At this point, federal regulatory agencies are anticipating nearly 250 new regulatory rules called for in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Some of the changes already underway include the following.
According to provisions in the Act, the Federal Reserve has altered disclosure of discount window lending information. The Fed will now publicly disclose the following information, generally about two years after a discount window loan is extended to a depository institution:
See more at www.frbdiscountwindow.org under General Information > FAQs.
Federal agencies gave advanced notice Aug. 10 for proposed rulemaking regarding alternatives to the use of credit ratings in the risk-based capital guidelines of the federal banking agencies.
The Act requires each agency to review 1) any regulation issued by such an agency that requires the use of an assessment of the credit-worthiness of a security or money market instrument; and 2) any references to or requirements in such regulations regarding credit ratings. In developing substitute standards of credit-worthiness, agencies are supposed to establish, as feasible, uniform standards of credit-worthiness for use by the agency, taking into account the entities it regulates that would be subject to such standards.
See the advance notice and comments instructions at http://federalreserve.gov/newsevents/press/bcreg/20100810a.htm.
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