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Federal Reserve Board of Governors

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 (2011)

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December 2011

Savings and Loan Holding Company Reporting Requirements
On December 23, 2011, the Board issued a final notice to require most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports with the Board, along with an exemption for some SLHCs from initially filing existing regulatory reports. Reporting will begin with the March 31, 2012 reporting period. (DFA Section 312)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Enhanced Prudential Standards for Large BHCs and Nonbank Financial Companies Designated for Consolidated Supervision
On December 20, 2011, the Board requested comment on a proposed rule to implement requirements in Section 165 and 166 of the Dodd-Frank Act to establish stricter prudential standards for all BHCs with total consolidated assets of $50 billion or more and any nonbank financial firms that may be designated systemically important companies by the FSOC. The proposed rule incorporates the following:

  • Risk-Based Capital and Leverage Requirements: requires firms to develop annual capital plans, conduct stress tests, and maintain adequate capital, including a tier one common risk-based capital ratio greater than 5 percent, under both expected and stressed conditions  (DFA Section 165(b)(1)(A)(i) and 165(j))
  • Liquidity Requirements: requires companies to conduct internal liquidity stress tests and set internal quantitative limits to manage liquidity risk (DFA Section 165(b)(1)(A)(ii))
  • Risk-Management Requirements: implements heightened risk-management standards (DFA Section 165(b)(1)(A)(iii))
  • Risk Committee Requirements: requires that the board of directors of each publicly traded nonbank financial company supervised by the Board and publicly traded BHC with $10 billion or more in assets establish a risk committee (DFA Section 165(h))
  • Stress Tests: Board Conducted: requires annual stress tests by the Board using three economic and financial market scenarios; a summary of the results, including company-specific information, would be made public (DFA Section 165(i))
  • Stress Tests: Company Conducted: requires companies to conduct one or more stress tests each year and to make a summary of the results public (DFA Section 165(i))
  • Single-counterparty Credit Limits: limits credit exposure of a covered financial firm to a single counterparty as a percentage of the firm's regulatory capital; credit exposure between the largest financial companies would be subject to a tighter limit (DFA Section 165(e))
  • Early Remediation Regime: requires firms subject to the proposal to take increasingly stringent corrective measures as the company's financial condition deteriorates; triggers for remediation include capital levels, stress test results, and risk-management weaknesses (DFA Section 166)
Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Credit Rating Alternatives for Market Risk Capital Rules
On December 7, 2011, the Board requested comment on a proposed rule, developed jointly with other Federal bank regulatory agencies, amending an earlier proposed rule published in the Federal Register on January 11, 2011 (PDF), to include credit rating alternatives for certain debt and securitization positions covered by the market risk capital rules. (DFA Section 939A)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

November 2011

Regulatory Burden Reduction
Letter to the Office of Information and Regulatory Affairs in the Office of Management and Budget from Chairman Bernanke regarding Regulatory Burden Reduction (November 8, 2011) (PDF)

Measuring Banking Assets For Determining Supervisory and Enforcement Responsibilities
On November 17, 2011, the Board issued a supervisory statement, along with the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Nation Credit Union Administration, that explains how the total assets of an insured bank, thrift, or credit union will be measured for purposes of determining when an institution is subject to the CFPB's supervisory and enforcement authority under DFA Sections 1025 and 1026 and the schedule for making such determinations. (DFA Section 1025 and 1026)

Capital Plans and Stress Testing Instructions
On November 22, 2011, the Board issued a final rule requiring top-tier U.S. bank holding companies (BHCs) with total consolidated assets of $50 billion or more to submit annual capital plans for review and providing stress testing instructions outlining the information to be provided for the Federal Reserve's 2012 Comprehensive Capital Analysis and Review (CCAR). Two sets of instructions are provided:  one for the 19 firms that participated in the 2011 CCAR and the other for 12 additional firms with at least $50 billion in assets that have not previously participated in a supervisory stress test exercise. (DFA Section 165(i))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

October 2011

FSOC: Designation of Nonbank Financial Companies for Consolidated Supervision
Following on a October 6, 2010, Advance Notice of Proposed Rulemaking, and January 18, 2011, Notice of Proposed Rulemaking, the Board assisted the FSOC in revising a proposed rule (PDF) regarding the FSOC's authority to designate certain nonbank financial companies for enhanced, consolidated supervision by the Federal Reserve, released on October 11, 2011. (DFA Section 113)

Volcker Rule Activity Restrictions
On October 11, 2011, the Board requested comment on a proposed rule, developed jointly with other Federal financial regulatory agencies, to implement 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)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke and Tarullo
Against: Governor Raskin

Resolution Plan ("Living Will") Requirement
On October 17, 2011, the Board issued a final rule, developed jointly with the Federal Deposit Insurance Corporation (FDIC), implementing the "living will" requirements for BHCs with assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council (FSOC) for supervision by the Board. (DFA Section 165(d))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

September 2011

Data Collection Compliance For Motor Vehicle Dealers
On September 20, 2011, the Board issued a final rule amending Regulation B to provide that motor vehicle dealers are not required to comply with new data collection requirements until the Board issues final regulations to implement statutory requirements. The Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require creditors to collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses. (DFA Section 1071)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

August 2011

Regulations Applicable to Savings & Loan Holding Companies (SLHCs)
On August 12, 2011, the Federal Reserve Board issued an interim final rule (PDF) that implements the transfer of regulations applicable to savings and loan holding companies (SLHCs) from the Office of Thrift Supervision (OTS) to the Board. The Board also issued an order (PDF) delegating to staff and to the Reserve Banks the authority to take certain actions with respect to SLHCs as part of its implementation of OTS regulations in Regulation LL and MM (pertaining to regulations generally governing SLHCs and SLHCs in mutual form (MHCs), respectively). (DFA Section 312)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Savings and Loan Holding Company Reporting Requirements
On August 22, 2011, the Board proposed a two-year phase-in period for most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing existing regulatory reports. The Board initially sought comment on February 3, 2011, on a notice of intent to require SLHCs to submit the same reports as bank holding companies, beginning with the March 31, 2012, reporting period. (DFA Section 312)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Securities Holding Company Registration Requirements 
On August 31, 2011, the Board requested comment on a proposed rule regarding registration requirements for securities holding companies to elect to be supervised by the Federal Reserve. (DFA Section 618)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

July 2011

Fair Credit Reporting Act (FCRA): Credit Score Use
On July 6, 2011, the Board issued a final rule to implement the amendment to Section 615 of the FCRA to include credit scores and related information in both risk-based pricing notices (under FR Regulation V, jointly with the FTC) and adverse action notices (under FR Regulation B). (DFA Section 1100(F))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Interest on Demand Deposits
On July 14, 2011, the Board issued a final rule repealing Regulation Q and allowing payment of interest on demand deposits at institutions that are member banks of the Federal Reserve System. (DFA Section 627)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Remittance Transfers: Congressional Report
On July 19, 2011, the Board submitted a report to Congress on the status of Automated Clearing House (ACH) expansion for remittance transfers to foreign countries. (DFA Section 1073(b)(2))

Financial Market Utilities (FMUs)
The Board assisted the FSOC in developing a final rule (PDF) regarding the FSOCís authority to designate FMUs as systemically important, released July 18, 2011. (DFA Section 804(a))

FSOC Secured Creditor Treatment Study
The Board contributed to the FSOC's study (PDF) of the treatment of secured creditors under the new resolution regime, released July 18, 2011. (DFA Section 215)

Designated Clearing Entities: Congressional Report
On July 21, 2011, the Board, along with the CFTC and SEC, submitted a joint report to Congress containing recommendations for promoting robust risk management standards and consistency in supervisory programs for designated clearing entities. (DFA Section 813)

Government Prepaid Cards Congressional Report
On July 21, 2011, the Board submitted a report to Congress on the use of prepaid cards by government authorities and the interchange transaction and cardholder fees charged with respect to such cards. (DFA Section 1075(a))

Resolution of Financial Companies Bankruptcy Study
On July 21, 2011, the Board issued a study regarding resolution of financial companies under the U.S. Bankruptcy Code. (DFA Section 216)

International Bankruptcy Process Study
On July 21, 2011, the Board issued a study regarding international coordination of the resolution of systemic financial companies under the U.S. Bankruptcy Code and applicable foreign law. (DFA Section 217)

OTS Regulations Being Continued
On July 21, 2011, the Board published a notice of all Office of Thrift Supervision (OTS) regulations that it will continue to enforce for Savings and Loan Holding Companies (SLHCs). (DFA Section 316(c))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Credit Rating Congressional Report
On July 25, 2011, the Board issued a report to Congress reviewing the use of credit ratings in its regulations. (DFA Section 939A)

FSOC Annual Report
The Board contributed to the FSOC's annual report, released July 26, 2011. (DFA Section 112)

Retail Foreign Exchange Transactions
On July 28, 2011, the Board requested comment on a proposed rule addressing the requirements for retail foreign exchange transactions by entities supervised by the Federal Reserve. (DFA Section 742)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

June 2011

Minimum Risk-Based Capital Requirements (Collins Amendment)
On June 14, 2011, the Board issued a final rule, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, to establish a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The final rule will be effective 30 days after publication in the Federal Register. The Board had requested comment on a proposed rule on December 15, 2010. (DFA Section 171(b)(2))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Data Collection Compliance For Motor Vehicle Dealers
On June 20, 2011, the Board issued a proposed rule under Regulation B to clarify that motor vehicle dealers temporarily are not required to comply with certain Dodd-Frank Act data collection requirements until the Board issues final regulations to implement the statutory requirements. The Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require creditors to collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses. (DFA Section 1071)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Debit Interchange
On June 29, 2011, the Board issued a final rule to establish standards for debit card interchange fees, regulations governing network fees, and prohibitions against network exclusivity arrangements and routing restrictions. (DFA Section 1075)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Tarullo and Raskin
Against: Governor Duke

May 2011

Remittance Transfers
On May 12, 2011, the Board requested comment on a proposed rule that would amend Regulation E, as required by the Dodd-Frank Act, to create new protections for consumers who send remittance transfers to recipients located in a foreign country. More specifically, it would require new disclosures from remittance transfer providers (including information about fees and the exchange rate) and would provide error resolution and cancellation rights for senders of remittance transfers. (DFA Section 1073)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

April 2011

Interest on Demand Deposits
On April 6, 2011, the Board requested comment on a proposed rule to repeal Regulation Q and allow payment of interest on demand deposits at institutions that are member banks of the Federal Reserve System, effective July 21, 2011. (DFA Section 627)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None
Absent and not voting: Governor Warsh

Swaps Margin Requirements
On April 12, 2011, the Board requested comment on a proposed inter-agency rule, issued with five other agencies, to implement the margin requirements for swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants under each prudential regulator's jurisdiction. (DFA Section 731)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Resolution Plan ("Living Will") Requirement
On April 12, 2011, the Board requested comment on a proposed rule, developed jointly with the Federal Deposit Insurance Corporation (FDIC), to implement the "living will" requirements for nonbank financial companies supervised by the Board and BHCs with $50 billion or more in assets. (DFA Section 165(d))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Supervisory Standards Applicable to Savings & Loan Holding Companies (SLHCs)
On April 15, 2011, the Board requested comment on a notice that outlines how it intends to apply certain parts of its current consolidated supervisory program for bank holding companies to SLHCs after assuming supervisory responsibility for SLHCs. (DFA Sections 606, 624, 625)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Residential Mortgage Requirements
On April 19, 2011, the Board requested comment on a proposed rule to establish ability to repay standards for residential mortgages, along with a safe harbor for qualified mortgages, and to prohibit prepayment penalties for non-qualified mortgages while restricting prepayment penalties for qualified mortgages (through a three-year phase-out period).  (DFA Sections 1411, 1412, 1414)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None

Bankruptcy-Related Studies
On April 21, 2011, the Board requested comment on two bankruptcy-related studies. In consultation with the Administrative Office of the United States Courts (AOUSC), the Board must study the resolution of financial companies under Chapter 7 or Chapter 11 of the United States Bankruptcy Code, as well as the international coordination of the resolution of systemically important financial companies under the Bankruptcy Code and applicable foreign law. (DFA Sections 216 and 217)

March 2011

Fair Credit Reporting Act (FCRA): Credit Score Use
On March 1, 2011, the Board requested comment on a proposed rule to implement the amendment to Section 615 of the FCRA to include credit scores and related information in both risk-based pricing notices (under FR Regulation V, jointly with the FTC) and adverse action notices (under FR Regulation B). (DFA Section 1100(F))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Warsh, Duke, Tarullo, and Raskin
Against: None

Truth in Lending Act (TILA): Exemption Threshold Increase
The Board issued a final rule on March 25, 2011, to raise the exemption threshold from $25,000 to $50,000 for: 1) non-home secured credit (under Regulation Z), and 2) consumer leases (under Regulation M). The final rule will be effective July 21, 2011. (DFA Section 1100(E))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None
Absent and not voting: Governor Warsh

Credit Risk Retention
On March 29, 2011, the Board requested comment on a proposed rule, being issued jointly with five other federal agencies, to implement the credit risk retention requirements applicable in connection with the issuance of asset-backed securities. (DFA Section 941)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None
Absent and not voting: Governor Warsh

Debit Interchange
Letter to the Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs from Chairman Bernanke regarding Debit Interchange Final Rule Status (March 29, 2011) (PDF)
An identical letter was sent to the Chairman and Ranking Member of the House Committee on Financial Services.

Financial Market Utilities (FMUs): Risk-Management Standards, Advance Notice Requirements
On March 30, 2011, the Board requested comment on a proposed rule that would implement two provisions of the DFA related to supervision of FMUs designated as systemically important by the Financial Stability Oversight Council. Specifically, it would establish risk-management standards for designated FMUs supervised by the Federal Reserve (DFA Section 805(a)(1)) and would require 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, and Raskin
Against: None
Absent and not voting: Governor Warsh

Incentive Compensation
On March 30, 2011, the Board requested comment on a proposed inter-agency 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. (DFA Section 956)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Duke, Tarullo, and Raskin
Against: None
Absent and not voting: Governor Warsh

February 2011

Inter-Agency Changes to Reporting Requirements for Office of Thrift Supervision (OTS) Regulated Entities
On February 3, 2011, the Board, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency, and OTS announced proposed changes to reporting requirements for savings associations and savings and loan holding companies regulated by the OTS. The proposed changes would result in uniform reporting systems and processes among FDIC-insured banks and savings institutions, as well as uniform reporting requirements among all holding companies supervised by the Federal Reserve Board. (DFA Section 327)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Warsh, Duke, Tarullo, and Raskin
Against: None

Related Bank Holding Company and Nonbank Financial Company Rules
On February 8, 2011, the Board requested comment on a proposed rule to define when a nonbank company is "predominantly engaged" in financial activities. (DFA Sections 102(a)(6) and (102(b)) The proposed rule also defines the terms "significant nonbank financial company" and "significant bank holding company." (DFA Section 102(a)(7)) These terms relate to the factors the Financial Stability Oversight Council (FSOC) must consider in determining whether to designate a nonbank financial company for supervision by the Federal Reserve Board and the credit exposure reporting requirements applicable to FSOC-designated nonbank financial companies and large bank holding companies. (DFA Sections 113 and 165(d)(2))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Warsh, Duke, Tarullo, and Raskin
Against: None

Volcker Rule Conformance Period
On February 9, 2011, the Board announced its approval of a final rule to implement the provisions of the Dodd-Frank Act that give banking firms a period of time to conform their activities and investments to the prohibitions and restrictions of the Volcker Rule. (DFA Section 619(c)(6))

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Warsh, Duke, Tarullo, and Raskin
Against: None

Truth In Lending Act--Escrow Requirements
The Board issued a final rule on February 23, 2011, to increase the annual percentage rate (APR) threshold used to determine whether a mortgage lender is required to establish an escrow account for property taxes and insurance for first-lien "jumbo" residential mortgage loans, effective April 1, 2011.  The Board also requested comment on February 23, 2011, on a proposed rule expanding the minimum period for mandatory escrow accounts for first-lien, higher-priced mortgages; providing an exemption for certain creditors in "rural or under-served" counties; and implementing new escrow disclosure requirements for all residential mortgages. (DFA Section 1461)

Voting in favor: Chairman Bernanke, Vice Chair Yellen, and Governors Warsh, Duke, Tarullo, and Raskin
Against: None

January 2011

Diversity in the Federal Reserve System's Workforce
The Federal Reserve announced on January 18, 2011, the establishment of offices to promote diversity and inclusion at the Federal Reserve Board and at all 12 of the Federal Reserve Banks that satisfy "Office of Minority Women and Inclusion" requirements in the Dodd-Frank Act.  (DFA Section 342)

Study of Macroeconomic Effects of Risk Retention
The Board contributed to the FSOC's study of the macroeconomic effects of risk retention requirements (PDF) in connection with the issuance of asset-backed securities, released January 18, 2011. (DFA Section 946)

Designation of Nonbank Financial Companies for Consolidated Supervision
Following on the October 6, 2010, Federal Register Advance Notice, the Board assisted the FSOC in developing a Notice of Proposed Rulemaking released January 18, 2011, regarding the FSOC's authority to designate certain nonbank financial companies for enhanced, consolidated supervision by the Federal Reserve. (DFA Section 113)  

Study of Volcker Rule Activity Restrictions
The Board contributed to the FSOC's study on the Volcker Rule's activity restrictions (PDF), released January 18. 2011. (DFA Section 619(b)) 

Study of Financial Sector Concentration Limit
The Board contributed to the FSOC's study of the financial sector (PDF) concentration limit contained in Section 622 of the Dodd-Frank Act, released January 18, 2011. (DFA Section 622) 

Office of Thrift Supervision (OTS) Transition Plan
On January 25, 2011, the Federal Reserve, OTS, Office of the Comptroller of the Currency, and FDIC issued a joint report to Congress and the Inspectors General of the participating agencies on the agencies' plans to implement the transfer of OTS authorities. (DFA Section 327)

 
Last update: January 17, 2014