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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 rulemaking initiatives the Board has planned through 2012 and proposed rules that are being finalized. Timeframes for upcoming initiatives are estimates and may be adjusted.
Initiatives Completed
Proposed Rules Planned Through 2012
Proposed Rules Being Finalized
Dodd-Frank Act: Statutory Dates For Actions
Proposed Rules Being Finalized
Definitions Under Title I
The Board is working on a final rule that defines when a nonbank company is "predominantly engaged" in financial activities; and the terms "significant nonbank financial company" and "significant bank holding company." (DFA Sections 102 and 113)
Enhanced Prudential Standards
The Board is working on a final rule that would implement the enhanced prudential standards required to be established under section 165 of the Act and the early remediation requirements under section 166 of the Act. The Board expects to issue a separate proposal for notice and comment that would apply the enhanced prudential standards to foreign banking organizations. (DFA Sections 165 and 166)
Volcker Rule Activity Restrictions
The Board, along with other Federal financial regulatory agencies, is working on a final rule implementing Volcker Rule requirements that restrict the ability of banking entities to engage in proprietary trading and to invest in or sponsor private equity funds and hedge funds. (DFA Section 619)
Margin and Capital Requirements for Swaps
The Board, along with other Federal regulatory agencies, is working on a final rule to establish margin requirements for swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants. (DFA Section 731)
Retail Foreign Exchange Transactions
The Board is working on a final rule permitting entities supervised by the Federal Reserve to engage in retail foreign exchange futures and options. (DFA Section 742)
Credit Risk Retention
The Board, along with other Federal regulatory agencies, is working on a final rule to implement the credit risk retention requirements applicable in connection with the issuance of asset-backed securities. (DFA Section 941)
Incentive Compensation
The Board, along with other Federal regulatory agencies, is working on a final rule to prescribe regulations or guidelines that prohibit incentive-based compensation arrangements that encourage inappropriate risk-taking by covered financial companies, and to require the disclosure and reporting of certain incentive-based compensation information by covered financial companies. (DFA Section 956)
