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- Proposals for Comment
- Milestones
- Transaction Data
Implementing the Dodd-Frank Act: The Federal Reserve Board's Role
The Federal Reserve Board is responsible for issuing a number of rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or "DFA"), sometimes in conjunction with other government agencies. Listed below are initiatives completed by the Board, along with some of the proposals the Board has planned through 2013 and proposed rules that are being finalized. Timeframes for upcoming initiatives are estimates and may be adjusted.
Initiatives Completed
Dodd-Frank Act: Statutory Dates For Actions
Initiatives Completed (2012)
September 2016
Banking Activities and Investments Congressional Report
On September 8, 2016, the Board, along with the FDIC and OCC, submitted a joint report to Congress and the FSOC on the activities and investments that banking entities may engage in under applicable law. (DFA Section 620)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Countercyclical Capital Buffer Framework
On September 8, 2016, the Board issued a policy statement detailing the framework the Board will follow in setting the Countercyclical Capital Buffer for private-sector credit exposures located in the United States under Regulation Q. (DFA Section 616(c))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
August 2016
Swaps Margin Requirements Exemptions
On August 1, 2016, the Board, along with the FDIC, OCC, FCA, and FHFA issued a final rule exempting certain commercial and financial end users from margin requirements for certain swaps not cleared through a clearinghouse. (DFA Sections 731, 764)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
July 2016
Consumer Credit and Lease Transaction Exemption Threshold Inflation Adjustments
On July 22, 2016, the Board, along with the CFPB, issued proposed rules detailing the method to be used to make inflation adjustments to exemption thresholds for certain consumer credit and lease transactions from the Truth in Lending Act (Regulation Z) and Consumer Leasing Act (Regulation M). (DFA Section 1094)
Appraisal Exemption Threshold Adjustments for Higher-Priced Mortgage Loans
On July 22, 2016, the Board, along with the CFPB and OCC, issued a proposed rule detailing the method to be used to make annual inflation adjustments to the threshold for exempting small loans from higher-priced mortgage loan appraisal requirements. (DFA Section 1471)
June 2016
Capital Standards for Systemically Important Insurance Companies
On June 3, 2016, the Board issued an advance notice of proposed rulemaking on conceptual frameworks for capital standards that could apply to systemically important insurance companies and to insurance companies that own a bank or thrift and issued a proposed rule to apply enhanced prudential standards to systemically important insurance companies designated by the FSOC. (DFA Sections 113, 165)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
May 2016
Qualified Financial Contracts (QFCs)
On May 3, 2016, the Board issued a proposed rule to require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend QFCs to prevent the immediate cancellation of the contracts if the firm enters bankruptcy or a resolution process to reduce the risk of a run on the solvent subsidiaries of a failed GSIB caused by a large number of firms terminating their financial contracts at the same time. (DFA Section 165)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Incentive Compensation
On May 2, 2016, the Board approved a revised proposed rule to prohibit incentive-based compensation arrangements that encourage inappropriate risk taking by covered financial companies, and require the disclosure and reporting of certain incentive-based compensation information by covered financial companies. This proposal was jointly issued by the Board, FDIC, OCC, FHFA, NCUA and SEC. (DFA Section 956)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
April 2016
Liquidity Coverage Ratio Amendment
On April 1, 2016, the Board issued a final rule to amend the Liquidity Coverage Ratio (LCR) adopted in September 2014 to add certain general obligation state and municipal bonds to the range of assets a banking organization may use to meet liquidity need during a period of financial stress. (DFA Section 165(b))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
March 2016
Single-Counterparty Credit Limits for Large BHCs
On March 4, 2016, the Board issued a proposed rule to address risk associated with excessive credit exposures of large banking organizations to a single counterparty. (DFA Section 165(e))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
February 2016
Repeal of Regulation AA
On February 11, 2016, the Board issued a final rule to repeal its Regulation AA (Unfair or Deceptive Acts or Practices), as required by the Dodd-Frank Act. (DFA Section 1092(2))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Repeal of Regulation C
On February 11, 2016, the Board issued a proposed rule to repeal its Regulation C (Home Mortgage Disclosure), to comply with provisions of the Dodd-Frank Act that transferred certain consumer protection rulewriting authority to the Consumer Financial Protection Bureau (CFPB). The CFPB has issued final rules that supersede the Board's Regulation C. (DFA Section 1092)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
November 2015
Emergency Lending Authority
On November 30, 2015, the Board issued a final rule, effective January 1, 2016, specifying its procedures for emergency lending under Section 13(3) of the Federal Reserve Act, as required by the Dodd-Frank Act. (DFA Sections 1101, 1103)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Capital Planning and Stress Testing Modifications
On November 25, 2015, the Board issued a final rule to modify the timing for several regulatory requirements that have yet to be integrated into the capital plan and stress-testing framework, effective January 1, 2016. This rule works in conjunction with stress test rules adopted by the Board to implement DFA. (DFA Section 165(i))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Appraisal Exemption Technical Amendments for Higher-Priced Mortgage Loans
On November 25, 2015, the Board, along with the CFPB and OCC, issued a final rule amending official interpretations for their regulations implementing section 129H of the Truth in Lending Act (TILA) that establishes appraisal requirements for "higher-risk mortgages," termed "higher-priced mortgage loans" or "HPMLs" in the agencies' regulations. Effective January 1, 2016, the exemption threshold remains at $25,500. (DFA Section 1471)
Liquidity Requirement Disclosure
On November 24, 2015, the Board issued a proposed rule to require large banking organizations to publicly disclose several measures of their liquidity profile. These measures will be the first required public disclosure of a quantitative liquidity risk metric for large banking organizations. (DFA Section 165(b)(1))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
October 2015
Regulations Q and YY: GSIB Long-Term Debt and Total Loss-Absorbing Capacity Requirements
On October 30, 2015, the Board issued a proposed rule to implement Regulations Q and YY to bolster financial stability of domestic firms identified by the Board as global systemically important banks (GSIBs) and to the U.S. operations of foreign GSIBs. These institutions would be required to meet a new long-term debt requirement and a new "total loss-absorbing capacity," or TLAC, requirement. (DFA Section 165)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Swaps Capital and Margin Requirements
On October 30, 2015, the Board, along with the FDIC, OCC, FCA, and FHFA issued a final rule to establish capital and margin requirements for swap dealers and other covered swap entities. (DFA Sections 731 and 764)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Swaps Capital and Margin Requirement Exemptions
On October 30, 2015, the Board, along with the FDIC, OCC, FCA, and FHFA issued an interim final rule to exempt certain non-cleared swaps and non-cleared security-based swaps with certain counterparties that qualify for an exception or exemption from clearing from the initial and variation margin requirements under the Dodd-Frank Act. (DFA Sections 731 and 764)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
July 2015
GSIB Risk-Based Capital Surcharge
On July 20, 2015, the Board issued a final rule to require the largest, systemically-important U.S. bank holding companies (BHCs) to further strengthen their capital positions. Specifically, the rule establishes a risk-based capital surcharge for global systemically important BHCs (GSIBs). (DFA Section 165)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
Capital Planning and Stress Testing Modifications
On July 17, 2015, the Board issued a proposed rule to modify its capital and stress testing regulations for 2016 and beyond. The proposed rule would modify the timing for several requirements that have yet to be integrated into the stress testing framework, and works in conjunction with stress test rules adopted by the Board to implement DFA. (DFA Section 165(i))
June 2015
Standards for Assessing Diversity Policies and Practices
On June 9, 2015, the Board, along with the CFPB, FDIC, NCUA, OCC and SEC issued a final interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate.
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
May 2015
Liquidity Coverage Ratio Amendment
On May 21, 2015, the Board issued a proposed rule to amend the Liquidity Coverage Ratio (LCR) adopted in September 2014 to add certain general obligation state and municipal bonds to the range of assets a banking organization may use to satisfy regulatory requirements. (DFA Section 165(b))
April 2015
Real Estate Appraisal Management Company Registration
On April 30, 2015, the Board, along with the CFPB, FDIC, FHFA, NCUA, and OCC, issued a final rule to establish minimum requirements for state registration and supervision of real estate appraisal management companies. (DFA Section 1473)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
December 2014
Capital and Liquidity Rule Modifications Reflect International Protocol
On December 16, 2014, the Board issued an interim final rule to reflect the International Swaps and Derivatives Association's (ISDA) protocol in regulatory capital and liquidity coverage ratio rules. (DFA Sections 165(b) and 171)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
Capital Framework Application To Non-Traditional Capital Structures
On December 12, 2014, the Board issued a proposed rule to provide additional information on how to apply the Board's revised capital framework (Regulation Q) issued in July 2013 for depository institution holding companies that have non-traditional capital structures. (DFA Section 171)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
GSIB Risk-Based Capital Surcharge
On December 9, 2014, the Board issued a proposed rule to further strengthen the capital positions of the largest, most systemically-important U.S. bank holding companies (BHCs). The rule would establish a methodology to identify whether a U.S. BHC is a global systemically important banking organization (GSIB) and would be subject to a risk-based capital surcharge. (DFA Section 165)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
November 2014
Capital Framework Alignment with International Standards
On November 18, 2014, the Board, along with the FDIC and OCC, issued a proposed rule to clarify, correct, and update aspects of the agencies' regulatory capital rule applicable to banking organizations that are subject to the advanced approaches risk-based capital rule issued in July 2013. Many of the proposed changes would enhance consistency with international capital standards. (DFA Section 171)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
Financial Sector Concentration Limit
On November 5, 2014, the Board issued a final rule that generally prohibits a financial company from combining with another company if the ratio of the resulting company's liabilities exceeds 10 percent of the aggregate consolidated liabilities of all financial companies. (DFA Section 622)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
October 2014
Financial Market Utilities (FMUs): Risk-Management Standards
On October 28, 2014, the Board issued a final rule that amends the Regulation HH risk-management standards for FMUs that have been designated as systemically important and to make related revisions to part I of the Federal Reserve Policy on Payment System Risk, which is applicable to financial market infrastructures more generally. Both sets of revisions are based on and generally consistent with the April 2012 Principles for Financial Market Infrastructures developed jointly by international standard-setting bodies. (DFA Section 805)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
Credit Risk Retention
On October 22, 2014, the Board, along with the FDIC, FHFA, HUD, OCC, and SEC, issued a final rule requiring sponsors of securitization transactions to retain risk in those transactions. (DFA Section 941)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
Capital Planning and Stress Testing Modifications
On October 17, 2014, the Board issued a final rule to modify the regulations for capital planning and stress testing, including a change in the due date for bank holding companies (BHCs) with total consolidated assets of $50 billion or more to submit their capital plans and stress test results on or before April 5, beginning in 2016. This rule works in conjunction with stress test rules adopted by the Board to implement DFA. (DFA Section 165(i))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
September 2014
Minimum Liquidity Requirement
On September 3, 2014, the Board, along with the FDIC and OCC, issued a final rule that creates a standardized minimum liquidity requirement for large and internationally active banking organizations. (DFA Section 165(b)(1))
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
Swaps Margin Requirements
On September 3, 2014, the Board, along with the FCA, FDIC, FHFA, and OCC, requested comment on a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants under each prudential regulator's jurisdiction. This proposal builds on one originally released by the agencies on April 12, 2011, and includes modifications in light of comments received. (DFA Section 731)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, Brainard
Against: None
August 2014
Repeal of Regulation AA
On August 22, 2014, the Board issued a proposed rule to repeal its Regulation AA (Unfair or Deceptive Acts or Practices), as required by the Dodd-Frank Act. (DFA Section 1092(2))
Voting in favor: Chair Yellen and Governors Tarullo, Powell, and Stein
Against: None
July 2014
Capital Framework Eligible Guarantee Definition
On July 16, 2014, the Board, along with the FDIC and OCC, issued a final rule to make a technical correction to the definition of eligible guarantee in the agencies' advanced approaches risk-based capital rule adopted in July 2013. The final rule removes the requirement that an eligible guarantee be made by an eligible guarantor for purposes of calculating the risk-weighted assets of an exposure. (DFA Section 171)
Voting in favor: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard
Against: None
June 2014
Capital Planning and Stress Testing Modifications
On June 12, 2014, the Board issued a proposed rule to modify the start date of capital plan and stress test cycles for bank holding companies with $50 billion or more in total consolidated assets from October 1 of a calendar year to January 1 of the following year. (DFA Section 165(i))
Voting in favor: Chair Yellen and Governors Tarullo, Powell, and Fischer
Against: None
May 2014
Repeal of Regulations DD and P; Amendment to Fair Credit Reporting Regulation
On May 22, 2014, the Board issued final rules repealing its Regulation DD (Truth in Savings) and Regulation P (Privacy of Consumer Financial Information), as the Dodd-Frank Act transferred rulemaking authority for these areas to the Consumer Financial Protection Bureau (CFPB) and the CFPB has already issued interim final rules substantially identical to them. The Board also issued a final rule amending provisions of its Regulation V (Fair Credit Reporting) that require financial institutions and creditors to implement identity theft prevention programs. (DFA Title X)
Voting in favor: Chair Yellen and Governors Tarullo, Powell, and Stein
Against: None
Financial Sector Concentration Limit
On May 8, 2014, the Board issued a proposed rule to prohibit a financial company from combining with another company if the ratio of the resulting financial company’s liabilities exceeds 10 percent of the aggregate consolidated liabilities of all financial companies. (DFA Section 622)
Voting in favor: Chair Yellen and Governors Tarullo, Powell, and Stein
Against: None
April 2014
Capital Framework Enhanced Supplementary Leverage Ratio
On April 8, 2014, the Board, along with the FDIC and OCC, issued a final rule to strengthen the agencies' supplementary leverage ratio standards for large, interconnected U.S. banking organizations adopted as part of the a regulatory capital framework in July 2013. (DFA Section 171)
Voting in favor: Chair Yellen and Governors Tarullo, Powell, and Stein
Against: None
Capital Framework Technical Revisions
On April 8, 2014, the Board, along with the FDIC and OCC, issued two proposed rules to make technical revisions to the agencies' advanced approaches risk-based capital rule adopted in July 2013. One would make a technical correction to the definition of eligible guarantee and the other would modify the denominator calculation for the supplementary leverage ratio to be consistent with recent international standard changes. (DFA Section 171)
Voting in favor: Chair Yellen and Governors Tarullo, Powell, and Stein
Against: None
March 2014
Real Estate Appraisal Management Company Registration
On March 24, 2014, the Board, along with the CFPB, FDIC, FHFA, NCUA, and OCC, issued a proposed rule to implement minimum requirements for state registration and supervision of real estate appraisal management companies. (DFA Section 1473)
Voting in favor: Chair Yellen and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Stress Test Guidance for Medium-Sized Firms
On March 5, 2014, the Board, along with the FDIC and OCC, issued final guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50 billion. (DFA Section 165(i))
Voting in favor: Chair Yellen and Governors Tarullo, Raskin, Powell, and Stein
Against: None
February 2014
Revised Capital Framework Application To Capital Plan and Stress Test Rules
On February 21, 2014, the Board, along with the OCC, issued a final rule to permit large, internationally-active banking organizations to begin using the advanced approaches capital framework, which implements international standards, to determine risk-based capital requirements. The rule also clarifies that BHCs using the advanced approaches framework will incorporate those changes into the capital planning and stress testing cycles that begin October 1, 2015. (DFA Section 171)
Voting in favor: Chair Yellen and Governors Tarullo, Raskin, Powell, and Stein
Against: None
BHC and FBO Enhanced Prudential Standards
On February 18, 2014, the Board issued a final rule to strengthen supervision and regulation of large U.S. bank holding companies (BHCs) and foreign banking organizations (FBOs). The enhanced prudential standards include liquidity, risk management, and capital. (DFA Sections 165 & 166)
Voting in favor: Chair Yellen and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Repeal of Regulations DD and P; Amendment to Fair Credit Reporting Regulation
On February 12, 2014, the Board requested comment on proposals to repeal its Regulation DD (Truth in Savings) and Regulation P (Privacy of Consumer Financial Information), as the Dodd-Frank Act transferred rulemaking authority for these areas to the Bureau of Consumer Financial Protection (CFPB), and the CFPB has already issued interim final rules substantially identical to them. The Board also proposed to make amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting). (DFA Title X)
Voting in favor: Chair Yellen and Governors Tarullo, Raskin, Powell, and Stein
Against: None
January 2014
Volcker Rule: Retention of CDOs Backed by Bank-Issued Trust Preferred Securities
On January 14, 2014, the Board, along with the CFTC, FDIC, OCC, and SEC, issued an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations (CDOs) backed primarily by trust preferred securities from the investment prohibitions of the Volcker Rule. (DFA Section 619)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Financial Market Utilities (FMUs): Risk-Management Standards
On January 10, 2014, the Board proposed to amend risk-management standards in Regulation HH for FMUs designated as systemically important, originally issued on July 30, 2012, and to make related revisions to part I of the Federal Reserve Policy on Payment System Risk (PSR Policy), which is applicable to financial market infrastructures more generally. Both sets of revisions are based on and generally consistent with the April 2012 Principles for Financial Market Infrastructures developed jointly by international standard-setting bodies. (DFA Section 805(a)(1))
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
December 2013
Swaps Push-Out Provision Applicability to Uninsured U.S. Branches and Agencies of FBOs
On December 24, 2013, the Board issued a final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks, commonly known as the swaps push out provision, that adopts without change an interim final rule issued on June 5, 2013. (DFA Section 716)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Powell, and Stein
Against: None
Abstentions: Governor Raskin
Emergency Lending Authority
On December 23, 2013, the Board issued proposed amendments to Regulation A (Extensions of Credit by Federal Reserve Banks) to implement changes to section 13(3) of the Federal Reserve Act, as required by the Dodd-Frank Act. These amendments will ensure that any Federal Reserve emergency lending program or facility is for the purpose of providing liquidity to the financial system and not to aid an individual failing financial company. (DFA Section 1101)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Appraisal Exemptions for Higher-Priced Mortgage Loans
On December 12, 2013, the Board, along with the CFPB, FDIC, FHFA, NCUA, and OCC, issued a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. Such exemptions are intended to save borrowers time and money while still ensuring the loans are financially sound. The original final rule was issued on January 18, 2013. (DFA Section 1471)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Volcker rule
On December 10, 2013, the Board, along with the CFTC, FDIC, OCC, and SEC, issued final rules to prohibit insured depository institutions and companies affiliated with insured depository institutions from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account (known as the "Volcker rule"). The final rules also impose limits on banking entities' investments in, and other relationships with, hedge funds or private equity funds. (DFA Section 619)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Bank Secrecy Act Amended Definitions
On December 3, 2013, the Board, along with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury, issued a final rule to amend the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act, resulting from amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Act. (DFA Section 1073)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
Market Risk Capital Rule Revisions
On December 6, 2013, the Board issued a final rule that makes technical changes to its market risk capital rule to conform the current rule to the requirements in the Board's new capital framework adopted in July 2013 and thereby allow the rule to serve as a bridge until the new capital framework becomes effective for all banking organizations. (DFA Section 939A)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Federal Reserve Accounts and Services for Financial Market Utilities
On December 5, 2013, the Board issued a final rule that amends Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council (FSOC). (DFA Section 806)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
October 2013
Liquidity Requirements for Large Financial Institutions
On October 24, 2013, the Board issued a proposed rule, developed with the FDIC and OCC, to strengthen the liquidity positions of large financial institutions. The proposed rule would create a standardized minimum liquidity requirement for large and internationally active banking organizations and systemically important, non-bank financial companies designated by the Financial Stability Oversight Council. It would also apply a less stringent, modified requirement to BHCs and SLHCs that are not internationally active but have more than $50 billion in total assets. (DFA Section 165)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Diversity Standards for Assessing Supervised Institutions
On October 23, 2013, the Board, along with the CFPB, FDIC, NCUA, OCC, and SEC, requested comment on a proposed interagency policy statement to establish joint standards for assessing the diversity policies and practices of the institutions they regulate. (DFA Section 342)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
Guidance on Qualified Mortgage Fair Lending Risks
On October 22, 2013, the Board, along with the CFPB, FDIC, NCUA, and OCC, issued guidance to address industry questions about fair lending risks associated with offering only Qualified Mortgages. The agencies do not anticipate that a creditor's decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution's fair lending risk. (DFA Section 1411)
September 2013
Stress Testing Requirements Basel III Application and Transition Period
On September 24, 2013, the Board issued two interim final rules to clarify application of Basel III regulatory capital reforms into capital and business projections for company-conducted stress tests for banking organizations with $50 billion or more in total consolidated assets and to provide a one-year transition period when conducting initial company-run stress tests for most banking organizations with total consolidated assets between $10 billion and $50 billion. (DFA Section 165(i))
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo, Raskin, Powell, and Stein
Against: None
August 2013
Credit Risk Retention
On August 28, 2013, the Board, along with the FDIC, FHFA, HUD, OCC, and SEC, issued a revised proposed rule to implement credit risk retention requirements that would require sponsors of securitization transactions to retain risk in those transactions. The new proposal revised a proposed rule issued on March 29, 2011. (DFA Section 941)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Stein, and Powell
Against: None
Supervisory Assessment Fees
On August 16, 2013, the Board issued a final rule establishing annual assessment fees for its supervision and regulation of large financial companies. The rule is applicable to companies with $50 billion or more in total consolidated assets and nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve. (DFA Section 318(c))
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
July 2013
Appraisal Exemptions for Higher-Priced Mortgage Loans
On July 10, 2013, the Board, along with the CFPB, FDIC, FHFA, NCUA, and OCC, issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans and would amend a final rule issued in January 2013. (DFA Section 1471)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
Supplementary Leverage Ratio
On July 9, 2013, the Board, along with the FDIC and OCC, issued a proposed rule to strengthen the leverage ratio standards for the largest, most systemically significant U.S. banking organizations by adopting a supplementary leverage ratio. (DFA Section 165 and 171)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
Integrated Regulatory Capital Framework
On July 2, 2013, the Board issued a final rule to establish an integrated regulatory capital framework implementing in the United States the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and changes required by the Dodd-Frank Act that include implementing minimum risk-based and leverage capital requirements for certain SLHCs; "generally applicable" minimum risk-based and leverage capital requirements for all banking organizations; removal of references to, and reliance on, credit ratings from capital rules; and the counter-cyclical buffer for advanced approaches banking organizations. (DFA Sections 171, 616, 939A)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
June 2013
Swaps Push-Out Provision Applicability to Uninsured U.S. Branches and Agencies of FBOs
On June 5, 2013, the Board issued an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under the so-called swaps push-out provision. (DFA Section 716)
Voting in favor: Chairman Bernanke and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
Not voting: Vice Chair Yellen
April 2013
Supervisory Assessment Fees
On April 15, 2013, the Board requested comment on a proposed rule to implement a requirement to impose fees on bank holding companies and savings and loan holding companies with assets of $50 billion or more, and nonbank financial companies supervised by the Board, that are sufficient to cover the cost of supervising and regulating these organizations. (DFA Section 318(c))
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
Retail Foreign Exchange Futures and Options
On April 4, 2013, the Board issued a final rule to establish standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers. (DFA Section 742)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
"Financial Company" Definition for SIFI Designation
On April 3, 2013, the Board issued a final rule that establishes the requirements for determining when a company is "predominantly engaged in financial activities." The requirements will be used by the Financial Stability Oversight Council (FSOC) when it considers the potential designation of a nonbank financial company for consolidated supervision by the Federal Reserve. (DFA Section 102)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
February 2013
Federal Reserve Accounts and Services for Financial Market Utilities
On February 26, 2013, the Board issued a proposed rule to amend Regulation HH to give Reserve Banks the authority to provide accounts and services to financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council (FSOC). (DFA Section 806)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
January 2013
Appraisals for Higher-Priced Mortgage Loans
On January 18, 2013, the Board, along with the CFPB, FDIC, FHFA, NCUA, and OCC, issued a final rule to implement appraisal requirements for higher-risk mortgages (DFA Section 1471)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
December 2012
FBO Enhanced Prudential Standards
On December 14, 2012, the Board issued a proposed rule to strengthen the oversight of U.S. operations of foreign banks. Enhanced prudential standards for U.S. large BHCs and nonbank financial companies were previously proposed on December 20, 2011. (DFA Section 165 & 166)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
November 2012
Bank Secrecy Act Definitions
On November 29, 2012, the Board and the Financial Crimes Enforcement Network (FinCEN) jointly issued a proposed rule to amend definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act that result from DFA amendments to the Electronic Fund Transfer Act. (DFA Section 1073)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
October 2012
Stress Testing Requirements
On October 9, 2012, the Board issued two final rules on stress testing requirements for certain bank holding companies, state member banks, and savings and loan holding companies for which the Federal Reserve is the primary federal financial regulator. Nonbank financial companies designated by the Financial Stability Oversight Council will also be subject to certain stress testing requirements contained in the rules. These final rules revise portions of proposed stress testing requirements contained in the Board's proposed rule to implement enhanced prudential standards issued for comment on December 20, 2011. The Federal Reserve coordinated closely with the FDIC and OCC to ensure consistency and comparability. (DFA Section 165(i)(1) and (i)(2))
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
September 2012
Discount Window Lending and Open Market Transaction Publication
On September 28, 2012, the Board began the quarterly publication of transaction-level information related to discount window lending to depository institutions and open market transactions. The data in the initial release covers transactions between July 22, 2010, and September 30, 2010. This information will be made available on a quarterly basis and with an approximately two-year lag. The transaction-level detail supplements extensive aggregate information the Federal Reserve has previously provided in weekly, monthly, and quarterly reports. (DFA Section 1103(b))
August 2012
Real Estate Appraisal Requirements: Higher-Risk Mortgages
On August 15, 2012, the Board, along with the CFPB, FDIC, FHFA, NCUA, and OCC, requested comment on a proposed rule to implement appraisal requirements for higher-risk mortgages. (DFA Section 1471)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
July 2012
Financial Market Utilities (FMUs): Risk-Management Standards, Advance Notice Requirements
On July 30, 2012, the Board announced approval of a final rule to implement two provisions of the DFA related to supervision of FMUs designated as systematically important by the Financial Stability Oversight Council. Specifically, the rule establishes risk-management standards for designated FMUs supervised by the Federal Reserve (DFA Section 805 (a)(1)) and requirements for advance notice of a proposed material change to its rules, procedures, or operations (DFA Section 806 (e)(1)(B)).
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
Debit Interchange
On July 27, 2012, the Board approved a final rule amending the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. The final rule revises provisions that are currently in effect as part of the interim final rule, which the Board announced on December 16, 2010.
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
June 2012
Market Risk Capital Rule
On June 7, 2012, the Board approved a final rule, developed jointly with other Federal bank regulatory agencies, to implement changes to the market risk capital rule, which requires banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of these activities. The final rule includes alternative standards of creditworthiness for determining specific risk capital requirements for certain debt and securitization positions, consistent with the requirements of DFA Section 939A.
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
Integrated Regulatory Capital Framework
On June 7, 2012, the Board requested comment on three proposed rules that taken together would establish an integrated regulatory capital framework implementing in the United States the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and changes required by the Dodd-Frank Act. (DFA Section 171)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, Raskin, Powell, and Stein
Against: None
May 2012
Securities Holding Company Registration Procedures
On May 30, 2012, the Board announced approval of a final rule outlining the procedures for securities holding companies (SHCs) to elect to be supervised by the Federal Reserve. An SHC is a nonbank company that owns at least one registered broker or dealer. (DFA Section 618)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None
April 2012
Volcker Rule Conformance Period Clarified
On April 19, 2012, the Board, along with the CFTC, FDIC, SEC, and OCC, clarified that an entity covered by the Volcker Rule has until July 21, 2014, two years following the statutory effective date of Section 619 of the Dodd-Frank Act, to fully conform its activities and investments. On February 9, 2011, the Board announced the final rule to implement the conformance period. (DFA Section 619(c)(6))
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None
"Financial Activities" Definition For SIFI Designation
On April 2, 2012, the Board requested comment on a proposed amendment to the Board's proposed rule issued February 11, 2011, to establish requirements for determining whether a company is "predominantly engaged in financial activities." The proposed amendment is intended to clarify the activities that are financial for purposes of DFA Title I. (DFA Section 102(b))
March 2012
Office of Minority and Women Inclusion (OMWI) Congressional Reports
On March 30, 2012, the Board and Federal Reserve Banks issued reports to Congress on their implementation of OMWI offices. (DFA Section 342)
