Implementing the Dodd-Frank Act: The Federal Reserve Board's RoleThe Federal Reserve Board is responsible for implementing numerous provisions of 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 the implementation initiatives recently completed by the Board, as well as several of the most significant initiatives that the Board expects to address over the next few months. Timeframes for upcoming initiatives are estimates and may be adjusted.
Initiatives Planned: April to June 2011
Retail Foreign Exchange Transactions
The Board expects to request comment on a rule addressing the requirements for retail foreign exchange transactions by entities supervised by the Federal Reserve. (DFA Section 742)
Fair Credit Reporting Act (FCRA): Credit Score Use
The Board expects to issue 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))