Dodd–Frank Wall Street Reform and Consumer Protection Act

Dodd-FrankDodd-Frank ActDodd–Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActDodd FrankDodd–FrankDodd–Frank Wall Street Reform and Consumer Protection Act of 2010Dodd-Frank financial reform lawDodd-Frank Financial Reform ActDodd-Frank reform act
The Dodd–Frank Wall Street Reform and Consumer Protection Act (, commonly referred to as Dodd–Frank) was signed into United States federal law by US President Barack Obama on July 21, 2010.wikipedia
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Barack Obama

ObamaPresident ObamaPresident Barack Obama
The Dodd–Frank Wall Street Reform and Consumer Protection Act (, commonly referred to as Dodd–Frank) was signed into United States federal law by US President Barack Obama on July 21, 2010.
The main reforms were the Patient Protection and Affordable Care Act (often referred to as "Obamacare", shortened as the "Affordable Care Act"), the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the Don't Ask, Don't Tell Repeal Act of 2010.

Barney Frank

Frank, BarneyCongressman Barney FrankRepresentative Barney Frank
On December 2, 2009, revised versions of the bill were introduced in the House of Representatives by then–financial services committee chairman Barney Frank, and in the Senate Banking Committee by former chairman Chris Dodd.
As a member of the Democratic Party, he served as chairman of the House Financial Services Committee (2007–2011) and was a leading co-sponsor of the 2010 Dodd–Frank Act, a sweeping reform of the U.S. financial industry.

Volcker Rule

Volcker
At President Obama's request, Congress later added the Volcker Rule to this proposal in January 2010. Title VI, or the "Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010," introduces the so-called Volcker Rule after former chairman of the Federal Reserve Paul Volcker by amending the Bank Holding Company Act of 1956.
The Volcker Rule refers to § 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act . The rule was originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers.

Financial CHOICE Act

Financial CHOICE Act of 2017
On June 8, 2017, the Republican-led House passed the Financial CHOICE Act, which, if enacted, would roll back many of the provisions of Dodd–Frank.
Financial CHOICE Act is a bill introduced to the 115th United States Congress in 2017 that would, if enacted, roll back "many of the protections in the landmark Dodd-Frank 2010 federal law, including the "strongest" Wall Street "regulations from the financial crisis.

Federal Deposit Insurance Corporation

FDICFederal Deposit Insurance Corporation (FDIC)federal
4) Tools for financial crisis, including a "resolution regime" complementing the existing Federal Deposit Insurance Corporation (FDIC) authority to allow for orderly winding down of bankrupt firms, and including a proposal that the Federal Reserve (the "Fed") receive authorization from the Treasury for extensions of credit in "unusual or exigent circumstances" The institutions affected by these changes include most of the regulatory agencies currently involved in monitoring the financial system (Federal Deposit Insurance Corporation (FDIC), U.S. Securities and Exchange Commission (SEC), Office of the Comptroller of the Currency (OCC), Federal Reserve (the "Fed"), the Securities Investor Protection Corporation (SIPC), etc.), and the final elimination of the Office of Thrift Supervision (further described in Title III—Transfer of Powers to the Comptroller, the FDIC, and the FED).
Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category.

Financial Stability Oversight Council

Financial Stability Oversight Council (FSOC)20Financial Stability Oversight Council (FSOC)
Important new agencies created include the Financial Stability Oversight Council, the Office of Financial Research, and the Bureau of Consumer Financial Protection.
The Financial Stability Oversight Council (FSOC) is a United States federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010.

Derivative (finance)

derivativesderivativefinancial derivatives
2) Comprehensive regulation of financial markets, including increased transparency of derivatives (bringing them onto exchanges)
Along with many other financial products and services, derivatives reform is an element of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.

Office of Financial Research

Important new agencies created include the Financial Stability Oversight Council, the Office of Financial Research, and the Bureau of Consumer Financial Protection.
The Office of Financial Research (OFR) is an independent bureau within the United States Department of the Treasury that was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession.

Durbin amendment

Durbin rule
The "Durbin amendment" is a provision in the final bill aimed at reducing debit card interchange fees for merchants and increasing competition in payment processing.
It was passed as part of the Dodd-Frank financial reform legislation in 2010, as a last-minute addition by Illinois Senator Richard Durbin, after whom the amendment is named.

Office of Thrift Supervision

Office of Thrift Supervision (OTS)thrift supervisorsU.S. Office of Thrift Supervision
The institutions affected by these changes include most of the regulatory agencies currently involved in monitoring the financial system (Federal Deposit Insurance Corporation (FDIC), U.S. Securities and Exchange Commission (SEC), Office of the Comptroller of the Currency (OCC), Federal Reserve (the "Fed"), the Securities Investor Protection Corporation (SIPC), etc.), and the final elimination of the Office of Thrift Supervision (further described in Title III—Transfer of Powers to the Comptroller, the FDIC, and the FED).
Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the Consumer Financial Protection Bureau (CFPB) as of 21 July 2011.

Credit rating agency

credit rating agenciesrating agenciesrating agency
5) Various measures aimed at increasing international standards and cooperation including proposals related to improved accounting and tightened regulation of credit rating agencies
Under an amendment to the 2010 Dodd-Frank Act, this protection has been removed, but how the law will be implemented remains to be determined by rules made by the SEC and decisions by courts.

Commodity Futures Trading Commission

CFTCCommissioner of the Commodity Futures Trading CommissionCommissioners
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) both regulate derivatives known as swaps under the Act, but the SEC has authority over "security-based swaps."
After the Financial crisis of 2007–2008 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, CFTC has been transitioning to bring more transparency and stricter regulation to the multitrillion dollar swaps market.

Nonadmitted and Reinsurance Reform Act of 2010

Subtitle B, also called the "Nonadmitted and Reinsurance Reform Act of 2010" applies to nonadmitted insurance and reinsurance.
On July 21, 2010, President Barack Obama signed into law the federal Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), which contains the Nonadmitted and Reinsurance Reform Act of 2010 ("NRRA").

Troubled Asset Relief Program

TARPTARP funds700 billion dollar Treasury fund
Title XIII, or the "Pay It Back Act", amends the Emergency Economic Stabilization Act of 2008 to limit the Troubled Asset Relief Program, by reducing the funds available by $225 billion (from $700 billion to $475 billion) and further mandating that unused funds cannot be used for any new programs.
The Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, reduced the amount authorized to $475 billion.

Proxy statement

proxyproxy statementsDEF 14A
One provision on which the White House did not take a position and remained in the final bill allows the SEC to rule on "proxy access"—meaning that qualifying shareholders, including groups, can modify the corporate proxy statement sent to shareholders to include their own director nominees, with the rules set by the SEC.
The United States Dodd–Frank Wall Street Reform and Consumer Protection Act specifically allowed the SEC to rule on this issue.

Jeff Merkley

The final version of the Act prepared by the conference committee included a strengthened Volcker rule by containing language by Senators Jeff Merkley (D-Oregon) and Carl Levin (D-Michigan), covering a greater range of proprietary trading than originally proposed by the administration, except notably for trading in U.S. government securities and bonds issued by government-backed entities.
Along with Michigan Senator Carl Levin, he successfully added an amendment, usually called the Volcker Rule, to the Dodd–Frank Wall Street reform bill, which banned high-risk trading inside commercial banking and lending institutions.

Nationally recognized statistical rating organization

[Nationally Recognized Statistical Rating OrganizationNationally Recognized Statistical Rating Agency (NRSRO)NRSRO
Recognizing credit ratings that credit rating agencies had issued, including nationally recognized statistical rating organizations (NRSROs), are matters of national public interest, that credit rating agencies are critical "gatekeepers" in the debt market central to capital formation, investor confidence, and the efficient performance of the United States economy, Congress expanded regulation of credit rating agencies.
Since 2010, there have also been changes in laws and regulations due to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Consumer Financial Protection Bureau

Bureau of Consumer Financial ProtectionCFPBConsumer Financial Protection Bureau (CFPB)
Important new agencies created include the Financial Stability Oversight Council, the Office of Financial Research, and the Bureau of Consumer Financial Protection. The Act established the Consumer Financial Protection Bureau (CFPB), which from inception to April 2017 had "returned almost $12 billion to 29 million consumers and imposed about $600 million in civil penalties."
The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession.

Glass–Steagall legislation

Glass-Steagall ActGlass-SteagallGlass–Steagall Act
The rule, which prohibits depository banks from proprietary trading (similar to the prohibition of combined investment and commercial banking in the Glass–Steagall Act ), was passed only in the Senate bill, and the conference committee enacted the rule in a weakened form, Section 619 of the bill, that allowed banks to invest up to 3 percent of their tier 1 capital in private equity and hedge funds as well as trade for hedging purposes.
Following the financial crisis of 2007-2008, legislators unsuccessfully tried to reinstate Glass–Steagall Sections 20 and 32 as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act.

Systemically important financial institution

Global Systemically Important Bankslarge bankMajor Banks
Title I introduced the ability to impose stricter regulations on certain institutions by classifying them as SIFI's (systemically important financial institutions); according to Paul Krugman, this has allowed institutions to reduce risk-taking so they could to avoid such classification.
Regarding which entities will be so designated the Dodd-Frank Act of 2010 contains the following in TITLE I—FINANCIAL STABILITY, Subtitle A—Financial Stability Oversight Council, Sec.

U.S. Securities and Exchange Commission

SECSecurities and Exchange CommissionSecurities and Exchange Commission (SEC)
The institutions affected by these changes include most of the regulatory agencies currently involved in monitoring the financial system (Federal Deposit Insurance Corporation (FDIC), U.S. Securities and Exchange Commission (SEC), Office of the Comptroller of the Currency (OCC), Federal Reserve (the "Fed"), the Securities Investor Protection Corporation (SIPC), etc.), and the final elimination of the Office of Thrift Supervision (further described in Title III—Transfer of Powers to the Comptroller, the FDIC, and the FED). The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) both regulate derivatives known as swaps under the Act, but the SEC has authority over "security-based swaps."
The SEC Office of the Whistleblower provides assistance and information from a whistleblower who knows of possible securities law violations: this can be among the most powerful weapons in the law enforcement arsenal of the Securities and Exchange Commission. Created by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd–Frank Wall Street Reform and Consumer Protection Act amended the Securities Exchange Act of 1934 (the "Exchange Act") by, among other things, adding Section 21F, entitled "Securities Whistleblower Incentives and Protection." Section 21F directs the Commission to make monetary awards to eligible individuals who voluntarily provide original information that leads to successful Commission enforcement actions resulting in the imposition of monetary sanctions over $1,000,000, and certain successful related actions.

Elizabeth Warren

Senator Elizabeth WarrenE. WarrenElizabeth (Herring) Warren
Elizabeth Warren was the first appointee of the President as an adviser to get the Bureau operating.
The bureau was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama in July 2010.

Chris Dodd

DoddChristopher DoddChristopher J. Dodd
On December 2, 2009, revised versions of the bill were introduced in the House of Representatives by then–financial services committee chairman Barney Frank, and in the Senate Banking Committee by former chairman Chris Dodd.
* Dodd–Frank Wall Street Reform and Consumer Protection Act

Bank Holding Company Act

Bank Holding Company Act of 1956
Title VI, or the "Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010," introduces the so-called Volcker Rule after former chairman of the Federal Reserve Paul Volcker by amending the Bank Holding Company Act of 1956.
Additionally under a report was issued pursuant to Section 620 of the Dodd-Frank Act.

Truth in Lending Act

truth in lendingTruth-in-Lendingtruth-in-lending regulations
A "High-Cost Mortgage" as well as a reverse mortgage are sometimes referred to as "certain home mortgage transactions" in the Fed's Regulation Z (the regulation used to implement various sections of the Truth in Lending Act) High-Cost Mortgage is redefined as a "consumer credit transaction that is secured by the consumer's principal dwelling" (excluding reverse mortgages that are covered in separate sections), which include:
However, effective July 21, 2011, TILA's general rule making authority was transferred to the Consumer Financial Protection Bureau (CFPB), whose authority was established pursuant to provisions enacted by the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in July 2010.