial companies from FRB supervision

January 21, 2012


January 21, 2012 Joint NPR on risk-based capital guidelines re market risk, 76 Fed. Reg. 1,890 (Jan. 11, 2011) (to be codified at 12 C.F.R. pts. 3, 208, 225, 325).



N/A

216 FRB, in consultation with Administrative Office of U.S. Courts, must study whether bankruptcy process could be made more effective for resolving systemic financial companies








37

Dodd-Frank Section



217 FRB, in consultation with Administrative Office of U.S. Courts, must study international coordination relating to the resolution of systemic financial companies under the Bankruptcy Code and applicable non-U.S. law



Transfer Date





342 FRB must establish the Office of Minority and Women Inclusion January 21, 2011

608 FRB authorized to issue rules implementing various amendments to Sections 23A and 23B of Federal Reserve Act, including coverage of credit exposure on derivatives and securities lending and borrowing transactions

N/A; statutory amendments effective 1 year after Transfer Date

614 FRB authorized to issue rules to implement amendments to insider lending restriction of Section 22(h) of the Federal Reserve Act, covering credit exposure on derivative transactions, repurchase and reverse repurchase agreements, and securities lending and borrowing transactions

N/A; statutory amendments effective 1 year after Transfer Date

615 FRB authorized to issue rules to implement requirement that purchases of assets by a bank from, and sales by a bank to, an insider be on market terms

N/A; statutory requirement effective on Transfer Date

616(a), (b) FRB authorized to issue rules to establish capital requirements for BHCs and SLHCs including authority to make such requirements countercyclical

N/A; statutory requirement effective on Transfer Date

FRB notice of intent to apply supervisory certain guidance to SLHCs, 76 Fed. Reg. 22,662 (Apr. 22, 2011) (to be codified at 12 C.F.R. ch. II).


N/A






38

Dodd-Frank Section



616(d) FRB for BHCs and SLHCs, and OCC and FDIC for other holding companies of insured depository institutions must issue rules implementing strength requirements

July 21, 2011 FRB notice of intent to apply supervisory certain guidance to SLHCs, 76 Fed. Reg. 22,662 (Apr. 22, 2011) (to be codified at 12 C.F.R. ch. II).

618(d) FRB must adopt capital adequacy and risk management standards for supervised securities holding companies

N/A; statutory requirement effective July 21, 2010





619(b) FRB must issue rules establishing additional capital requirements and quantitative limits for nonbank financial companies it supervises under Title I that engage in activities covered by the Volcker Rule


619(c) FRB must adopt rules regarding compliance periods for investments and activities not permitted by the Volcker Rule

January 21, 2011 FRB final rule on the conformance period for entities engaged in prohibited proprietary trading or private equity fund or hedge fund activities, 76 Fed. Reg., 8,265 (Feb. 14, 2011) (to be codified at 12 C.F.R. pt. 225).

FRB proposed rule on the conformance period for entities engaged in prohibited proprietary trading or private equity fund or hedge fund activities, 75 Fed. Reg. 72,741 (Nov. 26, 2010) (to be codified at 12 C.F.R. pt. 225).

620 OCC, FRB and FDIC must complete study of activities permitted for banking entities, the risks presented by these activities, and risk-mitigation activities

January 21, 2012

622(d), (e) FRB must issue rules to implement concentration limit on expansion by large financial firms, including definitions of terms and reflecting Council recommendations

9 months after Council study














39

Dodd-Frank Section



626 FRB must issue rules establishing criteria to require an SLHC to form an intermediate holding company to conduct financial activities

N/A; provision appears to be effective on Transfer Date

627 FRB, FDIC to repeal prohibition against on payment of interest on demand deposits.

July 21, 2011 FRB NPR to repeal prohibition against payment of interest on demand deposits (Reg Q), 76 Fed. Reg. 20,892 (Apr. 14, 2011) (to be codified at 12 C.F.R. pts. 204, 271, and 230).

712(d) CFTC and SEC, in consultation with the FRB, must jointly define the terms “swap,” “security-based swap,” “swap dealer,” “security-based swap dealer,” “major swap participant,” “major-security based swap participant,” “eligible contract participant,” and “security-based swap agreement”


SEC and CFTC ANPR on definitions under Dodd-Frank Title VII, 75 Fed. Reg. 51,429 (Aug. 20, 2010) (to be codified at 17 C.F.R. pts. 1, 240).


N/A


N/A


N/A


July 21, 2012










40

Dodd-Frank Section





805(a) FRB (or in certain cases the SEC or CFTC) must issue rules, in consultation with the Council, prescribing risk management standards governing the operations related to the payment, clearing, and settlement activities of designated FMU and the conduct of designated activities by financial institutions


806(b) FRB may issue regulations governing conditional discount window borrowing by designated FMUs

N/A



809(b) FRB authorized to, upon an affirmative vote by a majority of the Council, prescribe regulations under Section 809 that impose a recordkeeping or reporting requirement on designated clearing entities or financial institutions engaged in designated activities that are subject to standards that have been prescribed under Section 805(a)(2)

N/A


N/A







41

Dodd-Frank Section



813 CFTC, SEC and FRB must submit a joint report to the Senate Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry, and the House Committee on Financial Services and the Committee on Agriculture containing recommendations for improving consistency in the designated clearing entity oversight programs of the SEC and CFTC, promoting robust risk management by clearing entities and oversight by regulators, and improving regulators’ ability to monitor the potential effects of clearing entity risk management on the stability of the financial system

July 21, 2011


July 21, 2011





N/A


April 17, 2011




N/A

941 FRB study on effects of new ABS risk retention requirement, with recommendations for eliminating any negative market impacts

October 19, 2010 FRB report to Congress on the potential impact of credit risk retention requirements on securitization markets (Oct. 19, 2010).








http://federalreserve.gov/boarddocs/rptcongress/securitization/riskretention.pdf

http://federalreserve.gov/boarddocs/rptcongress/securitization/riskretention.pdf

42

Dodd-Frank Section






90 days after the relevant 6-month period (first 6-month period ended March 30, 2010)

1073(b) Board of Governors of the Federal Reserve System must report to Congress on the status of the automated clearinghouse system and its progress in complying with the requirement of Section 1078 of Dodd-Frank that it be expanded to permit its use for remittance transfers

Not later than July 21, 2011, and biennially thereafter during the 10-year period after July 21, 2010

1075(a) FRB must issue rules establishing standards for assessing whether the amount of an interchange fee charged by a payment card issuer or network is reasonable and proportional to the actual cost incurred by the issuer or network with respect to an electronic debit transaction, for making adjustments to such fees to take into account the costs of fraud prevention, and rules regarding payment card network fees

April 21, 2011 FRB NPR on debit card interchange fees and routing, Regulation II; Docket No. R-1404 (Dec. 16, 2010) (to be codified at 12 C.F.R. pt. 235).

1075(a) FRB to issue rules prohibiting certain network exclusivity requirements imposed by payment card issuers or networks

April 21, 2011 FRB NPR on debit card interchange fees and routing, 75 Fed.

Reg. 81,772 (Dec. 28, 2010) (to be codified at 12 C.F.R. pt. 235).



http://www.federalreserve.gov/boarddocs/meetings/2010/20101216/20101216_InterchangeFeeProposedRuleFRNotice.pdf


43

Dodd-Frank Section



1100E FRB to increase the threshold for exempt consumer leases and credit transactions from $25,000 to $50,000

N/A FRB final rule to increase threshold for exempt consumer credit transactions, 76 Fed. Reg. 18,354 (Apr. 4, 2011) (to be codified at 12 C.F.R. pt. 226).

FRB final rule to increase threshold for exempt consumer leases, 76 Fed. Reg. 18,349 (Apr. 4, 2011) (to be codified at 12 C.F.R. pt. 213).

FRB proposed rule to increase threshold for exempt consumer leases, 75 Fed. Reg. 78,632 (Dec. 16, 2010) (to be codified at 12 C.F.R. pt. 213).

FRB proposed rule to increase threshold for exempt consumer credit transactions, 75 Fed. Reg. 78,636 (Dec. 16, 2010) (to be codified at 12 C.F.R. pt. 226).

1100F FRB may make rules amending the Fair Credit Reporting Act regarding use of consumer reports

N/A FRB NPR on disclosure of additional information on FCRA adverse action notices, 76 Fed. Reg. 13,896 (Mar. 15, 2011) (to be codified at 12 C.F.R. pt. 202).

FRB NPR on Fair Credit Reporting risk-based pricing regulations, 76 Fed. Reg. 13,902 (Mar. 15, 2011) (to be codified at 12 C.F.R. pt. 222 and 16 C.F.R. pts. 640 and 698).

1101 FRB, in consultation with the Treasury Secretary, must issue rules establishing policies and procedures regarding FRB emergency lending authority under Section 13(3) of the Federal Reserve Act, including certain policies required by Dodd-Frank


1103(b) FRB inspector general study of impact on public access to information about administration of FRB emergency credit facilities and covered transactions of temporary FOIA exemption provided by this Section and submission of a report to Congressional Banking Committees

January 21, 2013

1109(c) FRB must publish on its website the identity of borrowers and terms of assistance provided under FRB emergency facilities and programs between December 1, 2007 and July 21, 2010, including the Term Auction Facility

December 1, 2010 FRB publishes data regarding usage of FRB credit and liquidity facilities.











http://www.federalreserve.gov/newsevents/reform_transaction.htm

http://www.federalreserve.gov/newsevents/reform_transaction.htm

44

Dodd-Frank Section



1403 FRB must establish regulations prohibiting mortgage originators from (1) steering consumers to residential mortgage loans that they lack a reasonable ability to repay; (2) providing predatory loans; (3) steering consumers from residential mortgage loans that are qualified mortgages to non-qualified mortgages; (4) engaging in abusive or unfair lending practices that promote disparities among consumers of different race, ethnicity, gender or age; (5) mischaracterizing a consumer’s credit history or the loans available to them; and (6) mischaracterizing the appraised value of property


1405 FRB must establish regulations prohibiting acts or practices relating to residential mortgage loans that it finds to be abusive, unfair, deceptive, predatory, necessary or proper to ensure that responsible, affordable mortgage credit remains available to consumers

N/A

1411 FRB must establish regulations (subject to certain exemptions for refinancings) requiring creditors to make reasonable and good faith determinations based on verified and documented information that consumers have a reasonable ability to repay loans according to their terms, as well as applicable taxes, insurance, and assessments


FRB proposed rules pertaining to ability-to-repay and related underwriting standards, Docket No. R-1417, RIN No. 7100-AD 75 (Apr. 19, 2011) (to be codified at 12 C.F.R. pt. 226).

1411 FRB must establish regulations approving method for third parties to quickly and effectively verify income of consumers applying for residential mortgage loans



1411 FRB must establish regulations for calculating consumers ability to repay loans when loan contracts require rapid repayment or balloon payments



1412 FRB authorized to establish regulations establishing debt to income ratio for “qualified mortgage” definition


1412 FRB must establish regulations to carry out purposes of Section 1412 of Dodd-Frank


http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20110419b1.pdf






45

Dodd-Frank Section



1412 FRB must prescribe rules adjusting the criteria to permit lenders that extend smaller loans to meet maximum fee requirements


1412 FRB authorized to issue regulations permitting balloon loans to be considered qualified mortgages in certain instances

N/A

1412 FRB authorized to revise, add to or subtract from criteria defining “qualified mortgage” upon finding that it is necessary or proper to ensure that responsible, affordable mortgage credit remains available to consumers and to prevent circumvention or evasion of and compliance with applicable law

N/A

1414 FRB must publish and update at least weekly the average prime offer rates for mortgages, and is authorized to publish multiple rates based upon varying types of mortgage transactions, and must adjust thresholds regarding the loans that may be considered qualified mortgages

Effective date of final regulations implementing requirement

1415 FRB authorized to establish regulation directing creditors on the manner in which to describe negative amortization on consumer billing statements

N/A

1418 FRB authorized to require certain statutory notices required for hybrid adjustable rate mortgage loans for non-hybrid adjustable rate mortgage loans

N/A

1420 FRB authorized to require the inclusion of certain information in periodic statements for residential mortgage loans

N/A

1420 FRB must develop and prescribe standard form for the disclosure required by Section 1420 for periodic residential mortgage loan statements


1431(a) FRB authorized to prescribe regulations setting certain amounts for definition of “high-cost mortgage”

N/A

1433 FRB authorized to establish regulations appropriate to carry out high-cost mortgage counselor certification

N/A

46

Dodd-Frank Section



1461(a) FRB authorized to exempt certain creditors operating in rural or underserved areas from requirement to establish escrow accounts prior to consummation of first lien residential mortgage transactions


FRB proposed rule to establish escrow accounts for higher-priced mortgage loans, 76 Fed. Reg. 11,598 (Mar. 2, 2011) (to be codified at 12 C.F.R. pt. 226).

FRB final rule providing a separate, higher rate threshold for determining when the FRB’s escrow requirement applies to higher-priced mortgage loans, 76 Fed. Reg. 11,319 (Mar. 2, 2011) (to be codified at 12 C.F.R. pt. 226).

1461(a) FRB authorized to establish regulations regarding the deposit of escrow and impound accounts in non-federally insured depository institutions or credit unions

N/A FRB proposed rule to revise escrow account requirements for jumbo mortgages (Sep. 24, 2010) (to be codified at 12 C.F.R. pt. 226).

1461(b) FRB may prescribe rules that revise, add to or subtract from the criteria of Section 129D(b) of the TILA (as enacted by Section 1461) if it determines that such rules are in the interest of consumers and the public

N/A

1462 FRB may require disclosures necessary for the protection of consumers who waive escrow services

N/A FRB proposed rule to establish escrow accounts for higher-priced mortgage loans, 76 Fed. Reg. 11,598 (Mar. 2, 2011) (to be codified at 12 C.F.R. pt. 226).



1472 FRB may establish new requirements for appraisal independence for consumer credit transactions secured by a consumer’s principal home.

















47

Dodd-Frank Section











FEDERAL TRADE COMMISSION (“FTC”)

Dodd-Frank Section




July 21, 2012

48

FINANCIAL STABILITY OVERSIGHT COUNCIL (“COUNCIL”)

Dodd-Frank Section



111(d) Council may appoint special committees as may be useful in carrying out the functions of the Council

N/A Council Committee Structure (Nov. 23, 2010).

111(e) Council must adopt rules necessary for the conduct of its business

N/A Council’s Rules of Organization (Oct. 1, 2010).

Council’s Transparency Policy (Oct. 1, 2010).

112(a)(2)(J) Council shall identify systemically important financial market utilities and payment, clearing, and settlement activities

N/A Council ANPR on authority to designate financial market utilities as systemically important, 75 Fed. Reg. 79,982 (Dec. 21, 2010) (to be codified at 12 C.F.R. ch. XIII).

112(d) Council is authorized to receive and request submission of data and information from the OFR, member agencies, and the FIO

N/A Council NPR to implement FOIA regulations, 76 Fed. Reg. 17,038 (Mar. 28, 2011) (to be codified at 12 C.F.R. pt. 1301).

113 Council is authorized to require supervision and regulation of U.S. and foreign nonbank financial companies

N/A Council NPR regarding authority to require supervision and regulation of certain nonbank financial companies, 76 Fed. Reg. 4,555 (Jan. 26, 2011) (to be codified 12 C.F.R. pt. 1310).

Council ANPR regarding authority to require supervision and regulation of certain nonbank financial companies, 75 Fed. Reg. 61,653 (Oct. 6, 2010) (to be codified at 12 C.F.R. Ch. XIII).

115(c) Council must submit to Congress a study on the feasibility, benefits, costs, and structure of a contingent capital requirement for Covered Nonbank Companies and Covered BHCs

July 21, 2012

115(c)(3) Council is authorized to recommend to the FRB that it require any Covered Nonbank Company and any Covered BHC to maintain a minimum amount of contingent capital that is convertible to equity in times of stress

N/A

115(d) Council is authorized to make recommendations to the FRB concerning the required resolution plan for Covered Nonbank Companies and Covered BHCs

N/A

115(d) Council is authorized to make recommendations to the FRB concerning the advisability of requiring Covered Nonbank Companies and Covered BHCs to report periodically on credit exposures

N/A

http://www.treasury.gov/initiatives/Documents/X%20-%20Committee%20Structure%20111910.pdf

http://www.treasury.gov/initiatives/Documents/FSOCbylaws.pdf

http://www.treasury.gov/initiatives/Documents/FSOCtransparencypolicy.pdf








49

Dodd-Frank Section



115(e) Council is authorized to make recommendations to the FRB prescribing concentration limits for Covered Nonbank Companies and Covered BHCs

N/A

115(f) Council is authorized to recommend to the FRB that it require periodic public disclosures by Covered BHCs and Covered Nonbank Companies to support market evaluation of the risk profile, capital adequacy and risk-management strategies

N/A

115(g) Council is authorized to recommend to the FRB that it require short-term debt limits to mitigate the risks that an over-accumulation of such debt could pose to Covered BHCs, Covered Nonbank Companies or the financial system

N/A

120 Council is authorized to (1) issue recommendations applying new or heightened standards and safeguards to a financial activity or practice conducted by bank holding companies or nonbank financial companies and (2) recommend that the applicable agencies remove the standard

N/A

120 Council must report to Congress on the recommendations authorized by Section 120, including whether agencies have implemented them, and must make recommendations for legislative changes where there is no PFRA

N/A

123 Chairman of Council must study, report, and make recommendations on the effects of limits on the size and complexity of financial institutions on capital market efficiency and economic growth

January 17, 2011 and every 5 years thereafter


January 21, 2012

202(g)(2) Council must report on actions taken in response to GAO report under Section 202(g) on prompt corrective action

6 months after receipt of GAO report

50

Dodd-Frank Section




N/A


N/A

215 Council must conduct study on imposing haircuts on fully secured creditors

July 21, 2011

619(b) Council must complete study of the Volcker Rule and make recommendations regarding implementation of the Volcker Rule to FRB, FDIC, OCC, SEC and CFTC

January 21, 2011 Council study and recommendations on prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds (Jan. 18, 2011).


622(e) Council must complete study on effect of concentration limit on acquisitions by large financial companies and make recommendations to FRB for modifications to the limit

January 21, 2011 Council study and recommendations on concentration limit on large financial companies (Jan. 18, 2011).

804(a)(1) Council shall vote whether to designate those financial market utilities or payment, clearing, or settlement activities that the Council determines are, or are likely to become, systemically important

N/A Council NPR on authority to designate FMUs as systemically important, 76 Fed. Reg. 17,047 (Mar. 28, 2011) (to be codified at 12 C.F.R. pt. 1320).

Council ANPR on authority to designate FMUs as systemically important, 75 Fed. Reg. 79,982 (Dec. 21, 2010) (to be codified at 12 C.F.R. Ch. XIII).



http://www.treasury.gov/initiatives/Documents/Volcker%20sec%20%20619%20study%20final%201%2018%2011%20rg.pdf






http://www.treasury.gov/initiatives/Documents/Study%20on%20Concentration%20Limits%20on%20Large%20Firms%2001-17-11.pdf

http://www.treasury.gov/initiatives/Documents/Study%20on%20Concentration%20Limits%20on%20Large%20Firms%2001-17-11.pdf







51

Dodd-Frank Section



809(b) FRB authorized to, upon an affirmative vote by a majority of the Council, prescribe regulations under Section 809 that impose a recordkeeping or reporting requirement on designated clearing entities or financial institutions engaged in designated activities that are subject to standards that have been prescribed under Section 805(a)(2)

N/A


N/A

946 Council study on macroeconomic effects of risk retention requirements

January 17, 2011 Council study on macroeconomic effects of risk retention requirements (Jan. 18, 2011).

1023(f) Council to establish rules implementing procedures for its review of Bureau rulemakings

N/A

GOVERNMENT ACCOUNTABILITY OFFICE/COMPTROLLER GENERAL (“GAO”)

Dodd-Frank Section



171 GAO must conduct study of access to capital by smaller depository institutions and report to Congress

January 21, 2012

174 GAO must study hybrid capital instruments and non-U.S. bank intermediate holding company capital requirements and report to Congress

January 21, 2012

202(e) Administrative Office of U.S. Courts and GAO must conduct separate studies regarding bankruptcy and orderly liquidation process for financial companies and the Bankruptcy Code

July 21, 2011, annually until July 21, 2013, and every fifth year thereafter

202(f) GAO must conduct study of international coordination relating to orderly liquidation of financial companies

July 21, 2011

202(g) GAO must conduct study of implementation of prompt corrective action by federal banking agencies

July 21, 2011

http://www.treasury.gov/initiatives/wsr/Documents/Section%20946%20Risk%20Retention%20Study%20%20(FINAL).pdf

http://www.treasury.gov/initiatives/wsr/Documents/Section%20946%20Risk%20Retention%20Study%20%20(FINAL).pdf

52

Dodd-Frank Section



203(c)(5) GAO must conduct review of appointment of FDIC as receiver for a covered financial company

N/A



412 GAO to conduct study on custody rule costs July 21, 2013

415 GAO must conduct a study on appropriate criteria for accredited investor status and eligibility to invest in private funds and submit a report with its findings to the Congressional Banking Committees

July 21, 2013

416 GAO must conduct a study on the feasibility of forming an SRO to oversee private funds and submit a report to the Congressional Banking Committees

July 21, 2011

603 GAO must conduct a study of the appropriateness of the exemptions for certain depository institutions from the definition of “bank” under the BHC Act, and the adequacy of the federal framework of the regulation of savings associations, and the consequences of removing their exemption from the BHC Act

January 21, 2012

918 GAO must conduct a study regarding mutual fund advertising, with recommendations to improve investor protection and report its findings to the Congressional Banking Committees

January 21, 2012

919A GAO must conduct a study to identify and examine potential conflicts of interest that may exist between the research and investment banking functions within securities firms and submit a report with its findings and recommendations to the Congressional Banking Committees

January 21, 2012

919B SEC must conduct a study and make recommendations on improved investor access to registration information about investment advisers and broker-dealers, and associated persons, as well as identify additional information that should be made publicly available.

January 21, 2011 SEC study and recommendations on improved investor access to registration information about investment advisers and broker-dealers (Jan. 26, 2011).


http://www.sec.gov/news/studies/2011/919bstudy.pdf



53

Dodd-Frank Section



919C GAO must study various matters relating to financial planners and use of financial planner designations, and submit a report with its findings and recommendations to the Congressional Banking Committees

January 17, 2011 GAO study entitled “Consumer Finance: Regulatory Coverage Generally Exists for Financial Planners, but Consumer Protection Issues Remain (Jan. 18, 2011).


July 21, 2011





N/A

939D GAO must conduct a study on alternative means for compensation in NRSROs and submit a report with its findings and recommendations to the Congressional Banking Committees

January 21, 2012

939E GAO must conduct a study on the feasibility and merits of creating an independent professional organization for analysts employed by NRSROs and submit a report with its findings and recommendations to the Congressional Banking Committees

1 year after the SEC publishes rules under Section 936

961 GAO must review adequacy and effectiveness of internal supervisory control structure and procedures of SEC and report to the Congressional Budget Committees

Not later than date of submission of SEC’s first Section 961 report and at least once every subsequent 3 years

962 GAO must submit triennial report that evaluates the quality of personnel management by the SEC

July 21, 2013 and every subsequent 3 years

963 GAO must submit annual report to Congress assessing the effectiveness of the SEC’s internal control procedures and structures

6 months after the end of each fiscal year

http://www.gao.gov/new.items/d11235.pdf






54

Dodd-Frank Section



963 GAO must submit annual report to Congress assessing the SEC’s assessment of the GAO’s evaluation of the quality of the SEC’s personnel management


964 GAO must report to the Congressional Banking Committees evaluating the SEC’s oversight of registered national securities associations

July 21, 2012 and every 3 years thereafter

968 GAO must study and report to the Congressional Banking Committees on “revolving door” issues

July 21, 2011

976 GAO must conduct a study on the disclosure required to be made by issuers of municipal securities and submit a report with its findings and recommendations to Congress

July 21, 2012

977 GAO must conduct a study on the municipal securities markets and submit a report with its findings and recommendations to the Congressional Banking Committees

January 21, 2012

989 GAO must conduct a study on the risks and conflicts associated with proprietary trading (including investing as principal in securities, commodities, derivatives, hedge funds and private equity) by and within insured depository institutions and their affiliates, BHCs and financial holding companies and their subsidiaries, and any other person the Comptroller General may determine, and submit a report with its findings to Congress

October 21, 2011

989F GAO must conduct a study of person-to-person lending to determine the optimal regulatory structure and submit a report with its findings to the Congressional Banking Committees

July 21, 2011

989I GAO must study and report to the Congressional Banking Committees on the impact of the amendments to Sarbanes-Oxley 404(b) exempting non-accelerated filers

July 21, 2013

1013(d)(7) GAO must conduct study on financial literacy programs and report to Congress on results

July 21, 2011

55

Dodd-Frank Section



1109(a), (b) GAO audits required for (1) programs and facilities established by the FRB between December 1, 2007 and July 21, 2010, to address the financial crisis including the Term Auction Facility, and (2) for FRB governance

July 21, 2011

1421(a) GAO must conduct a study and report to Congress on the effects the enactment of Dodd-Frank will have on the availability and affordability of credit for consumers, small businesses, home buyers and mortgage lending

July 21, 2011

1421(b),(c) GAO must report to Congress on its analysis of the effect on the capital reserves and funding of lenders of credit risk retention provisions for non-qualified mortgages, including an analysis of the exceptions and adjustments authorized in Section 129C(l)(3)(A) of the TILA and a recommendation on whether a uniform standard is needed

July 21, 2011

1421(b),(d) GAO must report to Congress on whether the credit risk retention provisions have significantly reduced risks to the larger credit market of the repackaging and selling of securitized loans and must provide recommendations on adjustments that should be made, or additional measures that should be undertaken

July 21, 2011

1476(a) GAO must conduct study for Congressional Banking Committees on effectiveness and impact of appraisal methods, appraisal valuation models, appraisal distribution channels, the Home Valuation Code of Conduct, and the Appraisal Subcommittee of the Federal Financial Institutions Examination Council’s functions

July 21, 2011

1476(d) GAO must conduct examination on the Appraisal Subcommittee of the Federal Financial Institutions Examination Council’s ability to monitor and enforce state and federal certification requirements and standards; whether existing federal financial institutions regulatory agency exemptions on appraisals for federally related transactions need to be revised; and whether new means of data collection would benefit the Subcommittee’s ability to perform its functions

July 21, 2011

56

Dodd-Frank Section



1492(a) GAO must conduct study of current inter-agency efforts of Treasury, HUD, attorney general, and FTC to crackdown on mortgage foreclosure rescue scams and loan modification fraud in order to advise Congress on risks and vulnerabilities of emerging schemes regarding loan modifications

N/A

1502(d) GAO must submit report to Congress providing an assessment of sexual-based and gender-based violence in the Democratic Republic of the Congo and adjoining countries

July 21, 2011, and annually thereafter

1502(d) GAO must submit a report to Congress (1) assessing the effectiveness of Conflict Minerals disclosure requirements in promoting peace and security in the Democratic Republic of the Congo and adjoining countries, (2) describing issues encountered by the SEC and (3) indicating whether public information about use of Conflict Minerals is available for persons not required to file SEC reports

July 21, 2012, and annually thereafter

1505 GAO to provide to Congress report on inspectors general and effects of the reforms made by Dodd-Frank on independence

July 21, 2011

MUNICIPAL SECURITIES RULEMAKING BOARD (“MSRB”)

Dodd-Frank Section




July 21, 2011





N/A




57

Dodd-Frank Section



975 MSRB directed to issue rules regarding independence requirements for “public representatives” on MSRB

N/A SEC notice of MSRB proposed rule to amend Rule A-3 regarding membership on the MSRB, 76 Fed. Reg. 13,005 (Mar. 9, 2011).

SEC notice of MSRB proposed rule to Rule A-3 establishing a two-year transitional period regarding membership on the MSRB, 76 Fed. Reg. 12,781 (Mar. 8, 2011).

SEC approves MSRB amendments to Rule A-3 on membership on the MSRB to establish a Nominating Committee , 76 Fed. Reg. 5,417 (Jan. 31, 2011).

MSRB proposes further amendment to Rule A-3 on membership on the MSRB to establish a Nominating Committee, 75 Fed. Reg. 79, 061 (Dec. 17, 2010).

SEC approves MSRB amendments to Rule A-3 on membership on the MSRB to comply with Dodd-Frank, 75 Fed. Reg. 54,673 (Sept. 8, 2010).

SEC approves MSRB proposal regarding new board composition, 75 Fed. Reg. 61,806 (Oct. 6, 2010).

975 MSRB effectively required to revise and supplement its rules generally in order to address the addition of “municipal advisor” as a new category of person subject to regulation and disciplinary authority

N/A SEC proposed rule on registration of municipal advisors, 76 Fed. Reg. 824 (Jan. 6, 2011) (to be codified at 17 C.F.R. pts. 240, 249).

MSRB proposes rule change in connection with municipal advisors (Nov. 1, 2010).

SEC interim temporary final rule on registration of municipal advisors, 75 Fed. Reg. 54,465 (Sept. 8, 2010) (to be codified at 17 C.F.R. pts. 240, 249).

975 MSRB authorized to establish information systems and charge reasonable fees to access such information

N/A

975 MSRB authorized to promulgate rules regarding advice provided to or on behalf of a municipal entity or “obligated person” (persons committed to support payment of all or part of an issue of municipal securities) by broker-dealers, municipal securities dealers and municipal advisors

N/A













http://www.msrb.org/Rules-and-Interpretations/Regulatory-Notices/2010/2010-47.aspx

http://www.msrb.org/Rules-and-Interpretations/Regulatory-Notices/2010/2010-47.aspx



58

Dodd-Frank Section



975 MSRB must establish the terms and conditions under which any broker-dealer or municipal securities dealer may sell, or prohibit any of them from selling, any part of a new issue of municipal securities to a related account of a broker-dealer or to a municipal securities dealer during the underwriting period

N/A SEC notice of MSRB proposed rule on activities of financial advisors and amendments to and interpretation of Rule G-23, 76 Fed. Reg. 10,926 (Feb. 28, 2011).

MSRB proposed rule on activities of financial advisors and amendments to and interpretation of Rule G-23, SR-MSRB-2011-3 (Feb. 9, 2011).

NATIONAL CREDIT UNION ADMINISTRATION (“NCUA”)

Dodd-Frank Section




July 21, 2011



NCUA NPR to replace or remove references to credit ratings, 78 Fed. Reg. 11,164 (Mar. 1, 2011) (to be codified at 12 CFR pts. 703, 704, 709, 742).



N/A







http://www.msrb.org/msrb1/pdfs/SR-MSRB-2011-03.pdf

http://www.msrb.org/msrb1/pdfs/SR-MSRB-2011-03.pdf







59

Dodd-Frank Section



988 NCUA Board inspector general must submit a report to GAO, FDIC and, if appropriate, the appropriate state supervisor whenever the Share Insurance Fund incurs a material loss

N/A

988 NCUA Board inspector general must submit semi-annual report to the NCUA and Congress regarding Share Insurance Fund losses that are not material

90 days after the relevant 6-month period (first 6-month period ending March 30, 2010)




N/A






N/A





60

Dodd-Frank Section











OFFICE OF THE COMPTROLLER OF THE CURRENCY (“OCC”)

Dodd-Frank Section




January 21, 2012 Joint NPR on risk-based capital guidelines re market risk, 76 Fed. Reg. 1,890 (Jan. 11, 2011) (to be codified at 12 C.F.R. pts. 3, 208, 225, 325).






61

Dodd-Frank Section




Transfer Date


N/A

616(d) FRB for BHCs and SLHCs, and OCC and FDIC for other holding companies of insured depository institutions must issue rules implementing strength requirements

July 21, 2011





620 OCC, FRB, and FDIC must complete study of activities permitted for banking entities, the risks presented by these activities, and risk-mitigation activities

January 21, 2012


July 21, 2012

731(e) FRB, FDIC and OCC, in consultation with CFTC and SEC, must impose capital and margin requirements on swap dealer and MSPs that are depository institutions

















62

Dodd-Frank Section




N/A


July 21, 2011




OCC ANPR on alternatives to the use of external credit ratings in OCC regulations, 75 Fed. Reg. 49,423 (Aug. 13, 2010) (to be codified at 12 C.F.R. pts. 1, 16, 28).


N/A


April 17, 2011




N/A














63

Dodd-Frank Section








N/A






N/A







64

Dodd-Frank Section









OFFICE OF FINANCIAL RESEARCH (“OFR”)

Dodd-Frank Section



152 Establishment of OFR N/A OFR statement of policy with request for comment on identifying legal entities for financial contracts, 75 Fed. Reg. 74,146 (Nov. 30, 2010).

153(c) OFR must issue rules, regulations, and orders in consultation with the Council to assist in: (1) collecting data on behalf of the Council and providing such data to the Council and member agencies; (2) standardizing the types and formats of data reported and collected; and (3) assisting member agencies in determining the types and formats of data where member agencies are authorized by Dodd-Frank to collect data

N/A

153(c) Member agencies, in consultation with OFR, must implement OFR regulations promulgated to standardize the types and formats of data reported and collected

3 years after adoption of OFR regulations



65

Dodd-Frank Section



153(d) Director of OFR must testify before the Congressional Banking Committees regarding OFR activities and the assessment of significant financial market developments and potential emerging threats

Annually

153(e) Director of OFR authorized to provide additional reports to Congress concerning the financial stability of the United States, and must notify the Council of any such additional reports

N/A

154(a) OFR must establish regulations regarding the type and scope of data to be collected by its data center

January 21, 2012

154(d) OFR must submit annual report to Congress assessing the U.S. financial system, including: (1) an analysis of threats to U.S. financial stability; (2) the status of its efforts in meeting its mission; and (3) key findings from its research and analysis

July 21, 2012 and not later than 120 days after the end of each fiscal year thereafter

156(b) OFR must submit annual report to the Congressional Banking Committees containing plans for (1) training and workforce development; (2) workplace flexibility; and (3) recruitment and retention

Terminates July 21, 2015


July 21, 2011





N/A

OFFICE OF THRIFT SUPERVISION (“OTS”)

Dodd-Frank Section






66

Dodd-Frank Section




January 21, 2012 OTS NPR on risk-based capital guidelines re advanced capital adequacy framework and establishment of a risk-based capital floor, 76 Fed. Reg. 12,611 (Mar. 8, 2011) (to be codified at 12 C.F.R. pt. 567).




July 21, 2011 OTS ANPR on alternatives to the use of external credit ratings in the regulations of the OTS, 75 Fed. Reg. 63,107 (Oct. 14, 2010) (to be codified at 12 C.F.R. pt. 560).



PRIMARY FINANCIAL REGULATORY AGENCY (“PFRA”)

Dodd-Frank Section



120 PFRA must impose any standards recommended by Council or explain in writing within 90 days why it has elected not to follow the Council’s recommendation

N/A

120 PFRA must promulgate regulations establishing a procedure under which entities under its jurisdiction may appeal a determination by the agency that the standards imposed should remain in effect after Council has recommended removal of the standard

N/A

165(i) PFRA, in coordination with the FRB and the FIO, must issue consistent and comparable regulations for defining and carrying out stress tests

January 21, 2012









67

Dodd-Frank Section




July 21, 2012

211(f) Inspector general of PFRA must report to PFRA on supervision of a covered financial company

1 year after date of appointment as receiver

211(f)(2) PFRA to report to Congress on responses to inspector general reports under Dodd-Frank Section 211(f)

90 days after receipt of inspector general report


July 21, 2011 OTS ANPR on alternatives to the use of external credit ratings in the regulations of the OTS, 75 Fed. Reg. 63,107 (Oct. 14, 2010) (to be codified at 12 C.F.R. pt. 560).

OCC ANPR on alternatives to the use of external credit ratings in OCC regulations, 75 Fed. Reg. 49,423 (Aug. 13, 2010) (to be codified at 12 C.F.R. pts. 1, 16, 28).





N/A








68

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (“PCAOB”)

Dodd-Frank Section



982 PCAOB given authority to establish rules, subject to prior SEC approval, for inspection and examination of auditors of broker dealers

N/A SEC approves PCAOB supplemental budget request to establish an Office of Outreach and Small Business Liaison, 75 Fed. Reg. 78,779 (Dec. 16, 2010).

SEC interpretive guidance regarding auditing, attestation, and related professional practice standards related to brokers and dealers, 75 Fed. Reg. 60,616 (Oct. 1, 2010) (to be codified at 17 C.F.R. pt. 241).

SECURITIES AND EXCHANGE COMMISSION (“SEC”)

Dodd-Frank Section



205(h) SEC and FDIC must jointly, after consultation with SIPC, issue rules to implement Section 205, relating to orderly liquidation of broker-dealers

N/A

342 Each federal agency must establish an Office of Minority and Women Inclusion

January 21, 2011 SEC defers implementation due to budget uncertainty. Activities regarding diversity in hiring and small business contracting continuing to be performed by staff in existing EEO Office (Dec. 2, 2010)

402 SEC authorized to issue rule to increase assets-under-management threshold above $25 million for purposes of “foreign private adviser” exemption from registration

N/A

403 SEC may establish rules amending section 203(b)(3) of the Advisers Act by repealing the current private adviser exemption and inserting the foreign private adviser exemption

July 21, 2011 SEC letter to NASAA to consider extension of transition date for mid-size advisers to state regulation (Apr. 8, 2011).

SEC proposed rule on exemptions for advisers to venture capital funds, private fund advisers with less than $150 million in assets under management, and foreign private advisers, 75 Fed. Reg. 77,190 (Dec. 10, 2010) (to be codified at 17 C.F.R. pt. 275).

404 SEC shall issue rules to require investment adviser to a private fund to file reports

N/A






http://sec.gov/spotlight/dodd-frank/dates_to_be_determined.shtml



http://www.sec.gov/rules/proposed/2010/ia-3110-letter-to-nasaa.pdf





69

Dodd-Frank Section



404 SEC may prescribe by rule periods for retention of records of private funds by registered investment adviser

N/A

404 SEC must submit an annual report to Congress on its use of the data collected under new Advisers Act Section 204(b) and rules thereunder to monitor the markets

Annual

406 SEC and CFTC must jointly promulgate rules to establish the form and content of reports required to be filed with them by investment advisers that are registered under both the Advisers Act and the Commodity Exchange Act

July 21, 2011 SEC-CFTC joint proposed rule on reporting by investment advisers to private funds and certain commodity pool operators and commodity trading advisors, 76 Fed. Reg. 8,068 (Feb. 11, 2011) (to be codified at 17 C.F.R. pts. 4, 275, 279).

406 SEC authorized to issue rules defining technical trade and other terms used in the Advisers Act

N/A

407 SEC must define the term “venture capital fund” for purposes of Section 203 of the Advisers Act

N/A

407, 408 SEC must provide exemption from registration for adviser to private funds with assets under management of less than $150 million

N/A SEC proposed rule implementing amendments to the Advisers Act, 75 Fed. Reg. 77,052 (Dec. 10, 2010) (to be codified at 17 C.F.R. pt. 275, 279).

SEC proposed rule on exemptions for advisers to venture capital funds, private fund advisers with less than $150 million in assets under management, and foreign private advisers, 75 Fed. Reg. 77,190 (Dec. 10, 2010) (to be codified at 17 C.F.R. pt. 275).

SEC Proposes Rules to Improve Oversight of Investment Advisers, SEC Release 2010-228 (Nov. 19, 2010).

SEC to hold Open Meeting on November 19, 2010 (Nov. 12, 2010).

408 SEC must provide exemption from registration for adviser to private funds with assets under management of less than $150 million

N/A SEC proposed rule on exemptions for advisers to venture capital funds, private fund advisers with less than $150 million in assets under management, and foreign private advisers, 75 Fed. Reg. 77,190 (Dec. 10, 2010) (to be codified at 17 C.F.R. pt. 275).

408 SEC may issue special rules or procedures for mid-sized private fund advisers

N/A









http://sec.gov/news/press/2010/2010-228.htm


http://www.sec.gov/news/openmeetings/2010/ssamtg111910.htm




70

Dodd-Frank Section



409 SEC must define the term “family office” for Section 202(a)(11) of the Advisers Act

N/A SEC proposed rule defining "family offices", SEC Release No. IA-3098; File No. S7-25-10 (Oct. 12, 2010) (to be codified at 17 C.F.R. pt. 275).

410 SEC authorized to issue rule establishing threshold in excess of $100 million for purposes of federal rather than state registration

N/A SEC letter to NASAA to consider extension of transition date for mid-size advisers to state regulation (Apr. 8, 2011).

SEC proposed rule implementing amendments to the Advisers Act, 75 Fed. Reg. 77,052 (Dec. 10, 2010) (to be codified at 17 C.F.R. pt. 275, 279).

411 SEC authorized to promulgate rules requiring registered investment advisers to take certain actions to safeguard client assets over which they have custody

N/A

413 SEC must adjust net worth standard for accredited investor to exclude value of principal residence

N/A SEC proposed rule adjusting the new worth standard for accredited investors, 76 Fed. Reg. 5,307 (Jan. 31, 2011) (to be codified at 17 C.F.R. pts. 230, 239, 270, 275).

413 SEC must review accredited investor definition and make any adjustments and modifications deemed appropriate by rule

July 21, 2014, and within every 4 years thereafter

417 SEC Division of Risk, Strategy, and Financial Innovation must conduct study on the state of short selling on national securities exchanges and in OTC markets and submit a report on its findings and recommendations to the Congressional Banking Committees

July 21, 2012

417 SEC Division of Risk, Strategy, and Financial Innovation must study the feasibility, benefits and costs of real-time reporting of short sales, and of pilot program to designate trades by type on the Consolidated Tape

July 21, 2011

418 For “qualified client” standard, SEC must adjust any dollar amount test by inflation

July 21, 2011, and every 5 years thereafter

http://sec.gov/rules/proposed/2010/ia-3098.pdf







71

Dodd-Frank Section




Within 9 months after completion of Council study of Volcker Rule



712(a)(8) CFTC and SEC must adopt rules regarding mixed swaps July 16, 2011

712(d) CFTC and SEC, in consultation with the FRB, must jointly define the terms “swap,” “security-based swap,” “swap dealer,” “security-based swap dealer,” “major swap participant,” “major-security based swap participant,” “eligible contract participant,” and “security-based swap agreement”


SEC and CFTC ANPR on definitions under Dodd-Frank Title VII, 75 Fed. Reg. 51,429 (Aug. 20, 2010)


N/A


N/A


N/A

713 CFTC and SEC must adopt rules to facilitate portfolio margining of securities and commodity futures and options

N/A

719(b) CFTC and SEC must study the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions of complex and standardized derivatives.

March 21, 2011 CFTC and SEC issue study on feasibility of mandating algorithmic descriptions for derivatives (Apr. 7, 2011).

CFTC and SEC issue request for comments on a study mandated by Dodd-Frank, Section 719(b), 75 Fed. Reg. 76,706 (Dec. 9, 2010).














72

Dodd-Frank Section



719(c) CFTC and SEC must jointly report on international swap regulation

January 21, 2012

719(d) CFTC and SEC must study whether stable value contracts fall within the definition of swap. If so, CFTC and SEC must determine if they should be exempted from definition of swap and to issue regulations resulting from the determination

October 21, 2011

731(e) FRB, FDIC and OCC, in consultation with CFTC and SEC, must impose capital and margin requirements on swap dealer and MSPs that are depository institutions


761 SEC to (1) define “substantial position” in the definition of “major security-based swap participant” and (2) promulgate regulations to establish factors to make determination to exempt persons pursuant to “de minimis exception” from the definition of “security-based swap dealer”

N/A

763(a) SEC must adopt rules for clearing agency’s submission for approval of any security-based swap, or a group, category, type or class of security-based swaps that the clearing agency seeks to accept for clearing

July 21, 2011 SEC final temporary rules on extension of temporary exemptions for eligible credit default swaps to facilitate operation of central counterparties to clear and settle credit default swaps, 75 Fed. Reg. 72,660 (Nov. 26, 2010) (to be codified at 17 C.F.R. pts. 230, 240, and 260).

763(a) SEC must adopt rules for reviewing a clearing agency’s clearing of a security-based swap, or a group, category, type, or class of security-based swaps that the clearing agency has accepted for clearing

July 21, 2011 SEC final temporary rules on extension of temporary exemptions for eligible credit default swaps to facilitate operation of central counterparties to clear and settle credit default swaps, 75 Fed. Reg. 72,660 (Nov. 26, 2010) (to be codified at 17 C.F.R. pts. 230, 240, and 260).

763(a) SEC must adopt rules as it determines necessary to prevent evasion of the mandatory clearing requirements

N/A SEC proposed rule on process for submissions for review of security-based swaps for mandatory clearing and notice of filing requirements for clearing agencies, 75 Fed. Reg. 82,490 (Dec. 30, 2010) (to be codified at 17 C.F.R. pts. 240, 249).

763(a) SEC must establish transition reporting requirements for security-based swaps

No specified time, but Dodd-Frank requires reporting by December 13, 2011

SEC proposed rule on process for submissions for review of security-based swaps for mandatory clearing and notice of filing requirements for clearing agencies, 75 Fed. Reg. 82,490 (Dec. 30, 2010) (to be codified at 17 C.F.R. pts. 240, 249).















73

Dodd-Frank Section



763(a) SEC authorized to consider exempting small banks, savings associations, farm credit system institutions and credit unions

N/A

763(a) SEC may prescribe rules to prevent the abuse of the exceptions from the mandatory clearing requirements

N/A SEC proposed rule on the end-user exception to mandatory clearing of security based swaps, 75 Fed. Reg. 79,992 (Dec. 21, 2010) (to be codified at 17 C.F.R. pt. 240).

763(b) SEC must establish rules (including standards) governing clearing agencies for security-based swaps

N/A SEC proposed rule regarding registration and standards of operation and governance of clearing agencies, 76 Fed. Reg. 14,472 (Mar. 16, 2011) (to be codified at 17 C.F.R. pt. 240).

SEC proposed rule regarding registration and standards of operation and governance of clearing agencies, RIN 3235-AL1 (Mar. 3, 2011) (to be codified at 17 C.F.R. pt. 240).

SEC final temporary rules on extension of temporary exemptions for eligible credit default swaps to facilitate operation of central counterparties to clear and settle credit default swaps, 75 Fed. Reg. 72,660 (Nov. 26, 2010) (to be codified at 17 C.F.R. pts. 230, 240, and 260).

763(c) SEC must establish data collection and reporting requirements for security-based swap execution facilities that are comparable to corresponding requirements for clearing agencies and security-based swap data repositories

N/A

763(c) SEC must establish rules governing regulation of security-based swap execution facilities

N/A SEC proposed rule on registration and regulation of security-based swap execution facilities, 76 Fed. Reg. 10,948 (Feb. 28, 2011) (to be codified at 17 C.F.R. pts. 240, 242 and 249).

763(d) SEC may establish rules and regulations allowing additional permitted investments to be made with segregated assets

N/A

763(g) SEC must establish rules to prevent fraud, manipulation and deceptive conduct in security-based swaps

N/A SEC proposed rule prohibiting fraud, manipulation, and deception in connection with security-based swaps, 75 Fed. Reg. 68,560 (Nov. 8, 2010) (to be codified at 17 C.F.R. pt. 240).

SEC proposes new rule to prevent fraud in connection with security-based swaps (Nov. 3, 2010).





http://www.sec.gov/rules/proposed/2011/34-64017.pdf









http://www.sec.gov/news/press/2010/2010-212.htm


74

Dodd-Frank Section



763(h) SEC must establish rules to impose aggregate position limits (including related hedge exemption provisions) on the size of positions by any person

N/A

763(h) SEC may by rule, regulation or order require self-regulatory organizations to impose certain rules regarding position limits

N/A

763(i) SEC may by rule or regulation require persons who effect transactions in cleared or uncleared security-based swaps to report position in transaction

N/A SEC proposed rules on reporting and dissemination of security-based swap information (Regulation SBSR), 75 Fed. Reg. 75,208 (Dec. 2, 2010) (to be codified at 17 C.F.R. pts. 240 and 242).

SEC proposes rules on security-based swap reporting, SEC Release 2010-230 (Nov. 19, 2010).


763(i) SEC must establish rules for the public reporting of security-based swap transactions

N/A SEC proposed rules on reporting and dissemination of security-based swap information (Regulation SBSR), 75 Fed. Reg. 75,208 (Dec. 2, 2010) (to be codified at 17 C.F.R. pts. 240 and 242).

SEC proposes rules on security-based swap reporting, SEC Release 2010-230 (Nov. 19, 2010).


763(i) SEC must publicly issue a semiannual and annual report on trading and clearing of the major security-based swap categories and the market participants and developments in new products

Every 6 months

763(i) SEC must prescribe standards for data elements to be collected by security-based swap data repositories

N/A

763(i) SEC must establish rules governing security-based swap data repositories

N/A SEC proposed rule on security-based swap data repository registration, duties, and core principles, 75 Fed. Reg. 77,306 (Dec. 10, 2010) (to be codified at 17 C.F.R. pts. 240, 249).

SEC proposes rules to outline obligations of security-based swap repositories, SEC Release 2010-229 (Nov. 19, 2010).













75

Dodd-Frank Section



764(a) SEC must adopt rules for the registration of security-based swap dealers and major security-based swap participants

July 21, 2011



764(a) SEC must impose capital and margin requirements on security-based swap dealers and major security-based swap participants that are not depository institutions

N/A

764(a) SEC must adopt rules governing reporting and recordkeeping requirements, and daily trading records, for security-based swap dealers and major security-based swap participants

N/A SEC proposed rule requiring trade acknowledgments and verification of security-based swap transactions, 76 Fed. Reg. 3,859 (Jan. 21, 2011) (to be codified at 17 C.F.R. pt. 240).

764(a) SEC must adopt rules for the business conduct standards for security-based swap dealers and major security-based swap participants including establishing duties

N/A

764(a) SEC must adopt rules governing documentation and back office standards for security-based swap dealers and major security-based swap participants

N/A

764(a) SEC must adopt rules governing duties of security-based swap dealers and major security-based swap participants

N/A

765 SEC must adopt rules regarding conflicts of interest between (1) security-based swap clearing agencies and national exchanges and (2) swap market participants (unclear if SEC must adopt rules or must make a determination whether to adopt rules in this time period)

January 17, 2011 SEC reopening of comment period on proposed rule regarding conflicts of interest, 76 Fed. Reg. 12,645 (Mar. 8, 2011) (to be codified at 17 C.F.R. pt. 242).

SEC proposed rule on ownership limitations and governance requirements for security-based swap clearing agencies, security-based swap execution facilities, and national securities exchanges with respect to security-based swaps under Regulation MC, 75 Fed. Reg. 65,882 (Oct. 26, 2010) (to be codified at 17 C.F.R. pt. 242).

SEC proposes rules to mitigate conflicts of interest involving security-based swaps (Oct. 13, 2010).







http://sec.gov/rules/proposed/2010/34-63107.pdf






76

Dodd-Frank Section



766 SEC may establish reporting and recorkeeping requirements for security-based swap information

N/A SEC proposed rules to preserve beneficial ownership reporting requirements to security-based swaps sellers and purchasers, 76 Fed. Reg. 15,874 (Mar. 22, 2011) (to be codified at 17 C.F.R. pt. 240).

SEC proposed rules on reporting and dissemination of security-based swap information (Regulation SBSR), 75 Fed. Reg. 75,208 (Dec. 2, 2010) (to be codified at 17 C.F.R. pts. 240 and 242).

766(a) SEC must establish an interim final rule governing reporting requirements for security-based swaps that were entered into prior to July 21, 2010

October 19, 2010 SEC interim temporary final rule on reporting of security-based swap transaction data, 75 Fed. Reg 64,643 (Oct. 20, 2010) (to be codified at 17 C.F.R. pt. 240).

SEC adopts interim rule to require reporting of security-based swaps (Oct. 13, 2010).



SEC proposed rule regarding registration and standards of operation and governance of clearing agencies, RIN 3235-AL1 (Mar. 3, 2011) (to be codified at 17 C.F.R. pt. 240).

805(b) CFTC and SEC, in consultation with the Council and FRB, may prescribe regulations containing risk management standards for designated clearing entities and the conduct of designated activities within their respective jurisdictions

N/A



SEC proposed rule on process for submissions for review of security-based swaps for mandatory clearing and notice of filing requirements for clearing agencies, SEC Release No. 34-63557; File No. S7-44-10 (Dec. 15, 2010) (to be codified at 17 C.F.R. pts. 240, 249).


















77

Dodd-Frank Section




N/A

813 CFTC, SEC and FRB must submit a joint report to the Senate Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry, and the House Committee on Financial Services and the Committee on Agriculture, containing recommendations for improving consistency in the designated clearing entity oversight programs of the SEC and CFTC, promoting robust risk management by clearing entities and oversight by regulators, and improving regulators’ ability to monitor the potential effects of clearing entity risk management on the stability of the financial system

July 21, 2011

911 SEC must create and staff a new Investor Advisory Committee July 21, 2010 SEC defers implementation due to budget uncertainty (Dec. 2, 2010).

913 SEC must evaluate standards of care applicable to broker-dealers and investment advisers for providing personalized investment advice to retail customers, and report to Congressional Banking Committees

January 21, 2011 SEC study on investment advisers and broker-dealers (Jan. 21, 2011).

SEC request for comment on study regarding obligations of brokers, dealers and investment advisers, 75 Fed. Reg. 44,996 (July 30, 2010).

913 SEC authorized to promulgate rules under the Exchange Act and Advisers Act relating to standards of care in providing investment advice to retail customers

N/A SEC temporary final rule extending the compliance period for registered broker dealers under section 206(3) of the Advisers Act, 75 Fed. Reg. 82,236 (Dec. 30, 2010) (to be codified at 17 C.F.R. pt. 275).

914 SEC must conduct a study related to examination and enforcement resources for investment advisers, with recommendations

January 17, 2011 SEC study on enhancing investment advisers examinations (Jan. 2011).


http://www.sec.gov/news/studies/2011/913studyfinal.pdf






http://www.sec.gov/news/studies/2011/914studyfinal.pdf

78

Dodd-Frank Section



915 SEC must create and staff a new Office of the Investor Advocate

July 21, 2011 SEC defers implementation due to budget uncertainty. Activities regarding investor perspectives in rulemaking will continue to be performed by staff in existing Office of Investor Education & Advocacy (Dec. 2, 2010).

915 SEC Office of Investor Advocate must submit annual reports on its objectives to Congressional Banking Committees

June 30 of each year after 2010

915 SEC Office of Investor Advocate must submit annual reports on its activities to the Congressional Banking Committees

December 31 of each year after 2010

915 SEC must establish procedures requiring response to all Office of Investor Advocate recommendations, within 3 months of recommendation

N/A

916 SEC must issue rules to implement procedural requirements of SRO rulemaking procedures

January 17, 2011 SEC final rule formalizing procedural requirements of SRO rulemaking procedures, 76 Fed. Reg. 4,066 (Jan. 24, 2011) (to be codified at 17 C.F.R. 201, 202, 240).

SEC final rule delegating authority over SRO rule changes to the Director of the Division of Trading and Markets, 75 Fed. Reg. 62,466 (Oct. 12, 2010) (to be codified at 17 C.F.R. pt. 200).

917 SEC must conduct study on the financial literacy of retail investors and submit report with its findings to the Congressional Banking Committees

July 21, 2012 SEC comment request on the effectiveness of existing private and public efforts to educate investors, 76 Fed. Reg. 22,740 (Apr. 22, 2011).

919 SEC authorized to promulgate rules designating documents or information a broker or dealer must provide to a potential retail investor prior to the purchase of investment products or services

N/A

919B SEC must conduct study, including recommendations, on ways to improve investors’ access to registration information about investment advisers, broker-dealers and their associated persons, and identify additional information that should be made publicly available

January 21, 2011











79

Dodd-Frank Section



919B SEC must implement recommendations from the study required by Section 919A

18 months after completion of Section 919A study

919D Investor Advocate must appoint an ombudsman 180 days after appointment of Investor Advocate

SEC defers implementation due to budget uncertainty. Activities regarding investor perspectives in rulemaking will continue to be performed by staff in existing Office of Investor Education & Advocacy (Dec. 2, 2010)

921 SEC authorized to promulgate rules regarding the use of mandatory pre-dispute arbitration clauses in agreements between any broker-dealer, municipal securities dealer or investment adviser, and their customers or clients, with respect to disputes that arise under the securities laws or rules of any SRO

N/A

922 SEC must submit annual reports to the Congressional Banking Committees on the Dodd-Frank whistleblower award program and Investor Protection Fund

October 30 of each fiscal year after July 21, 2010

SEC proposed rule for implementing the whistleblower provisions of Section 21F of the Securities Exchange Act of 1934, 75 Fed. Reg. 70,488 (Nov. 3, 2010) (to be codified at 17 C.F.R. pts. 240 and 249).

SEC proposes new whistleblower program under Dodd-Frank (Nov. 3, 2010).

922 SEC inspector general must provide a report to the Congressional Banking Committees regarding implementation and operation of the whistleblower program

January 21, 2013 SEC proposed rule for implementing the whistleblower provisions of Section 21F of the Securities Exchange Act of 1934, SEC Release No. 34-63237; File No. S7-33-10 (Nov. 3, 2010) (to be codified at 17 C.F.R. pts. 240 and 249).

SEC proposed new whistleblower program under Dodd-Frank (Nov. 3, 2010).

923 SEC must adopt conforming amendments for whistleblower protection.

N/A SEC final rules pertaining to the payment of bounties for information leading to the recovery of civil penalties for insider trading, 75 Fed. Reg. 57,384 (Sept. 21, 2010) (to be codified at 17 C.F.R. pt. 201).











http://www.sec.gov/rules/final/2010/34-62921.pdf



80

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924 SEC must promulgate rules to implement new whistleblower protection program and establish office within SEC to administer the program

April 17, 2011 SEC defers implementation due to budget uncertainty. Functions temporarily assigned to existing staff within the Division of Enforcement (Dec. 2, 2010)

SEC final rule on the rescission of rules pertaining to the payment of bounties for information leading to the recovery of civil penalties for insider trading, 75 Fed. Reg. 57,384 (Sept. 21, 2010) (to be codified at 17 C.F.R. pt. 201).

924 SEC’s office responsible for whistleblower program must provide annual reports to the Congressional Banking Committees

Annually

926 SEC must promulgate “bad actor” rules to disqualify certain persons from offerings and sales under Regulation D

July 21, 2011

929H SIPC board of directors must report to Congress standard maximum cash advance amount; SEC must publish same in Federal Register

April 5 of any year when an inflation adjustment is required (January 1, 2011 and every 5 years thereafter)

929I SEC may not be compelled to disclose any records or information provided to the SEC under Section 204 of the Advisers Act, or records or information based upon or derived from such records or information, if the records or information have been obtained by the SEC for surveillance, risk assessments or other regulatory and oversight activities. This provision also contains exclusions for disclosure to Congress, other federal departments and agencies and court orders.

N/A White House statement regarding President Obama’s signing of H.R. 3717, which repeals Section 929I (Oct. 5, 2010).

929Q SEC authorized to require recordkeeping by persons with custody of assets of a registered investment company

N/A

929W SEC must revise its regulations on transfer agents’ obligation to search for lost securityholders

July 21, 2011 SEC proposed rule extending obligation to search for lost securityholders to brokers and dealers; creating paying agents’ obligation to search for missing securityholders and other measures, 76 Fed. Reg. 16,707 (Mar. 25, 2011) (to be codified at 17 C.F.R. 240).




http://www.sec.gov/rules/final/2010/34-62921fr.pdf



http://www.whitehouse.gov/the-press-office/2010/10/05/statement-press-secretary-10510

http://www.whitehouse.gov/the-press-office/2010/10/05/statement-press-secretary-10510





81

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929X SEC authorized to promulgate rules to ensure enforcement options and remedies for violations of anti-manipulation provision regarding short sales

N/A

929X SEC must promulgate rules that expand the disclosure obligations of institutional money managers to cover short sales of securities

N/A

929X SEC may promulgate rules prescribing the form, content, time and manner of delivery of notices regarding short sales

N/A

929Y SEC must study prospect of extending extraterritorial jurisdiction for private rights of action under antifraud provisions of Exchange Act

January 21, 2012 SEC request for comments on extraterritorial private rights of action, SEC Release No. 34-63174 (Oct. 25, 2010).

929Z GAO must study and report to Congress its findings with respect to private rights of action for aiding and abetting liability

July 21, 2011

932 SEC must establish an Office of Credit Ratings July 21, 2011 SEC defers implementation due to budget uncertainty. Rulemaking functions remain with staff within the Division of Trading and Markets; examination functions continuing to be performed by existing Office of Compliance Inspections & Examination (Dec. 2, 2010)

932 SEC must promulgate rules requiring each NRSRO to submit annual internal control reports to the SEC

July 21, 2011

932 SEC must promulgate rules intended to prevent sales and marketing considerations from influencing NRSROs ratings

July 21, 2011

932 SEC must promulgate rules setting forth fines and penalties for NRSROs violating applicable law and SEC rules

July 21, 2011

932 SEC must promulgate rules requiring NRSROs to publicly disclose information on ratings histories for each type of rated issuer, security and money market instrument

July 21, 2011

932 SEC must promulgate rules with respect to procedures and methodologies used by NRSROs

July 21, 2011








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932 SEC must promulgate rules requiring each NRSRO to prescribe a standardized form for disclosure of qualitative and quantitative information regarding the data and assumptions underlying the determination of ratings

July 21, 2011

932 SEC must establish the format and content for third-party due-diligence certifications required with respect to NRSRO ratings of asset-backed securities and promulgate rules requiring NRSROs to publicly disclose such certifications

July 21, 2011 SEC proposed rule on issuer review of assets in offerings of asset-backed securities, 75 Fed. Reg. 64,182 (Oct. 19, 2010) (to be codified at C.F.R. pts. 229, 230, 240, and 249).

SEC proposes rule to require issuer review of assets underlying asset-backed securities (Oct. 13, 2010).

933(a) SEC must promulgate such rules as may be necessary to ensure that NRSROs and other credit rating agencies are subject to certain enforcement and penalty provisions of the Exchange Act

July 21, 2011

936 SEC must promulgate rules to establish NRSRO credit rating analyst standards of training, experience, competence and testing

July 21, 2011

938 SEC must promulgate rules requiring each NRSRO to establish written policies and procedures that assess default probabilities with respect to securities and money market instruments, clearly define and disclose the meaning of any credit rating symbols used and ensure that such symbols are applied consistently

July 21, 2011

939 SEC must conduct a study on the feasibility and desirability of standardizing credit rating terminology and the market stress conditions under which ratings are evaluated and submit a report with the findings and any recommendations to Congress

July 21, 2011 SEC requests comment on credit rating standardization study, 75 Fed. Reg. 80,866 (Dec. 23, 2010).


July 21, 2011



SEC proposed rule regarding references to credit ratings in certain Investment Company Act rules and forms, 76 Fed. Reg. 12,896 (Mar. 9, 2011) (to be codified at 17 CFR pts. 239, 270 and 274).








83

Dodd-Frank Section




N/A SEC proposed rule on security ratings, 76 Fed. Reg. 8,946 (Feb. 16, 2011) (to be codified at 17 C.F.R. pts. 200, 229, 230, 232, 239, 240 and 249).

939B SEC must revise Regulation FD to remove exemption for disclosure to credit rating agencies

October 19, 2010 SEC final rule to remove exemption for disclosures made to credit rating agencies, 75 Fed. Reg. 61,050 (Sept. 29, 2010) (to be codified at 17 C.F.R. pt. 243).

939C SEC must conduct a study on the independence of NRSROs and submit a report with the findings of the study and any recommendations to the Congressional Banking Committees

July 21, 2013

939F SEC must conduct a study of conflicts of interests associated with existing models of rating structured finance products and the feasibility of an alternative system in which a public or private utility or SRO would assign an NRSRO to determine credit ratings for structured finance products and submit a report with its findings and recommendations to Congress

July 21, 2012

939F SEC must implement the ratings system contemplated by Section 939D of the Senate Bill unless it determines an alternative system would better serve the public interest and the protection of investors

July 21, 2012


April 17, 2011




N/A

942 SEC authorized to promulgate rules or regulations suspending or terminating the duty to file under Section 15(d) of the Exchange Act for certain classes of ABS

N/A Proposed rule on suspension of the duty to file reports for classes of ABS under Section 15(d) of the Exchange Act, 76 Fed. Reg. 2,049 (Jan. 12, 2011) (to be codified at 17 C.F.R. pts. 240, 249).










84

Dodd-Frank Section



942 SEC must promulgate rules requiring each issuer of ABS to disclose, for each tranche or class of securities, information regarding the assets backing such securities

N/A

943 SEC must promulgate rules regulating the use of representations and warranties in the ABS market that (1) require each NRSRO to describe the representations, warranties, and enforcement mechanisms available to investors and how they differ from the representations, warranties and enforcement mechanisms available in issuances of similar securities and (2) require each securitizer to disclose fulfilled and unfulfilled repurchase requests across all trusts aggregated by the securitizer

January 17, 2011 Final rule related to disclosure for ABS offerings, 76 Fed. Reg. 4,489 (Jan. 26, 2011) (to be codified at 17 C.F.R. pts. 229, 232, 240 and 249).

Correction to proposed rule on representation and warranties in ABS offerings requiring (1) securitizers of ABS to disclose repurchase requests and (2) NRSROs to include in their reports information regarding the representations, warranties, and enforcement mechanisms available to investors in an ABS offering, 75 Fed. Reg. 65,442 (Oct. 25, 2010) (to be codified at 17 C.F.R. pts. 229, 240, 249).

Proposed rule on representation and warranties in ABS offerings requiring (1) securitizers of ABS to disclose repurchase requests and (2) NRSROs to include in their reports information regarding the representations, warranties, and enforcement mechanisms available to investors in an ABS offering, 75 Fed. Reg. 62,718 (Oct. 13, 2010) (to be codified at 17 C.F.R. pts. 229, 240, 249).

SEC seeks public comment on ABS rule proposal under Dodd-Frank (Oct. 6, 2010).

945 SEC must promulgate rules requiring any issuer of ABS to perform a review of the underlying assets and disclose the nature of such review in its registration statement

January 17, 2011 SEC final rule on issuer review of assets in ABS offerings, 76 Fed. Reg. 4,231 (Jan. 25, 2011) (to be codified at 17 CFR pts. 229, 230).

SEC proposed rule on issuer review of assets in ABS offerings, 75 Fed. Reg. 64,182 (Oct. 19, 2010) (to be codified at 17 C.F.R. pts. 229, 230, 240, 249).

SEC proposes rule to require issuer review of assets underlying asset-backed securities (Oct. 13, 2010).



















85

Dodd-Frank Section



951 SEC must promulgate rules providing for disclosure of “golden parachute” arrangements

N/A SEC final rule on shareholder approval of executive compensation and golden parachute compensation, SEC Release Nos. 33-9178; 34-63768; File No. S7-31-10 (Jan. 25, 2011) (to be codified at 17 C.F.R. pts. 229, 240 and 249).

SEC proposed rule on reporting of proxy votes on executive compensation and other matters, 75 Fed. Reg. 66,622 (Oct. 28, 2010) (to be codified at 17 C.F.R. pts. 240, 249, 270, and 274).

SEC proposed rule on shareholder approval of executive compensation and golden parachute compensation, 75 Fed. Reg. 66,590 (Oct. 28, 2010) (to be codified at 17 C.F.R. pts. 229, 240, and 249).

952 SEC must promulgate rules requiring national securities exchanges to prohibit the listing of equity securities, with certain exceptions, of any issuer whose board does not have an independent compensation committee

July 16, 2011

952 SEC must promulgate rules requiring national securities exchanges to prohibit the listing of securities of an issuer not in compliance with the requirements relating to compensation consultants, legal counsel and other advisors to compensation committees (including identification of factors affecting the independence of such advisors)

July 16, 2011 SEC proposed rule on listing standards for exchanges with regard to compensation committees, 76 Fed. Reg. 18,966 (Apr. 6, 2011) (to be codified at 17 C.F.R. 229 and 240).

952 SEC must conduct a study and review of the use of compensation consultants and the effects of such use

July 21, 2012

953 SEC must promulgate rules requiring issuers to provide clear descriptions of compensation required to be disclosed under Item 402 of Regulation S-K in proxy statements and consent solicitations for annual meetings of shareholders

N/A

953 SEC must amend Item 402 of Regulation S-K to require each issuer to disclose (1) the median total compensation of its non-CEO employees, (2) the total compensation for its CEO, and (3) a ratio of (1) to (2)

N/A









86

Dodd-Frank Section



954 SEC must promulgate rules requiring national securities exchanges to prohibit the listing of securities of issuers who do not develop and implement appropriate “claw-back” policies

N/A

955 SEC must promulgate rules requiring each issuer to disclose whether employees or directors (or any designee) may hedge against decreases in the value of equity owned by such employee or director

N/A



SEC proposed rule implementing amendments to the Advisers Act, 75 Fed. Reg. 77,052 (Dec. 10, 2010) (to be codified at 17 C.F.R. pt. 275, 279).

957 SEC authorized to determine “significant matters” with respect to which members of national securities exchanges may not vote securities absent instructions from the beneficial owner

N/A





87

Dodd-Frank Section



957 Amending Exchange Act to require rules of each national securities exchange to prohibit member organizations that are not beneficial owners of a security registered under Section 12 of the Exchange Act from granting a proxy to vote the security in connection with certain stockholder votes, unless the beneficial owner has provided voting instructions

N/A SEC notice of EDGA Exchange, Inc., proposed rule to amend proxy voting rules, 76 Fed. Reg. 20,067 (Apr. 11, 2011).

SEC notice of EDGX Exchange, Inc., proposed rule to amend proxy voting rules, 76 Fed. Reg. 20,058 (Apr. 11, 2011).

SEC notice of NADSDAQ Stock Market LLC proposed rule to amend proxy voting rules, 76 Fed. Reg. 20,054 (Apr. 11, 2011).

SEC notice of Chicago Board Options Exchange proposed rule to amend proxy voting rules, 76 Fed. Reg. 17,728 (Mar. 30, 2011).

SEC notice of NASDAQ OMX BX, Inc. proposed rule to amend proxy voting rules, 76 Fed. Reg. 13,014 (Mar. 9, 2011).

SEC notice of Chicago Board Options Exchange proposed rule to amend proxy voting rules, 76 Fed. Reg. 10,078 (Feb. 23, 2011).

SEC notice of C2 Options Exchange, Incorporated proposed rule to amend proxy voting rules, 76 Fed. Reg. 10,076 (Feb. 23, 2011).

SEC approves International Securities Exchange, LLC proposal regarding proxy voting, 75 Fed. Reg. 65,680 (Oct. 26, 2010).

961 SEC must submit report on conduct of examination enforcement procedures and review of filings to the Congressional Banking Committees

90 days after end of each fiscal year

962 SEC must submit a report to the Congressional Banking Committees describing the actions taken in response to the GAO triennial report, required by Section 962, evaluating the quality of the SEC’s personnel management

90 days after submission of the GAO report

963 SEC must submit annual report to Congress describing the responsibility of SEC management for establishing and maintaining internal control structures and procedures for financial reporting, and assessing such controls and procedures


966 SEC inspector general must submit annual report to Congress describing efficiency suggestions and allegations of inefficiency obtained from the confidential SEC hotline and the related actions recommended by the inspector general

Annually

















88

Dodd-Frank Section



967 Independent consultant must conduct a study and submit a report to the SEC and Congress on the internal operations, structure and funding of the SEC

SEC to hire consultant by October 19, 2010; report due 150 days after consultant retained

SEC awards independent consultant contract to perform study of SEC organization and operations (Oct. 15, 2010).

967 SEC must submit reports to the Congressional Banking Committees on implementation of recommendations in consultant’s report

6, 12, 18 and 24 months after receipt of consultant report

971 SEC authorized to promulgate rules permitting shareholders to use an issuer’s proxy solicitation materials for the purpose of nominating directors

N/A SEC final rule and notice of stay of effective and compliance dates on facilitating shareholder director nominations, 75 Fed. Reg. 64,641 (Oct. 20, 2010) (to be codified at 17 C.F.R. pts. 200, 232, 240, and 249). SEC final rule on facilitating shareholder director nominations, 75 Fed. Reg. 56,668 (Sept. 16, 2010) (to be codified at 17 C.F.R. pts. 200, 232, 240, and 249).

972 SEC must promulgate rules requiring an issuer’s annual proxy statements to disclose the reasons why the issuer chose to combine or separate the positions of chairperson of the board and CEO

January 17, 2011

977 SEC must submit a response to the report required by Section 976 (see above) to the Congressional Banking Committees, describing the actions taken in response to the report

180 days after receipt of GAO report

978 SEC must conduct a study on GASB, including its role in municipal securities markets and its funding and submit a report with its findings to the Congressional Banking Committees

January 17, 2011

978 SEC authorized to issue rules regarding GASB funding N/A

979 SEC must establish an Office of Municipal Securities N/A SEC defers implementation due to budget uncertainty. Functions continue to be assigned to staff within the Division of Trading and Markets (Dec. 2, 2010)

983 SEC authorized to approve portfolio margining programs N/A

http://www.sec.gov/spotlight/dodd-frank/accomplishments.shtml

http://www.sec.gov/spotlight/dodd-frank/accomplishments.shtml







89

Dodd-Frank Section



984 SEC must promulgate rules designed to increase the transparency of information available with respect to the lending or borrowing of securities

July 21, 2012

984 SEC authorized to promulgate rules under its general authority to prohibit fraudulent, manipulative and deceptive devices under Section 10 of the Exchange Act regarding the lending or borrowing of securities

N/A

989G SEC must conduct a study and report to Congress on further expansion of the exemption from Sarbanes-Oxley Section 404(b) for non-accelerated filers

April 21, 2011 SEC study and recommendations on Sarbanes-Oxley Section 404(b) for issuers with public float between $75 and $250 million, (Apr. 22, 2011).

SEC final rule on internal control over financial reporting in Exchange Act periodic reports of non-accelerated filers, 75 Fed. Reg. 57,385 (Sept. 21, 2010) (to be codified at 17 C.F.R. pts. 210, 229, 249).

SEC notice on study regarding Sarbanes-Oxley Act Section 404(b) compliance, 75 Fed. Reg. 63,869 (Oct. 18, 2010).

1502(b) SEC must promulgate rules requiring disclosure related to Conflict Minerals

April 17, 2011 SEC proposed rule; extension of comment period on Conflict Minerals, 76 Fed. Reg. 6,110 (Feb. 3, 2011) (to be codified at 17 C.F.R. pts. 229 and 249).

SEC proposed rule on disclosure related to Conflict Minerals, 75 Fed. Reg. 80,948 (Dec. 23, 2010) (to be codified at 17 C.F.R. pts. 229, 249).

1503 SEC authorized to issue rules to implement mine safety and other disclosure requirements for reporting issuers

N/A SEC proposed rule; extension of comment period on mine safety disclosure, 76 Fed. Reg. 6,110 (Feb. 3, 2011) (to be codified at 17 C.F.R. pts. 229, 239 and 249).

SEC proposed rule on mine safety disclosure, 75 Fed. Reg. 80,374 (Dec. 22, 2010) (to be codified at 17 C.F.R. pts. 229, 239 and 249).

http://www.sec.gov/news/studies/2011/404bfloat-study.pdf

http://www.sec.gov/news/studies/2011/404bfloat-study.pdf











90

Dodd-Frank Section



1504 SEC must promulgate rules requiring disclosure related to payments to governments by resource extraction issuers

April 17, 2011 SEC proposed rule; extension of comment period on resource extraction issuers, 76 Fed. Reg. 6,111 (Feb. 3, 2011) (to be codified at 17 C.F.R. pts. 229 and 249).

SEC proposed rule on disclosure of payments by resource extraction issuers, 75 Fed. Reg. 80,978 (Dec. 23, 2010) (to be codified at 17 C.F.R. pts. 229 and 249).

SECURITIES INVESTOR PROTECTION CORPORATION (“SIPC”)

Dodd-Frank Section



929V SIPC must amend bylaws to increase penalties for violations of the Securities Investor Protection Act

N/A SEC appvoves SIPC proposed bylaw change, 76 Fed. Reg. 2,728 (Jan. 14, 2011).

SEC notice to solicit comments on proposed bylaw change by SIPC, 75 Fed. Reg. 75,711 (Dec. 6, 2010).

U.S. DEPARTMENT OF AGRICULTURE—RURAL HOUSING SERVICE (“RHS”)

Dodd-Frank Section



1412 HUD, VA, USDA and RHS in consultation with the FRB, must establish regulations defining the types of loans such agencies insure, guarantee or administer that are qualified mortgages upon a finding that the regulations are consistent with Sections 129B and 129C of TILA, and are intended to promote compliance and prevent circumvention or evasion


U.S. DEPARTMENT OF COMMERCE (“COMMERCE DEPARTMENT”)

Dodd-Frank Section










91

Dodd-Frank Section




July 21, 2011





N/A

1502(d) Commerce Department must report to Congress assessing the accuracy of private audit and due diligence procedures related to Conflict Minerals

January 21, 2013, and annually thereafter

U.S. DEPARTMENT OF EDUCATION (“DOE”)

Dodd-Frank Section




July 21, 2012

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (“HUD”)

Dodd-Frank Section




April 17, 2011


N/A




92

Dodd-Frank Section



1406 Secretary of HUD, in consultation with the Treasury Secretary and other relevant agencies, must conduct a comprehensive study to determine prudent statutory and regulatory requirements sufficient to provide for widespread use of shared appreciation mortgages to strengthen local housing markets, provide new opportunities for affordable homeownership, and enable homeowners at risk of foreclosure to refinance or modify mortgages

January 21, 2011

1412 HUD, VA, USDA and RHS in consultation with the FRB, must establish regulations defining the types of loans such agencies insure, guarantee or administer that are qualified mortgages upon a finding that the regulations are consistent with Sections 129B and 129C of TILA, and are intended to promote compliance and prevent circumvention or evasion


1442 HUD must establish regulations necessary for implementation of counseling procedures and certification and for carrying out any functions regarding abusive, deceptive or unscrupulous lending practices relating to residential loans that the Secretary considers appropriate


1443 HUD must establish counseling procedures for homeownership and rental-housing counseling provided in connection with any HUD program, including all requirements, standards, and performance measures that relate to homeownership and rental-housing counseling


1443 Secretary of HUD must establish standards for materials and forms to be used by organizations providing homeownership counseling services


1446 Secretary of HUD must conduct study and report to Congress on root causes of default and foreclosure of home loans, and examine the role of escrow accounts in helping prime and nonprime borrowers to avoid defaults and foreclosures, and the role of computer registries of mortgages, including those used for trading mortgage loans

Preliminary Report due July 21, 2011, and Final Report due July 21, 2012

93

Dodd-Frank Section



1481(d) HUD Secretary must establish procedures to ensure compliance with law preventing certain convicts from receiving assistance from the Making Home Affordable Program


1481(d) HUD Secretary must report to the Congressional Banking Committees regarding implementation of Section 1481(d) which prevents certain convicts from receiving assistance from the Making Home Affordable Program

N/A

1494 Secretary of HUD, in consultation with Treasury Secretary, must conduct study of effect on residential mortgage loan foreclosures of the presence of drywall imported from China between 2004 and 2007 and the availability of property insurance for residential structures in which such drywall is present

November 18, 2010

U.S. DEPARTMENT OF JUSTICE (“DOJ”)

Dodd-Frank Section




July 21, 2012

U.S. DEPARTMENT OF STATE (“STATE DEPARTMENT”)

Dodd-Frank Section



1502(c)(1) State Department must submit to Congress its strategy to address linkages between Conflict Minerals, human rights abuses, armed groups and commercial products.

January 17, 2011

1502(c)(2) State Department must produce conflict minerals map January 17, 2011 and every 180 days thereafter

94

Dodd-Frank Section



1502(c)(2)(D) State Department may add minerals to the list of Conflict Minerals

From time to time, with 1 year’s advance notice of intent to include

U.S. DEPARTMENT OF THE TREASURY (“TREASURY”)

Dodd-Frank Section



152(g) The Treasury Secretary, with the concurrence of the Director of the Office of Government Ethics, must issue regulations prohibiting the Director and any employee of the OFR who has had access to any confidential business information submitted to OFR from being employed by or providing advice or consulting services to a financial company for a period of 1 year after last having had access to such information

N/A

203(c)(2) Treasury Secretary must report appointment of FDIC as receiver for covered financial company

24 hours after time of appointment


July 21, 2012


N/A

210(o)(6)(A) FDIC must establish regulations to establish and carry out assessment system and consult with Treasury Secretary on the development and finalization of such regulations

N/A

211(e) Treasury inspector general must report on actions by Secretary under Title II

6 months after date of appointment and every 6 months thereafter

95

Dodd-Frank Section



311 Treasury Secretary authorized to extend Transfer Date of OTS supervisory responsibilities to OCC, FDIC and FRB by up to 6 months

April 17, 2011



721E Treasury Secretary may make a written determination that exchange swaps or foreign exchange forwards or both should not be regulated as swaps under the Commodity Exchange Act, as amended by Dodd-Frank

N/A Treasury notice and request for comment on the determination of foreign exchange swaps and forwards, 75 Fed. Reg. 66,426 (Oct. 28, 2010).


July 21, 2011





N/A

1062 The Secretary of the Treasury is required to designated a single calendar date for the transfer of functions to the Bureau of Consumer Financial Protection (the “CFPB”)

N/A CFPB notice designating July 21, 2011, as the date for the transfer of functions to the CFPB, 75 Fed. Reg. 57,252 (Sept. 20, 2010).

1077 Treasury Secretary must conduct a study and develop recommendations on the options for ending the conservatorships of Fannie Mae and Freddie Mac, and submit it to Congress

Not later than January 31, 2011

1101 FRB, in consultation with the Treasury Secretary, must issue rules establishing policies and procedures regarding FRB emergency lending authority under Section 13(3) of the Federal Reserve Act, including certain policies required by Dodd-Frank









96

Dodd-Frank Section



1105 FDIC, in consultation with the Treasury Secretary, must issue regulations establishing policies and procedures to govern the Emergency Financial Stabilization Authority


1204 Treasury Secretary authorized to establish grant and other programs to improve access to financial services for low- and moderate-income Americans

N/A

1204 Treasury Secretary authorized to establish grants and other programs regarding low cost alternatives to small dollar loans

N/A

1209 Treasury Secretary authorized to promulgate regulations to implement the programs and undertakings authorized by Title XII

N/A

1210 Treasury Secretary must submit annual report to the Congressional Banking Committees describing the activities funded, amounts distributed and measurable results of Title XII for each year that any such activities are in place

Annually

1303 Treasury Secretary must report to Congress on amounts received in connection with TARP that are deposited to the general fund under the Emergency Economic Stabilization Act of 2008

Every 6 months

1482(a) Treasury Secretary must revise supplemental directives and guidelines for Home Affordable Modification Program of the Making Home Affordable initiative to require mortgage servicers to provide each borrower whose request for a modification is denied with all borrower-related and mortgage-related input data used in any net present value analysis


1483(b) Treasury Secretary must publish report containing information submitted by Making Home Affordable Modification Program participants including (1) number of requests for mortgage modifications received; (2) number of requests processed; (3) number of requests approved; and (4) number of requests denied

14 days after each monthly submission of data by mortgage servicers and lenders in Home Affordable Modification Program

97

Dodd-Frank Section



1501 Treasury Secretary must report to Congressional Banking Committees with respect to IMF loans to certain countries deemed not likely to be repaid

Within 30 days of IMF approval; annually thereafter by June 30

U.S. DEPARTMENT OF VETERANS AFFAIRS (“VA”)

Dodd-Frank Section



1412 HUD, VA, USDA and RHS in consultation with the FRB, must establish regulations defining the types of loans such agencies insure, guarantee or administer, that are qualified mortgages upon a finding that the regulations are consistent with Sections 129B and 129C of the TILA, and are intended to promote compliance and prevent circumvention or evasion


U.S. DISTRICT COURT FOR THE DISTRICT OF COLUMBIA (“DISTRICT COURT”)

Dodd-Frank Section



202(b) District court must establish rules and procedures to ensure the orderly conduct of proceedings relating to the appointment of a receiver for a covered financial company, including to meet the 24-hour decision deadline for the Treasury Secretary to petition for appointment of a receiver for a covered financial company

January 21, 2011

U.S. SENTENCING COMMISSION

Dodd-Frank Section



1079A U.S. Sentencing Commission to review and (if appropriate) amend Federal Sentencing Guidelines relating to securities, financial institutions or mortgage fraud and similar violations of law

N/A Notice of proposed amendments to sentencing guidelines, 76 Fed. Reg. 3,193 (Jan. 19, 2011).


GLOSSARY OF DEFINED TERMS

ABS: asset-backed security

Advisers Act: Investment Advisers Act of 1940, as amended

BHC: bank holding company

BHC Act: Bank Holding Company Act of 1956

Bureau: Bureau of Consumer Financial Protection

CFTC: Commodity Futures Trading Commission

Conflict Minerals: columbite-tantalite (coltan), cassiterite, gold, wolframite and derivatives thereof, or any other mineral or its derivatives determined by the Secretary of State to be financing conflict in the Democratic Republic of the Congo

Congressional Banking Committees: the U.S. Senate Committee on Banking, Housing and Urban Affairs and the U.S. House of Representatives Committee on Financial Services

Council: Financial Stability Oversight Council

Covered BHCs: large, interconnected bank holding companies

Covered financial company: a financial company for which a systemic risk determination has been made under Dodd-Frank Section 203, but not including an insured depository institution

Covered Nonbank Company: a nonbank financial company that the Council determines should be subject to FRB supervision

Designated Transfer Date: the date of the transfer of functions to the Bureau, which must be between January 17 and July 21, 2011, unless extended by the Treasury Secretary to not later than January 21, 2012

DIHC: depository institution holding company

District Court: U.S. District Court for the District of Columbia

DOE: U.S. Department of Education

DOJ: U.S. Department of Justice

Dodd-Frank: Dodd-Frank Wall Street Reform and Consumer Protection Act

FDI Act: Federal Deposit Insurance Act

FDIC: Federal Deposit Insurance Corporation

FERC: Federal Energy Regulatory Commission

FHFA: Federal Housing Finance Agency

FIO: Federal Insurance Office

FOIA: Freedom of Information Act

FRB: Board of Governors of the Federal Reserve System

FTC: Federal Trade Commission

GAO: Government Accountability Office

GASB: Government Accounting Standards Board

HUD: U.S. Department of Housing and Urban Development

IAC: Investor Advisory Committee

MSP: major swap participant

MSRB: Municipal Securities Rulemaking Board

NAIC: National Association of Insurance Commissioners

NCUA: National Credit Union Administration

Nonbank financial company: a U.S. or non-U.S. company predominantly engaged in activities in the United States that are financial in nature

NRSRO: nationally recognized statistical rating organization

OCC: Office of the Comptroller of the Currency

OFHEO: Office of Federal Housing Enterprise Oversight

OFR: Office of Financial Research

OLA: orderly liquidation authority

OTC: over the counter

OTS: Office of Thrift Supervision

PCAOB: Public Company Accounting Oversight Board

PFRA: Primary financial regulatory agency is defined in Dodd-Frank Section 2(12) as an institution’s appropriate federal banking agency, the SEC, the CFTC, a state insurance authority, the Federal Housing Finance Agency or the Federal Home Loan Bank System, depending on the type of institution

Proprietary trading: engaging as principal for an entity’s own “trading account” in any transaction to purchase, sell or otherwise acquire or dispose of any security, derivative, any contract of sale of a commodity for future delivery, any option on any such security, derivative or contract, or any other security or financial instrument that the appropriate federal banking agencies, in consultation with the SEC and CFTC, jointly determine by rule

RESPA: Real Estate Settlement Procedures Act

RHS: Rural Housing Service, an agency of the U.S. Department of Agriculture

SEC: Securities and Exchange Commission

SEF: swap execution facility

Senate Bill: Restoring American Financial Stability Act of 2010, S. 3217, approved by the U.S. Senate May 20, 2010

SIPC: Securities Investor Protection Corporation

SLHC: savings and loan holding company

SLHC Act: Savings and Loan Holding Company Act

State Department: U.S. Department of State

SRO: self-regulatory organization

TILA: Truth in Lending Act

Transfer Date: the date of the transfer of the Office of Thrift Supervision’s supervisory responsibility; between July 21, 2011 and January 21, 2012

Treasury: U.S. Department of the Treasury

VA: U.S. Department of Veterans Affairs