The rule, finalized by the federal reserve board, the federal deposit insurance corporation, and the office of the comptroller of the currency, is consistent with the requirements of section 171 of the doddfrank wall street reform and consumer protection act. The doddfrank wall street reform and consumer protection act brings comprehensive reform to the regulation of swaps. I did, however, have questions about the designation of certain nonbank financial companies under section 1 for federal reserve supervision and the significance of such a. Section 1504 requires reporting issuers engaged in the commercial development of oil, natural gas, or minerals to disclose in an annual report certain payments made to the united states or a foreign government. The federal reserve board is responsible for issuing a number of rules under the doddfrank wall street reform and consumer protection act the doddfrank act or dfa, sometimes in. Title xv of the doddfrank wall street reform and consumer protection act contains several specialized disclosure provisions.
Doddfrank wall street reform and consumer protection act. Office of minority and women inclusion a office of minority and women inclusion. Section 171 was intended to ensure that leverage and riskbased capital requirements instituted in response to the great recession of 2008 are no less than those already in place when the doddfrank act was signed into law in 2010. It would clarify that the federal reserve board can apply insurancebased capital standards to the insurance portion of any insurance holding company it oversees. Such relief may include redress for victims of the violations, including refunds, restitution, and. Section 1071 of doddfrank amended the equal credit opportunity act to require financial institutions to collect and maintain certain data in connection with credit applications made by women or minorityowned businesses and small businesses. Section 1057 of the doddfrank act prohibits retaliation against employees who provide information to their employers or the government federal, state, or local that they reasonably believe constitutes a violation of the consumer financial protection act of 2010 title x of the doddfrank act. Such transfersor remittances, as the act identifies themare now the subject of rulemaking by the consumer financial. We welcome the opportunity to comment on the proposals. The commission is adopting rules and forms to implement section 21f of the securities exchange act of 1934 exchange act entitled securities whistleblower incentives and protection. Written in the aftermath of the 2008 financial crisis, the doddfrank act is the most substantial piece of financial reform. The doddfrank act implementation of the collins amendment. Implementation of the doddfrank act implications for foreign banking organizations part 2.
These products, which have not previously been regulated in the united. Its the most comprehensive financial reform since the glasssteagall act. Amendment in the doddfrank act section 171 of the doddfrank act. In general, we agree the commission should amend its rules to give effect to section 1503 of the doddfrank act, which will help clarify for issuers how section 1503 should be applied. Section 171 of dodd frank, the collins amendment, is. Implementation of other key provisions of doddfrank for foreign banks thomas j. For complete classification of this act to the code, see short title note set out under section 1841 of this title and tables. Section 171 directs the appropriate federal banking agencies to establish minimum leverage and riskbased capital requirements, on a consolidated basis, for insured depository institutions, depository institution holding companies, and nonbank financial. Doddfrank act section 1055 authorizes a court in a judicial action, or the cfpb in an administrative proceeding, to grant any appropriate legal or equitable relief for a violation of federal consumer financial law. Doddfrank wall street reform and consumer protection act the doddfrank act.
Selections from the doddfrank wall street reform and. Unless otherwise specified in the act, provisions of the act take effect on july 22, 2010. The doddfrank wall street reform and consumer protection act pub. As explained by proponent, congresswoman maxine waters of california, section 342s objectives are to not only give oversight to diversity, but to help the agencies. One hundred eleventh congress of the united states. Ordered to be printed sroberts on dskd5p82c1prod with hearing verdate mar 15 2010 21. Section 171 directs the appropriate federal banking agencies to establish minimum leverage and riskbased capital requirements, on a consolidated basis, for insured depository institutions, depository institution holding companies, and nonbank financial companies that are supervised by the federal reserve. The doddfrank wall street reform and consumer protection act. Doddfrank act, which is generally referred to as the collins amendment.
Section 342 of the doddfrank wall street reform and consumer protection act was included in the act to promote diversity and inclusion in the financial services industry. Insurance capital standards clarification act, which previously passed the senate unanimously and is an intended fix to the socalled collins amendment. The doddfrank wall street reform and consumer protection act the act provides for the establishment of a financial stability oversight council the council comprised of the heads of the financial regulatory agencies. Because section 171 of the doddfrank act may prove to be costly and onerous for institutions, h. The bank holding company act of 1956, referred to in subsec. The doddfrank act is massive and farreaching financial reform legislation that will have a major. Passed in response to the 2008 global financial crisis, the act brought the most significant changes to financial regulation in the nation since the regulatory reform that came. Department of the treasury, office of the comptroller of. Report of the consumer financial protection bureau. Resource extraction issuer must disclose payments paid to government. Companies that are required to file an annual report with sec, and that engage in commercial development of oil, natural gas, or minerals, sec terminology. Those standards required under section 171 serve as the starting point for the development of more stringent standards as required under section 165 of the act. The doddfrank wall street reform and consumer protection act commonly referred to as doddfrank is a united states federal law that was enacted on july 21, 2010. The amended section 171 avoids placing significant and untimely capital needs on community banks.
Except as provided in subparagraph b, not later than 6 months after the date of enactment of this act, each agency shall establish an. Provisions of the doddfrank act require that this information be made publicly available. Chamber letter on section 171 of the doddfrank act. Section 939aa of the doddfrank wall street reform and consumer protection act, public law 111203 124 stat. The disclosure included information about the identify of entities that received assistance under the facilities, the amount and type of assistance provided, the terms.
A summary of the final remittance transfer rule section 1073. Banking agencies adopt a final rule to establish a risk. The law overhauled financial regulation in the aftermath of the great recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nations financial services industry. In general, these standards should be developed with the goal of addressing the risks that certain activities or operations pose to the institution, as well as public and private stakeholders, in the event of disruption or failure of the institution. Its eight components help prevent a repeat of the 2008 financial crisis. Doddfrank wall street reform and consumer protection act formerly h.
The provisions of the collins amendment are contained in section 171 of the doddfrank act. Title vii section discusses, derivatives clearinghouses after dodd. On june 28, 2011, the board, the occ, and the fdic issued a final rule implementing in part the collins amendment section 171, which requires that the capital. The doddfrank act implements changes that, among other things, affect the oversight and supervision of financial institutions, provide for a new resolution procedure for large financial companies, create a new agency responsible for implementing and enforcing compliance with consumer financial. Section 171 of dodd frank, the collins amendment, is intended to. The doddfrank wall street reform and consumer protection act congressional research service 1 introduction in response to problems raised by the 20072009 financial crisis, the doddfrank wall street reform and consumer protection act of 20101 doddfrank was enacted on july 21, 2010. Iv the securities and exchange commission, with respect to any entity for which the securities and exchange commission is the primary financial regulatory agency, as defined in section 2 of the doddfrank wall street reform and consumer protection act. This act may be cited as the doddfrank wall street reform and consumer protection act. Frank wall street reform and consumer protection act, 171. This act may be cited as the 3 doddfrank wall street reform and consumer protec4 tion act. Although we do not expect further debate on this or any other provision of the dodd frank act, the reconciled bill still needs to pass both houses of congress and be signed by the president in order to become law. The doddfrank wall street reform and consumer protection act is a law that regulates the financial markets and protects consumers. On july 21, 2010, president obama signed the wall street reform and consumer protection act, more commonly referred to as the doddfrank act. Implementation of the doddfrank act implications for.
The doddfrank wall street reform and consumer protection act, enacted on july 21, 2010 doddfrank, established a whistleblower. Securities and exchange commission 17 cfr parts 240 and. A letter to several congressional committee members is included in the release. The bill clarifies the federal reserves authority to recognize the distinctions between banking and insurance when implementing section 171. Section 1073 of the doddfrank act creates new protections for u. Glasssteagall regulated banks after the 1929 stock market crash. On july 21, 2010, the doddfrank wall street reform and consumer protection act doddfrank act was signed into law. Create a sound economic foundation to grow jobs, protect consumers, rein in wall street and big bonuses, end bailouts and too big to fail, prevent another. This letter was sent to the senate committee on banking, housing, and urban affairs, and the house committee on financial services, on section 171 of the doddfrank act the collins amendment. Pdf the doddfrank act constitutes the most significant reform of financial regulation in the. Essentially, the collins amendment provides that basel. Section 1502 requires persons to disclose annually whether any conflict minerals that are necessary to the functionality or production of a product of the person, as defined in the provision, originated in the.