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.
Proposed Rules Planned In 2013
Dodd-Frank Act: Statutory Dates For Actions
Proposed Rules Planned In 2013
Application of the Depository Institution Management Interlocks Act to Nonbank Financial Companies Designated for Consolidated Supervision
The Board expects to request comment on a proposed rule to apply the Depository Institution Management Interlocks Act to a nonbank financial company designated for consolidated supervision by the Federal Reserve. (DFA Section 164)
Federal Reserve Act Section 23A and 23B Amendments
The Board expects to request comment on a proposed rule regarding the revisions to sections 23A and 23B of the Federal Reserve Act that became effective on July 21, 2012. (DFA Section 608, 609)
Financial Sector Concentration Limit
The Board expects to request comment on a proposed rule to implement the financial sector concentration limit, which prohibits a financial company from making an acquisition if the liabilities of the combined company would exceed 10 percent of the liabilities of all financial companies. (DFA Section 622)
Federal Reserve Accounts and Services for Designated Financial Market Utilities (FMUs)
The Board expects to request comment on a proposed rule that would set out conditions that must be met for Board authorization of a Federal Reserve Bank to provide accounts and services to a designated FMU. (DFA Section 806 (a))
Residential Mortgage Appraisal Independence Requirements
The Board, along with other Federal regulatory agencies, expects to consider permanent rules on the appraisal independence to replace the existing interim rules, and expects to request comment on a proposed rule on residential mortgage appraisal portability. (DFA Section 1472)
Real Estate Appraisal Management Company Registration and Reporting
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule to establish minimum requirements for registration and reporting of appraisal management companies. (DFA Section 1473)
Real Estate Appraisal Automated Valuation Models
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule to implement quality controls for real estate appraisal automated valuation models. (DFA Section 1473)