Department/
Agency

Title of Rule (Regulation Identifier Number)

Abstract, as Provided in the Unified Agenda

Expected
Publication Date

Proposed Rules

HUD–OH

Housing Counseling: New Program Requirements: Implementing Resulting From Dodd-Frank Wall Street Reform and Consumers Act (2502-AI94)

This proposed rule would amend HUD's regulations for the Housing Counseling program to address the new program requirements and certification requirements for HUD approved housing counselors as provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rule will reflect the authority and responsibility of HUD's new Office of Housing Counseling as established by Dodd-Frank, to coordinate and administer HUD's Housing Counseling program. The proposed regulatory amendments will implement the changes made to section 106 of the Housing and Urban Development Act of 1968 by Dodd-Frank which include directing that HUD-approved housing counseling agencies provide counseling that addresses the entire process of homeownership and that HUD establish materials and forms to be used by HUD-approved housing counselors. 

10/2011 

Note: No notice of proposed rulemaking (NPRM) was published as of 08/03/2011.

TREAS–OTS

Risk-Based Capital Standards; Advanced Capital Adequacy Framework—Basel II; Establishment of a Risk-Based Capital Floor (1550-AC41)

The Office of Thrift Supervision proposes to: (1) Amend its advanced risk-based capital adequacy standards to be consistent with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and (2) amend the general risk-based capital rules to provide limited flexibility consistent with section 171(b) of the Act for recognizing the relative risk of certain assets generally not held by depository institutions. 

06/2011 

Note: NPRM was published on 03/08/2011 (76 F.R. 12611).

TREAS–OTS

Alternatives to the Use of External Credit Ratings in the Regulations of the OTS (1550-AC44)

Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of creditworthiness of a security or money market instrument and any reference to or requirements in regulations regarding credit ratings. The OTS is seeking public comment to obtain information to implement this statutory provision with respect to its regulations (other than the capital regulations which are subject to a separate rulemaking). 

06/2011 

Note: ANPRM was published on 10/14/2010 (75 F.R. 63107). Legal deadline for final rule was 07/21/2011. No NPRM was published as of 08/03/2011.

TREAS–OCC

Regarding Alternatives to the Use of External Credit Ratings in the Regulations of the OCC (1557-AD36)

Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act directs all Federal agencies to review, no later than one year from enactment, any regulation that requires the use of an assessment of credit-worthiness of a security or money market instrument and any references to or requirements in regulations regarding credit ratings. The agencies are also required to remove references or requirements of reliance on credit ratings and to substitute an alternative standard of credit-worthiness. The OCC issued an advance notice of proposed rulemaking to seek comment on implementation of the statute with respect to its regulations (other than risk-based capital regulations, which will be addressed separately), including alternative measures of credit-worthiness that may be used in lieu of credit ratings. 

07/2011 

Note: Advance notice of proposed rulemaking (ANPRM) was published on 08/13/2010 (75 F.R. 49423). Legal deadline for final rule was 07/21/2011. No NPRM was published as of 08/03/2011.

TREAS–OCC

OTS Integration; Dodd-Frank Act Implementation (1557-AD41)

The OCC will propose to amend its regulations governing organization and functions, availability and release of information, and post-employment restrictions for senior examiners (12 CFR part 4); and assessment of fees (12 CFR part 8) to incorporate the transfer of certain functions of the Office of Thrift Supervision to the OCC pursuant to title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203 (2010). The OCC also is proposing amendments to its rules at 12 CFR parts 5 and 28 pursuant to other provisions of this Act relating to national banks and Federal branches and agencies of foreign banks. 

06/2011 

Note: NPRM was published on 05/26/2011 (76 F.R. 30557). Final rule published 07/21/2011 (76 F.R. 43549).

TREAS–OCC

Off-Exchange Retail Foreign Exchange Transactions (1557-AD42)

Rulemaking by the Office of the Comptroller of the Currency to adopt rules governing off-exchange retail foreign exchange transactions conducted by national banks pursuant to 742 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) (July 21, 2010). 

06/2011 

Note: Legal deadline for final rule was 07/16/2011. NPRM was published on 04/22/2011 (76 F.R. 22633).

CFTC

Volcker Rule (Section 619) (3038-AD05)

Rulemaking would implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires limitations on proprietary trading, investment in hedge funds, and other activities by financial institutions. 

06/2011 

Note: Final rule expected 10/2011. Legal deadline for final rule is 10/21/2011. No NPRM was published as of 08/03/2011.

CFTC

Identity Theft Red Flag Rules for CFTC Regulated Institutions Under Fair Credit Reporting Act (3038-AD14)

Section 1088 of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains amendments to Section 621 of the Fair Credit Reporting Act (FCRA). These amendments add the CFTC and the SEC (together referred to as the Agencies) to the list of Federal agencies that are required to promulgate regulations relating to the development and implementation of identity theft programs under the FCRA. The Agencies' rules implementing section 621 of the FCRA will require financial institutions and creditors that are regulated by either of both of the Agencies to develop and implement written identity theft programs to detect, prevent and mitigate identity theft in connection with the opening of certain accounts or certain existing accounts. 

09/2011 

Note: No NPRM published as of 08/03/2011.

CFTC

Inter-Affiliate Rule (3038-AD47)

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains a general requirement that swaps that are subject to a clearing mandate must be submitted for clearing to a registered derivatives clearing organization. The CFTC is considering proposing a rule stating when swaps between affiliates may not be required to be submitted for clearing or subject to certain reporting requirements. 

06/2011

Note: Final rule expected 10/2011. No NPRM was published as of 08/03/2011.

CFTC

Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transitional Swaps (3038-AD48)

The Dodd-Frank Act, by adding Commodity Exchange Act section 2(h)(5), directs that rules be adopted by the Commission to provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act ("pre-enactment swaps") and data relating to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the effective date of swap data reporting rules implementing CEA section 2(h)(5)(B) ("transitional swaps"). The Commission is proposing for comment rules to implement this requirement. 

06/2011

Note: NPRM was published on 04/25/2011 (76 F.R. 22833). Final rule expected 10/2011.

CFTC

Amendments To Adapt Certain CFTC Regulations to the Dodd-Frank Act (3038-AD53)

The Dodd-Frank Wall Street Reform and Consumer Protection Act established a comprehensive new statutory framework for swaps and security-based swaps. The Dodd-Frank Act repeals some sections of the Commodity Exchange Act, amends others and adds a number of new provisions. The DFA also requires the Commodity Futures Trading Commission to promulgate a number of rules to implement the new framework. The Commission has proposed numerous rules to satisfy its obligations under the DFA. Because the Dodd-Frank Act effects so many changes to the existing statutory and regulatory frameworks, the proposed rules would make a number of conforming changes to the CFTC's regulations to more fully integrate them with the new statutory and regulatory framework. 

06/2011

Note: NPRM was published on 06/07/2011 (76 F.R. 33066). Final rule expected 10/2011.

FCA

Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations—Capital Adequacy; Ratings-Based Approach (3052-AC71)

This rule would consider removing references to credit ratings as required by section 939A of Dodd-Frank Act. 

07/2011 

Note: No NPRM was published as of 08/03/2011.

FHFA

Alternatives to Use of Credit Ratings in Regulations (2590-AA40)

The Notice(s) of Proposed Rulemaking will propose changes to regulations applicable to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Federal Home Loan Banks to remove references to, or requirements based on, credit ratings issued by nationally recognized statistical rating organizations (NRSROs). The rulemaking(s) will also propose new credit worthiness standards, not based on NRSRO ratings, to replace these references or requirements. The action is being undertaken in response to requirements in section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

06/2011 

Note: ANPRM was published on 01/31/2011 (76 F.R. 5292). Legal deadline for final rule was 07/21/2011. No NPRM was published as of 08/03/2011.

NCUA

Removing References to Credit Ratings in Regulations; Proposing Alternatives to the Use of Credit Ratings (3133-AD86)

NCUA is proposing to remove all references to credit ratings in its regulations and replace them with alternative standards as required by the Dodd-Frank Act. 

06/2011 

Note: NPRM was published on 03/01/2011 (76 F.R. 11164).

NCUA^a

Incentive-Based Compensation Arrangements (3133-AD88)

The OCC, FRB, FDIC, OTS, NCUA, SEC, and FHFA are proposing rules to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules would require the reporting of incentive-based compensation arrangements by a covered financial institution and prohibit incentive-based compensation arrangements at a covered financial institution that provide excessive compensation or that could expose the institution to inappropriate risks that could lead to a material financial loss. 

07/2011 

Note: NPRM was published on 04/14/2011 (76 F.R. 21170). Legal deadline for final rule was 04/21/2011. Final rule not published as of 08/03/2011.

SEC

Disqualification of Felons and Other "Bad Actors" From Rule 506 Offerings (3235-AK97)

The Commission has acted to implement section 926 of the Dodd-Frank Act by proposing rules to disqualify securities offerings involving certain "bad actors" from eligibility for the exemptions under Rule 506 of Regulation D. 

06/01/2011 

Note: NPRM was published on 06/01/2011 (76 F.R. 31518). Legal deadline for final rule was 07/21/2011.

SEC

Compensation Clawback (3235-AK99)

The Division is considering recommending that the Commission propose rules to implement section 954 of the Dodd-Frank Act, which requires the Commission to adopt rules to direct national securities exchanges to prohibit the listing of securities of issuers that have not developed and implemented a policy providing for disclosure of the issuer's policy of incentive-based compensation, and mandating the clawback of such compensation in certain circumstances. 

08/2011 

Note: No NPRM published as of 08/03/2011.

SEC

Executive Compensation Disclosure (3235-AL00)

The Division is considering recommending that the Commission propose rules to implement sections 953 and 955 of the Dodd-Frank Act, which require disclosure of pay-for-performance, pay ratio, and employee and director hedging. 

08/2011

Note: No NPRM published as of 08/03/2011.

SEC

Investment Adviser Performance or Incentive Fees (3235-AK71)

The Commission published for comment amendments to Rule 205-3 under the Investment Advisers Act, which provides an exemption from the prohibition of charging clients performance fees in section 205 of the Act. The amendments would, in combination with the Dodd-Frank Act, adjust the dollar amount tests used in the rule for the effects of inflation. The amendments also would revise the rule to grandfather certain advisory contracts. 

05/13/2011 

Note: NPRM published on 05/13/2011 (76 F.R. 27959), comment period ended 07/11/2011. Legal deadline for final rule was 07/21/2011.

SEC

Amendments to Rule 3a-7 Under the Investment Company Act (3235-AL03)

The Dodd-Frank Act requires the Commission to review any references or requirements regarding credit ratings in its regulations and substitute other appropriate standards of credit-worthiness by July 21, 2011. The Division is considering recommending that the Commission propose amendments to Rule 3a-7, the rule that excludes certain asset-backed securities issuers from the definition of investment company, subject to various conditions. These proposals would eliminate references to credit ratings in the rule and replace them with conditions designed to address investor protection concerns. They would also propose deeming an issuer relying on the rule to be an investment company for the limited purposes of: 1) Determining whether a holder of the issuer's securities meets the definition of investment company under the Investment Company Act, and 2) precluding a Rule 3a-7 issuer from being treated as an eligible portfolio company by any business development company that wishes to invest in the securities of the issuer. 

06/2011 

Note: Legal deadline for final rule was 07/21/2011. No NPRM was published as of 08/03/2011.

SEC

Conflicts of Interest Relating to Certain Securitizations (3235-AL04)

The Division is considering recommending that the Commission propose for comment a new rule under the Securities Act to implement the prohibition under section 621 of the Dodd-Frank Act on material conflicts of interest in connection with certain securitizations. 

06/2011 

Note: Legal deadline was 04/15/2011. Final rule was expected 07/2011. No NPRM was published as of 08/03/2011.

SEC

Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants (3235-AL05)

The Division is considering recommending that the Commission propose rules to facilitate registration of security-based swap dealers and major security-based swap participants and specify forms to be used by firms to register as security-based swap dealers and major security-based swap participants. 

06/2011 

Note: Legal deadline for final rule was 07/21/2011. Final rule was expected 07/2011. No NPRM was published as of 08/03/2011.

SEC

References to Credit Ratings in Certain Exchange Act Rules (3235-AL08)

The Division is considering recommending that the Commission propose amendments to rules under the Exchange Act that would remove references to credit ratings and substitute alternative standards of creditworthiness as required by section 939A of the Dodd- Frank Act. The Commission administers five Exchange Act Rules, Rule 15c3-1, Rule 15c3-3, Rules 101 and 102 of Regulation M, and Rule 10b-10 and one form, Form X-17A-5, Part IIB, -that will need to be amended for purposes of section 939A. 

06/2011 

Note: Legal deadline for final rule was 07/21/2011. Final rule was expected 07/2011. No NPRM was published as of 08/03/2011.

SEC

Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants (3235-AL10)

The Division is considering recommending that the Commission propose rules to implement provisions of title VII of the Dodd-Frank Act relating to external business conduct standards for security-based swap dealers and major security-based swap participants. 

06/2011 

Note: Legal deadline for final rule was 07/21/2011. Final rule was expected 07/2011. NPRM was published on 07/18/2011 (76 F.R. 42395).

SEC

Capital, Margin, Segregation, Reporting and Recordkeeping Requirements for Security-Based Swap Dealers (3235-AL12)

The Division is considering recommending that the Commission propose rules and amendments under the Exchange Act to prescribe capital, margin, reporting and recordkeeping requirements with respect to security-based swap dealers and major security-based swap participants pursuant to section 764 of the Dodd-Frank Act. The recommendation would also include rules and amendments under the Exchange Act to establish segregation requirements for security-based swap dealers and major security-based swap participants pursuant to section 763 of the Dodd-Frank Act. 

07/2011

Note: No NPRM was published as of 08/03/2011. 

TREAS–OTS/TREAS–OCC/FRS^b

Alternatives to the Use of External Credit Ratings in the Regulatory Capital Guidelines of the Federal Banking Agencies (1550-AC43, 1557-AD35, 7100-AD53)

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) are seeking to gather information as they begin to work toward revising their regulations to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act). Section 939A of the Act requires all federal agencies to review their regulations that reference or require the use of credit ratings to assess the creditworthiness of an instrument. In addition, the Act further directs the agencies to remove such requirements that refer to or rely upon credit ratings, and to substitute in their place uniform standards of creditworthiness. 

07/2011 

Note: An advance notice of proposed rulemaking (ANPRM) was published on 08/25/2010 (75 F.R. 52283). Legal deadline for final rule was 07/21/2011. No NPRM was published as of 08/03/2011.

TREAS–OCC/FDIC/ FHFA/ SEC

Credit Risk Retention by Securitizers (1557-AD40, 3064-AD74, 2590-AA43, 3235-AK96)

The Agencies are requesting comment on proposed rules to implement the requirements of section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act, or Dodd-Frank Act), which is codified as new section 15G of the Securities Exchange Act of 1934 (the Exchange Act). Section 15G of the Exchange Act, as added by section 941 of the Dodd-Frank Act, generally requires the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) (collectively, referred to as the Federal banking agencies), the Securities and Exchange Commission (the Commission), and, in the case of the securitization of any "residential mortgage asset," together with the Secretary of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) (collectively, the Federal banking agencies, the Commission, HUD, and FHFA are referred to as the Agencies), to jointly prescribe regulations, that, subject to certain exemptions, (i) require a securitizer to retain not less than 5 percent of the credit risk of any asset that the securitizer, through the issuance of an asset-backed security, transfers, sells, or conveys to a third party, and (ii) prohibit a securitizer from directly or indirectly hedging or otherwise transferring the credit risk that the securitizer is required to retain under section 15G and the Agencies' implementing rules. 

06/2011 

Note: Legal deadline for final rule was 04/21/2011. NPRM was published on 04/29/2011 (76 F.R. 24090) and comments were extended (76 F.R. 34010).

TREAS–OCC/ FCA

Registration and Regulation of Swap Dealers and Major Swap Participants; Registration and Regulation of Security-Based Swap Dealers and Major Security-Base Swap Participants (1557-AD43, 3052-AC69)

This joint rulemaking will implement section 4s(e) of the Commodity Exchange Act, as added by section 731 of the Dodd-Frank Act, and section 15F(e) of the Securities Exchange Act of 1934, as added by section 764 of the Dodd-Frank Act. These statutes require the OCC, FRB, FDIC, FHFA, and FCA to issue joint rules covering swap dealers, major swap participants, security-based swap dealers, and major security based-swap participants subject to each agencies' supervision. These rules will address capital requirements, and initial and variation margin requirements, for swaps and security-based swaps that are not cleared by a registered clearing agency. The OCC, FRB, FDIC, FHFA, and FCA will consult with the CFTC and SEC (which are required to engage in the same rulemaking with respect to entities under their supervision) to establish, to the maximum extent practicable, rules that are comparable. 

06/2011 

Note: NPRM was published on 05/11/11 (76 F.R. 27564); comments were extended on 06/24/11 (76 F.R. 37029).

TREAS–OCC/ SEC

Prohibitions on Proprietary Trading and Certain Relationships With Hedge Funds and Private Equity Funds (1557-AD44, 3235-AL07)

This joint rulemaking would implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 619 directs the OCC, jointly with the FRB and FDIC and in coordination with the SEC and the CFTC, to consider findings of an FSOC study on section 619 and to adopt rules to carry out section 619. Section 619 generally prohibits banking entities, subject to certain statutory exceptions, from engaging in proprietary trading activities and from acquiring or retaining an ownership interest in or sponsoring a hedge fund or a private equity fund. 

06/2011 

Note: Legal deadline for final rule is 10/18/2011. No NPRM was published as of 08/03/2011.

CFTC/SEC

Product Definitions Relating to Swaps and Security Based Swaps (3038-AD46, 3235-AK65)

Title VII of the Dodd-Frank Act requires that the CFTC and SEC, in consultation with the Board of Governors of the Federal Reserve System, jointly further define the terms: 1) "Swap", "security-based swap", and "security-based swap agreement"; 2) prescribe regulations mixed swaps; and 3) adopt regulations governing books and records with respect to security-based swap agreements.

06/2011 

Note: ANPRM was published on 08/13/2010 (75 F.R. 51429). NPRM was published on 05/23/2011 (76 F.R. 29818). Final rule expected 10/2011.

Final Rules

HUD–OH

Emergency Homeowners' Loan Program (2502-AI97)

This interim rule reinstates, with certain modifications, regulations that HUD published in 1975 to serve as the framework by which emergency relief may be provided to homeowners experiencing temporary involuntary loss of employment or underemployment resulting in a substantial reduction in income due to adverse economic conditions and consequently are financially unable to make full mortgage payments. These regulations were promulgated following enactment of the Emergency Homeowners' Relief Act of 1975. Although the 1975 regulations were quickly put in place, they were not utilized, and HUD eventually removed the regulations from the Code of Federal Regulations in 1995. The Dodd-Frank Wall Street Reform and Consumer Protection Act reauthorized the 1975 statute, with certain amendments, and made $1 billion available for this 1975 program commencing FY2011. Accordingly, HUD is reinstating the regulations for the program, under the title of the Emergency Homeowners' Loan program, with such modifications as necessary to mirror the statutory changes to the Emergency Homeowners' Relief Act of 1975 made by the Dodd-Frank Wall Street Reform and Consumer Protection Act, including adding medical conditions as a cause of the homeowner's unemployment or underemployment, reflect transactions that occur and terminology that is used in the mortgage market of today, and make such other changes to achieve the statutory direction to make funding immediately available for emergency mortgage assistance.

06/2011

Note: Interim final rule was published on 03/04/2011 (76 F.R. 11947).

DOL–OSHA

Procedures for the Handling of Retaliation Complaints Under Section 806 of the Corporate and Criminal Fraud Accountability Act of 2002, As Amended (1218-AC53)

OSHA is amending 29 CFR 1980, for handling whistleblower complaints under the Corporate and Criminal Fraud Accountability Act, title VIII of the Sarbanes-Oxley Act, 18 U.S.C. 1514A (SOX), to implement statutory changes enacted by Congress under sections 922 and 929A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) of 2010, and to provide other procedural updates as needed. SOX provides protection for employees who report alleged violations of the Federal mail, wire, bank or securities fraud statutes, or the Securities Exchange Act, or any other Federal law relating to fraud against shareholders. Under the DFA, the amendments to SOX extend the statutory filing period from 90 to 180 days, provide parties with a right to a jury trial, extend coverage to nationally recognized statistical rating organizations, and clarify coverage of corporate subsidiaries. Promulgation of these changes to the regulation is necessary to govern whistleblower investigations conducted under SOX. 

09/2011 

Note: No final rule published as of 08/03/2011. Agenda indicates that this will be an interim final rule.

DOL–OSHA

Complaints Under the Employee Protection Provision of the Consumer Financial Protection Act of 2010, Section 1057 of the Dodd-Frank Wall Street Reform and Consumer (1218-AC54)

OSHA is promulgating procedures for the handling and investigation of retaliation complaints pursuant to section 1057 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) of 2010. This section established a new whistleblower protection statute to be administered by OSHA that provides protection from retaliation to employees in the consumer financial product and service industries who engage in protected activities under title X of the DFA or any other provision of law that is subject to the jurisdiction of the Bureau of Consumer Financial Protection, an independent bureau within the Federal Reserve System. Pursuant to the statute, the procedures will include remedies and legal burdens of proof provisions, and a "kick-out" provision allowing the complainant to file the complaint in District Court if within 210 days of the filing of the complaint the Secretary has not issued a final determination, or within 90 days after receiving a written determination. Promulgation of a regulation is necessary to govern whistleblower investigations conducted under the new statute, which becomes effective on July 21, 2011. 

09/2011 

Note: No final rule published as of 08/03/2011. Agenda indicates that this will be an interim final rule.

CFTC

Whistleblowers (3038-AD04)

Section 748 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding "Commodity Whistleblower Incentives and Protection," requires the Commission to issue final rules to implement its provisions. The Commission will propose rules establishing a program for whistleblowers to voluntarily provide original information to Commission. The program will include provisions for the payment of awards to whistleblowers whose original information leads to the successful resolution of certain judicial or administrative actions brought by the Commission under the Commodity Exchange Act. 

06/2011 

Note: NPRM was published on 12/06/2010 (75 F.R. 75728). Final rule not published as of 08/03/2011.

CFTC

Further Definitions of Terms Relating to Swaps and Security-Based Swaps (3038-AD06)

Title VII of the Dodd-Frank Act requires that the CFTC and SEC, in consultation with the Board of Governors of the Federal Reserve System, jointly further define the terms: 1) "Swap", "security-based swap", and "security-based swap agreement"; 2) prescribe regulations mixed swaps; and 3) adopt regulations governing books and records with respect to security-based swap agreements.

06/2011 

Note: ANPRM was published on 08/13/2010 (75 F.R. 51429). NPRM was published on 05/23/2011 (76 F.R. 29818). Final rule expected 10/2011.

CFTC

Part 40, Rule Certification and Approval Procedures (3038-AD07)

The Commodity Futures Trading Commission proposes to amend its part 40 rules pertaining to the Commission's review, certification, and approval processes for handling registered entity rules and contracts in order to implement section 735 of the Dodd-Frank Act. The Commission proposes to implement procedures for submitting advance notice of rules that could "materially affect" the nature of level of risk presented by a systematically important derivatives clearing organization. The Commission also proposes to implement procedures for review of certain event contracts based on excluded commodities. 

06/2011 

Note: NPRM was published on 11/02/2010. Legal deadline for NPRM was 07/15/2011. Final rule published on 07/27/2011 (76 F.R. 44776).

CFTC

Real Time Public Reporting of Swaps Transactions (3038-AD08)

The Commission is soliciting comment on the proposed rules relating to reporting in real time of specific swaps transaction and pricing data mandated by section 727 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

07/2011 

Note: NPRM was published on 12/07/2010 (75 F.R. 76140). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Core Principles and Other Requirements for Designated Contract Markets (3038-AD09)

Pursuant to title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Commodity Futures Trading Commission (Commission or CFTC) proposes to issue rules to implement section 735 of the Dodd-Frank Act. In relevant part, section 735 of the Dodd-Frank Act amends Section 5 of the Commodity Exchange Act (Act) pertaining to the designation and operation of contract markets (DCMs). Among other changes, section 735 of the Dodd-Frank Act: (i) Eliminates the eight pre-existing Designation Criteria contained in former section 5(b) of the Act and incorporates these criteria into the various DCM core principles in section 5(d); and (ii) adds five additional DCM core principles. In addition to revising the DCM core principles, section 723 of the Dodd-Frank Act amends Section 2(h)(8) of the Act to require that all swaps subject to clearing must be executed on either a DCM or a Swap Execution Facility (SEF), except where the swap is not made available to trade on any DCM or SEF. The proposed rules, guidance and acceptable practices proposed in this rulemaking implement the 23 core principles that boards of trade must now comply with as a condition of obtaining and maintaining designation as a contract market, and incorporate the listing, trading and execution of swaps on designated contract markets. This rulemaking proposes amendments to parts 1, 16 and 38 of the Commission's regulations to implement the amendments to the Act relevant to designated contract markets. 

07/2011

Note: NPRM was published on 12/22/2010 (75 F.R. 80571). Comments extended on 03/18/2011 (76 F.R. 14825). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

End-User Exception (3038-AD10)

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains a general requirement that swaps that are subject to a clearing mandate must be submitted for clearing to a registered derivatives clearing organization. The Dodd-Frank Act also provides that users of swaps that are not financial entities (referred to as end users) and that use swaps to hedge or mitigate "commercial risk" may claim an exception from the general clearing requirement if the end user notifies the CFTC of how the end user generally meets its financial obligations associated with entering into swaps that are not cleared. The CFTC will propose a rule stating the manner in which end users are to submit such notification, and defining the meaning of the term "commercial risk" in this context. 

07/2011 

Note: NPRM was published on 12/23/2010 (75 F.R. 80747). Final rule not published as of 08/03/2011.

CFTC

Review of Rules To Find Alternatives to Reliance on Credit Ratings (3038-AD11)

The rulemaking is being done to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act that direct agencies to review their regulations for any references to or reliance on credit ratings, and to remove those references or instances of reliance. 

07/2011 

Note: NPRM was published on 11/02/2010 (75 F.R. 61254). Legal deadline was 07/21/2011. Final rule published on 07/25/2011 (76 F.R. 44262).

CFTC

Disposal and Affiliate Sharing of Consumer, Nonpublic Information Under Fair and Accurate Credit Transactions Act of 2003 and Fair Credit Reporting Act (3038-AD12)

Section 1088 of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains amendments to the Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transactions Act of 2003 (FACT Act). In particular, it provides the CFTC with authority to propose rules implementing: (1) Section 216 of the FACT Act; and (2) section 624 of the Fair Credit Reporting Act (FCRA). The rules implementing section 216 of the FACT Act will require persons regulated by the CFTC who possess or maintain consumer report in connection with their business activities to develop and implement a written program for the proper disposal of such information. The rules implementing section 624 of the FCRA will require persons regulated by the CFTC who possess or maintain consumer report information to develop and implement a written program that restricts business affiliates of those persons from receiving or using such information for the purposes of cross-marketing. 

06/2011 

Note: NPRM was published on 10/27/2010 (75 F.R. 66018). Final rule published on 07/22/2011 (76 F.R. 43879).

CFTC

Privacy Rules for CFTC Regulated Entities Under the Gramm-Leach Bliley Act (3038-AD13)

Section 1093 of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains amendments to section 504(a) of the Gramm-Leach-Bliley Act (GLB Act), which sets out certain privacy protections for nonpublic, consumer information. The CFTC will issue final rules implementing section 504(a), as well as amend part 160 of its regulations to cover new entities that are subject to the CFTC's jurisdiction under title VII of the Dodd-Frank Act. 

06/2011 

Note: NPRM was published on 10/27/2010 (75 F.R. 66014). Final rule published on 07/22/2011 (76 F.R. 43874).

CFTC

Position Limits for Derivatives (3038-AD16)

The Commission has been mandated by Congress (in the Dodd-Frank Act) to impose position limits, on an aggregate basis, on futures and swaps relating to exempt in order to (a) diminish, eliminate, or prevent excessive speculation; (b) deter and prevent market manipulation, squeezes, and corners; (c) ensure sufficient market liquidity for bona fide hedgers; and (d) ensure that the price discovery function of an underlying market is not disrupted. Given the potential effects of position limits on various market participants, the Commission has issued a notice of proposed rulemaking to solicit and consider the public's comments in advance of issuing final rules. 

08/2011 

Note: NPRM was published on 01/26/2011 (76 F.R. 4752). Final rule not published as of 08/03/2011.

CFTC

Position Report for Physical Commodity Swaps (3038-AD17)

The Commission has been mandated by Congress (in the Dodd-Frank Act) to impose position limits on futures and swaps relating to exempt and agricultural commodities. A separate rulemaking will establish swap data repositories to allow proper surveillance of the interconnected commodity derivatives markets and enforce these position limits. In the interim, the Commission has proposed reporting regulations to attain the necessary positional data. 

06/2011

Note: NPRM was published 11/02/2010 (75 F.R. 67258). Final rule published on 07/22/2011 (76 F.R. 43851).

CFTC

Core Principles and Other Requirements for Swap Execution Facilities (3038-AD18)

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the Commodity Exchange Act (CEA) to establish a comprehensive new regulatory framework for the execution of swaps by: (i) Creating a definition for swap execution facilities (SEFs) under section 721 of the Dodd-Frank Act, which added new CEA Section 1a(50); (ii) providing, though the SEF definition, a market for the execution of swaps on trading systems or platforms that enable eligible contract participants to trade on a multilateral basis; (iii) creating an execution requirement under section 723 of the Dodd-Frank Act, which added new CEA section 2(h)(8); and (iv) creating registration and core principle requirements for SEFs under section 733 of the Dodd-Frank Act, which added new CEA Section 5h. Pursuant to title VII of the Dodd-Frank Act, the Commodity Futures Trading Commission (Commission) has proposed rules to implement sections 721, 723 and 733 of the Dodd-Frank Act. The Commission's proposal implements the registration process for each applicant seeking registration as a SEF as well as the fifteen core principles and other requirements that each applicant must comply with as a condition of obtaining and maintaining its registration. The proposal would also replace current part 37 of the Commission's regulations, at present addressing rules for Derivatives Transaction Execution Facilities, with rules to implement the amendments to the CEA relevant to SEFs. 

07/2011 

Note: NPRM was published on 01/07/2011 (76 F.R. 1214). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Swap Data Repositories (3038-AD20)

The Commission is proposing regulations to implement section 728 of the Dodd-Frank Act. Specifically, proposed part 49 of the Commission's regulations would establish: (i) A registration process for swap data repositories and standards for becoming and remaining registered; (ii) duties and responsibilities for registered swap data repositories; and (iii) guidance with respect to compliance with three statutory core principles applicable to registered swap data repositories. 

07/2011 

Note: NPRM was published on 12/23/2010 (75 F.R. 80898). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Agricultural Swaps and Commodity Options Rulemaking (3038-AD21)

The Commission is proposing and requesting comment on rules to allow the trading of swaps in agricultural commodities (agricultural swaps) and commodity options. Agricultural swaps are generally prohibited under the Dodd-Frank Wall Street Reform and Consumer Protection Act, unless allowed via a rule or exemption issued separately by the Commission. 

08/2011 

Note: ANPRM was published on 09/28/2010 (75 F.R. 59666; NPRM was published on 02/03/2011 (76 F.R. 6095). Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards for Swap Dealers and Major Swap Participants Dealing With Counterparties (3038-AD25)

Section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding "Registration and Regulation of Swap Dealers and Major Swap Participants" directs the Commission to promulgate certain mandatory business conduct standards rules, as well as grants the Commission authority to promulgate discretionary rules. The rules will establish disclosure obligations and due diligence requirements, as well as outright prohibitions on certain types of abusive conduct. 

08/2011 

Note: NPRM was published on 12/22/2010 (75 F.R. 80638). Final rule not published as of 08/03/2011.

CFTC

Anti-Manipulation (3038-AD27)

The Commission will consider rules prohibiting fraud and manipulation in connection with any swap, or a contract of sale of any commodity in interstate commerce, or for future delivery on or subject to the rules of any registered entity, consistent with section 753 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding "Anti-Manipulation Authority."

06/2011

Note: NPRM was published on 11/03/2010 (75 F.R. 67657). Final rule published on 07/14/2011 (76 F.R. 41398).

CFTC

Governance Requirements for DCOs, DCMs, & SEFs; Additional Requirements Regarding the Mitigation of Conflicts of Interest (3038-AD36)

Rulemaking to implement the following sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, insofar as they pertain to conflicts of interest, governance and fitness: Section 726 (Rulemaking on Conflict of Interest); sections 725(c) and (d) (DCO Core Principles and Conflicts of Interest); section 735(b) (DCM Core Principles); and section 733 (SEF Core Principles). 

07/2011 

Note: NPRM was published on 01/06/2011 under RIN 3038-AD01 (76 F.R. 722). Legal deadline for final rule was 07/20/2011. Final rule not published as of 08/03/2011.

CFTC

Governance and Possible Limits on Ownership and Control (DCOs, SEFs, and DCMs): Requirements for DCOs, DCMs, & SEFs Regarding the Mitigation of Conflicts of Interest (3038-AD37)

Rulemaking to implement the following sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), insofar as they pertain to conflicts of interest: Section 726 (Rulemaking on Conflict of Interest); sections 725(c) and (d) (DCO Core Principles and Conflicts of Interest); section 735(b) (DCM Core Principles); and section 733 (SEF Core Principles). 

06/2011 

Note: NPRM was published on 10/18/2010 under RIN 3038-AD01 (75 F.R. 63732). Legal deadline for final rule was 01/14/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Designation of a Chief Compliance Officer; Required Compliance Policies; and Annual Report of a FCM, SD or MSP (3038-AD38)

The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding the compliance activities of certain registrants. The proposed rules require each futures commission merchant, swap dealer, and major swap participant to designate a chief compliance officer. The proposed rules also prescribe qualifications and duties of the chief compliance officer. Finally, the proposed rules require that the chief compliance officer prepare, certify, and furnish to the Commission an annual report containing an assessment of the registrant's compliance activities. 

07/2011 

Note: NPRM was published on 11/19/2010 under RIN 3038-AC96 (75 F.R. 70881). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Implementation of Conflicts of Interest Policies and Procedures by Futures Commission Merchants and Introducing Brokers (3038-AD39)

The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposed regulations establish conflicts of interest requirements for Futures Commission Merchants (FCMs) and Introducing Brokers (IBs) for the purpose of ensuring that such persons implement adequate policies and procedures in compliance with the Commodity Exchange Act(CEA), as amended by the Dodd-Frank Act. 

07/2011 

Note: NPRM was published on 11/17/2010 under RIN 3038-AC96 (75 F.R. 70152). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Implementation of Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants (3038-AD40)

The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposed regulations establish conflicts of interest requirements for swap dealers (SDs) and major swap participants (MSPs) for the purpose of ensuring that such persons implement adequate policies and procedures in compliance with the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act. 

07/2011 

Note: NPRM was published on 11/23/2010 under RIN 3038-AC96 (75 F.R. 71391). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants (3038-AD41)

The Commodity Futures Trading Commission is proposing regulations to implement new statutory provisions enacted by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed regulations set forth certain duties imposed upon swap dealers and major swap participants registered with the Commission with regard to: Risk management procedures; monitoring of trading to prevent violations of applicable position limits; diligent supervision; business continuity and disaster recovery; disclosure and the ability of regulators to obtain general information; and antitrust considerations. The proposed regulations would implement the new statutory framework of section 4s(j) of the Commodity Exchange Act, added by section 731 of the Dodd-Frank Act, excepting regulations related to conflicts of interest pursuant to section 4s(j)(5), which will be addressed in a separate rulemaking. These regulations set forth certain duties with which swap dealers and major swap participants must comply to maintain registration as a swap dealer or major swap participant. 

07/2011 

Note: NPRM was published on 11/23/2010 under RIN 3038-AC96 (75 F.R. 71397). Legal deadline for NPRM was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants (3038-AD42)

The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act (CEA), which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing, netting, documentation, and valuation of swaps. The proposed rule would set forth parameters for the inclusion of an orderly liquidation termination provision in the swap trading relationship documentation for swap dealers and major swap participants. 

07/2011 

Note: NPRM was published on 02/08/2011 under RIN 3038-AC96 (76 F.R. 6708). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants (3038-AD43)

The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act (CEA), which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing, netting, documentation, and valuation of swaps. The proposed rules would establish requirements for swap confirmation, portfolio reconciliation, and portfolio compression for swap dealers and major swap participants. 

07/2011 

Note: NPRM was published on 12/28/2010 under RIN 3038-AC96 (75 F.R. 81519). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants (3038-AD44)

The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added new sections 4s(f) and (g) to the Commodity Exchange Act (CEA), which set forth reporting and recordkeeping requirements and daily trading records requirements for swap dealers and major swap participants. The proposed rules would establish the regulatory standards for compliance with these new sections of the CEA. 

07/2011 

Note: NPRM was published on 12/09/2010 under RIN 3038-AC96 (75 F.R. 76666). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Business Conduct Standards—Internal: Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants (3038-AD45)

The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act (CEA), which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing, netting, documentation, and valuation of swaps. The proposed rules would establish requirements for swap trading relationship documentation for swap dealers and major swap participants. 

07/2011 

Note: NPRM was published on 02/08/2011 under RIN 3038-AC96 (76 F.R. 6715). Legal deadline for final rule was 07/15/2011. Final rule not published as of 08/03/2011.

CFTC

Amendments to Commodity Pool Operator and Commodity Trading Advisor Regulations Resulting From the Dodd-Frank Act (3038-AD49)

The Commodity Futures Trading Commission is proposing to amend part 4 of its regulations, which concerns the operations and activities of commodity pool operators and commodity trading advisors, in order to have those regulations reflect changes made to the Commodity Exchange Act by the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

10/2011 

Note: NPRM was published on 03/03/2011 (76 F.R. 11701). Final rule not published as of 08/03/2011.

CFTC

Registration of Intermediaries (3038-AD50)

The Commodity Futures Trading Commission hereby proposes regulations to further implement new statutory provisions enacted by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding registration of intermediaries. Specifically, the Commission proposes: (i) Certain conforming amendments to part 3 of the Commission's regulations (part 3) regarding the registration of intermediaries, consistent with other Commission rulemakings issued pursuant to the Dodd-Frank Act; and (ii) other modernizing and technical amendments to part 3. 

10/2011 

Note: NPRM was published on 03/09/2011 (76 F.R. 12888). Final rule not published as of 08/03/2011.

FRS

Regulation M—Consumer Leasing (Docket No R-1400) (7100-AD60)

The Federal Reserve Board (Board) published in the Federal Register on December 16, 2010, proposed regulations to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which amends the Consumer Leasing Act (CLA). The CLA requires lessors to provide consumers with disclosures regarding the cost and other terms of personal property leases. Currently, a lease is exempt from the CLA if the consumer's total obligation exceeds $25,000. Effective July 21, 2011, the Dodd-Frank Act requires that the protections of the CLA apply to consumer leases up to $50,000, compared with $25,000 currently. In addition, the Dodd-Frank Act requires that this amount be adjusted annually to reflect any increase in the Consumer Price Index. The proposed rule would amend Regulation M, which implements the CLA, for consistency with the amendments made by the Dodd-Frank Act. The proposed rule also would impose certain requirements on advertisements for consumer leases. In particular, the proposed rule would clarify that if a lessor promotes multiple consumer leases in a single advertisement, the entire advertisement must comply with Regulation M unless all the advertised leases are exempt. In addition, because the Dodd-Frank Act makes similar amendments to the exemption threshold in the Truth in Lending Act, the Board also published in the Federal Register on December 16, 2010, proposed amendments to Regulation Z, which implements the Truth in Lending Act. The comment period on the proposed rule closed on February 1, 2011. A final rule with be issued shortly thereafter. 

06/2011 

Note: NPRM was published on 12/16/2010 (75 F.R. 78636). Final rule was published on 04/04/2011 (76 F.R. 18349).

FRS

Regulation Y—Definitions of "Predominately Engaged in Financial Activities" and "Significant" Nonbank Financial Company and Bank Holding Company (Docket No. R-1405) (7100-AD64)

The Board is publishing for comment proposed amendments to Regulation Y that: (1) Establish the criteria for determining whether a company is "predominantly engaged in financial activities" and (2) define the terms "significant nonbank financial company" and "significant bank holding company" for purposes of title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act or Act). These terms are relevant to various provisions of title I of the Dodd-Frank Act, including section 113 (12 U.S.C. 5323), which authorizes the Financial Stability Oversight Council (Council) to designate a nonbank financial company for supervision by the Board if the Council determines that the company could pose a threat to the financial stability of the United States. 

06/2011 

Note: NPRM was published on 02/11/2011 (76 F.R. 7731). Final rule not published as of 08/03/2011.

FRS

Regulation Z—Escrow Requirements (Docket No. R-1406) (7100-AD65)

The Federal Reserve Board (Board) will publish in the Federal Register on March 2, 2011, a proposed rule that would amend Regulation Z (Truth in Lending) to implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Regulation Z currently requires creditors to establish escrow accounts for higher-priced mortgage loans secured by a first lien on a dwelling. The proposal would implement statutory changes made by the Dodd-Frank Act that lengthen the time for which a mandatory escrow account established for a higher-priced mortgage loan must be maintained. In addition, the proposal would implement the Act's disclosure requirements regarding escrow accounts. The proposal also would exempt certain loans from the statute's escrow requirement. The primary exemption would apply to mortgage loans extended by creditors that operate predominantly in rural or underserved areas, originate a limited number of mortgage loans, and do not maintain escrow accounts for any mortgage loans they service. 

07/2011 

Note: NPRM was published on 03/02/2011 (76 FR 11597). Final rule not published as of 08/03/2011.

FRS

Regulation Z—Truth in Lending (Docket No. R-1394) (7100-AD56)

On October 28, 2010, the Federal Reserve approved for public comment an interim final rule amending Regulation Z (Truth in Lending)(75 FR 66554). The interim rule implements section 129E of the Truth in Lending Act (TILA), which was enacted on July 21, 2010, as section 1472 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. TILA section 129E establishes new requirements for appraisal independence for consumer credit transactions secured by the consumer's principal dwelling. The amendments are designed to ensure that real estate appraisals used to support creditors' underwriting decisions are based on the appraiser's independent professional judgment, free of any influence or pressure that may be exerted by parties that have an interest in the transaction. The amendments also seek to ensure that creditors and their agents pay customary and reasonable fees to appraisers. The Board sought comment on all aspects of the interim final rule, which were due by December 27, 2010. Compliance is mandatory for residential mortgage applications received by creditors on or after April 1, 2011. 

06/2011 

Note: Interim final rule with request for comments was published on 10/28/2010 (75 F.R. 66554). Additional final rule expected, but not published as of 08/03/2011.

FRS

Regulation Z—Truth in Lending (Docket No. R-1399) (7100-AD59)

The Federal Reserve Board (Board) published in the Federal Register on December 16, 2010, proposed regulations to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which amends the Truth in Lending Act (TILA). TILA requires creditors to disclose key terms of consumer loans and prohibits creditors from engaging in certain practices with respect to those loans. Currently, consumer loans of more that $25,000 are generally exempt from TILA. However, private education loans and loans secured by real property (such as mortgages) are subject to TILA regardless of the amount of the loan. Effective July 21, 2011, the Dodd-Frank Act requires that the protections of the Truth in Lending Act (TILA) apply to consumer credit transactions up to $50,000, compared with $25,000 currently. In addition, the Dodd-Frank Act requires this amount be adjusted annually to reflect any increase in the Consumer Price Index. The proposed rule would amend Regulation Z, which implements TILA, for consistency with the amendments made by the Dodd-Frank Act. In addition, because the Dodd-Frank Act makes similar amendments to the exemption threshold in the Consumer Leasing Act, the Board also published in the Federal Register on December 16, 2010, proposed amendments to Regulation M, which implements the Consumer Leasing Act. The comment period on the proposed rule closed on February 1, 2011. A final rule will be issued shortly thereafter. 

06/2011 

Note: NPRM was published on 12/16/2010 (75 F.R. 78636). Legal deadline for final rule was 07/21/2011. Final rule was published on 04/04/2011 (76 F.R. 18354).

FSOC

Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies (4030-AA00)

Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the DFA) (P.L. 111-203) provides the Financial Stability Oversight Council (the Council) the authority to require that a nonbank financial company be supervised by the Board of Governors of the Federal Reserve System (Board of Governors) and be subject to prudential standards in accordance with title I of the DFA if the Council determines that material financial distress at such a firm, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the firm, could pose a threat to the financial stability of the United States. The rule describes the criteria that will inform, and the processes and procedures that will guide, the Council's designation of nonbank financial companies under the DFA. 

06/2011 

Note: ANPRM was published on 10/06/2010 (75 F.R. 61653); NPRM was published on 01/26/2011 (76 F.R. 4555). Final rule not published as of 08/03/2011.

FSOC

Authority To Designate Financial Market Utilities as Systemically Important (4030-AA01)

The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) gives the Financial Stability Oversight Council (the Council) the authority to identify and designate as systemically important a financial market utility if the Council determines that the failure, or a disruption to the functioning, of a financial market utility could create or increase the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the financial system of the United States. The DFA generally defines a "financial market utility" as any person that manages or operates a multilateral system for the purpose of transferring, clearing, or settling payments, securities, or other financial transactions among financial institutions or between financial institutions and that person. The utility-like arrangements used to settle financial transactions, whether involving payments, securities, derivatives, or other similar financial instruments, are critical parts of the financial infrastructure for the economy and are integral to the soundness of the financial system and overall economic performance. The importance of these arrangements has been highlighted by the recent period of market stress. This rulemaking invites public comment on the criteria and analytical framework that should be applied by the Council in designating financial market utilities under the DFA. 

07/2011 

Note: ANPRM was published on 12/21/2010 (75 F.R. 79982); NPRM was published on 03/28/2011 (76 F.R. 17047). Final rule published 07/27/2011 (76 F.R. 44763).

FSOC

Freedom of Information Act (4030-AA02)

The Financial Stability Oversight Council proposes regulations to implement the Freedom of Information Act (the FOIA). This proposed rule would implement the requirements of the FOIA by setting forth procedures for requesting access to FSOC records. The Dodd-Frank Act, which established the Council, provides that FOIA applies to data or information submitted to the Council. 

07/2011 

Note: NPRM was published on 03/28/2011 (76 F.R. 17038). Final rule not published as of 08/03/2011.

NCUA

Share Insurance and Appendix (3133-AD79)

NCUA proposed to amend its rules to fully insure the net amount that any member or depositor in an NCUSIF-insured credit union maintains in a non-interest bearing transaction account. This amendment is prospectively repealed effective January 1, 2013, pursuant to the Dodd-Frank Act. 

07/2011 

Note: NPRM was published on 12/22/2010 (75 F.R. 80367). Final rule was published on 05/25/2011 (76 F.R. 30250).

SEC

Mine Safety (3235-AK83)

The Commission proposed amendments to forms and rules to implement the requirements of section 1503 of the Dodd-Frank Act. The proposed amendments would require issuers that are operators of coal and other mines to disclose information in their periodic reports about specified health and safety violations, orders and citations, related penalty assessments, legal actions, and mining related fatalities. The amendments also would require such affected issuers to file a current report on Form 8-K reporting receipt of specified orders. 

07/2011 

Note: NPRM was published on 12/22/2010 (75 F.R. 80374) and the comment period was extended (76 F.R. 6110). Final rule not published as of 08/03/2011.

SEC

Conflict Minerals (3235-AK84)

The Commission proposed amendments to forms and rules to implement the requirements of section 1502 of the Dodd-Frank Act. The proposed amendments would require any reporting issuer for which conflict minerals are necessary to the functionality or production of a product manufactured or contracted to be manufactured by that issuer to disclose in its annual report whether its conflict minerals originated in the Democratic Republic of the Congo or an adjoining country. If so, the issuer would be required to furnish a separate report as an exhibit to the annual report that includes, among other matters, a description of the measures taken by the issuer to exercise due diligence on the source and chain of custody of its conflict minerals. 

07/2011 

Note: NPRM was published on 12/23/2010 (75 F.R. 80948) and the comment period was extended on 02/03/2011 (76 F.R. 6110). Legal deadline for final rule was 04/15/2010. Final rule not published as of 08/03/2011.

SEC

Disclosure of Payments By Resource Extraction Issuers (3235-AK85)

The Commission proposed rules pursuant to section 1504 of the Dodd-Frank Act, which added section 13(q) to the Exchange Act. Section 13(q) requires the Commission to adopt rules requiring resource extraction issuers to disclose in their annual reports filed with the Commission payments made to foreign governments or the U.S. federal government for the purpose of the commercial development of oil, natural gas, or minerals. 

07/2011 

Note: NPRM was published 12/23/2010 (75 F.R. 80978) and the comment period was extended on 02/03/2011 (76 F.R. 6111). Legal deadline for final rule was 04/16/2011. Final rule not published as of 08/03/2011.

SEC

Suspension of Duty to File Reports for Classes of Asset-Backed Securities Under Section 15(d) of the Exchange Act (3235-AK89)

The Commission proposed amendments to rules relating to Exchange Act reporting obligations of asset-backed securities issuers to permit suspension of the reporting obligations for asset-backed securities issuers when there are no longer asset-backed securities of the class sold in a registered transaction held by non-affiliates of the depositor and to clarify the application of the rules in light of the elimination of the automatic suspension of the duty to file under Exchange Act section 15(d) for asset-backed securities issuers by section 942(a) of the Dodd-Frank Act. 

06/2011 

Note: NPRM was published on 01/12/2011 (76 F.R. 2049). Final rule not published as of 08/03/2011.

SEC

Net Worth Standard for Accredited Investors (3235-AK90)

The Commission proposed amendments to the accredited investor standards in its rules under the Securities Act to reflect the requirements of section 413(a) of the Dodd-Frank Act. Section 413(a) requires the definitions of "accredited investor" in Securities Act rules to exclude the value of a person's primary residence for purposes of determining whether the person qualifies as an "accredited investor" on the basis of having a net worth in excess of $1 million. The Commission also proposed technical amendments to Form D and a number of its rules to conform them to the language of section 413(a) and to correct cross-references to former section 4(6) of the Securities Act, which was renumbered section 4(5) by section 944 of the Dodd-Frank Act. 

06/2011 

Note: NPRM was published on 01/31/2011 (76 F.R. 5307). Final rule not published as of 08/03/2011.

SEC

Listing Standards for Compensation Committees (3235-AK95)

The Commission proposed a new rule and rule amendments to implement the provisions of section 10C of the Exchange Act, which was added by section 952 of the Dodd-Frank Act. Section 10C requires the Commission to adopt rules directing the national securities exchanges and national securities associations to adopt certain listing standards with respect to compensation committees and compensation advisors. Section 10C of the Exchange Act requires the Commission to adopt new disclosure rules concerning the use of compensation consultants and conflicts of interest. 

07/2011 

Note: NPRM was published on 04/06/2011 (76 F.R. 18966). Legal deadline for final rule was 07/16/2011. Final rule not published as of 08/03/2011.

SEC

Beneficial Ownership Reporting Requirements and Security-Based Swaps (3235-AK98)

The Commission proposed to readopt without change portions of the rules enabling determinations of beneficial ownership to be made for purposes of sections 13(d), 13(g) and 16 of the Exchange Act, in light of the addition of section 13(o) to the Exchange Act by the Dodd-Frank Act. 

06/2011 

Note: NPRM was published on 03/22/2011 (76 F.R. 15784). Final rule was published on 06/14/2011 (76 F.R. 34579).

SEC

Family Offices (3235-AK66)

The Commission proposed a rule, consistent with section 409 of the Dodd-Frank Act, regarding family offices. 

06/2011 

Note: NPRM was published on 10/18/2010 (75 F.R. 63753). Final rule was published on 06/29/2011 (76 F.R. 37983).

SEC

Reporting of Proxy Votes on Executive Compensation and Other Matters (3235-AK67)

The Commission proposed rule amendments to implement section 951 of the Dodd-Frank Act. The proposed amendments to rules and Form N-PX would require institutional investment managers subject to section 13(f) of the Exchange Act to report how they voted on any shareholder vote on executive compensation or golden parachutes pursuant to sections 14A(a) and (b) of the Exchange Act. 

06/2011 

Note: NPRM was published on 10/28/2010 (75 F.R. 66622). According to the Unified Agenda, the "statutory requirement for issuers to conduct separate shareholder advisory votes is effective January 21, 2011. " Final rule not published as of 08/03/2011.

SEC

Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less than $150 Million in Assets Under Management and Foreign Private Advisers (3235-AK81)

The Commission proposed new rules that would implement exemptions from the registration requirements of the Advisers Act that were enacted as part of the Dodd-Frank Act. The Commission proposed for comment new Rule 203(l)-1 to define the term "venture capital fund" for purposes of the new exemption for advisers to venture capital funds in new section 203(i) of the Advisers Act, as well as new Rule 203(m)-1, which would provide an exemption for advisers with less than $150 million in private fund assets under management in the United States, as provided in new section 203(m) of the Act. Proposed Rule 202(a)(30)-1 also clarifies the meaning of certain terms included in a new exemption for foreign private advisers. 

06/2011 

Note: NPRM was published on 12/10/2010 (75 F.R. 77190). According to the Unified Agenda, the "Commission must define "venture capital fund" for purposes of Dodd-Frank Act exemption from registration within a year of enactment. " Final rule was published on 07/06/2011 (76 F.R. 39646).

SEC

Rules Implementing Amendments to the Investment Advisers Act (3235-AK82)

The Commission proposed new rules and amendments to existing rules and forms under the Advisers Act to implement provisions of the Dodd-Frank Act that eliminate the "private adviser" exemption, extend the Commission's authority to require reporting by certain investment advisers that are exempt from registration, and reallocate regulatory responsibilities for certain investment advisers to the states. The Commission also proposed amendments to the registration form (Form ADV) for investment advisers to obtain additional information that will assist SEC examiners in identifying candidates for examination. Finally, the Commission proposed amendments to its pay to play rule and other rule amendments that address a number of other changes to the Advisors Act made by the Dodd-Frank Act. 

06/2011 

Note: NPRM was published on 12/10/2010 (75 F.R. 77052). Legal deadline for final rule was 07/21/2011. Final rule published on 07/19/2011 (76 F.R. 42949).

SEC

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisers on Form PF  (3235-AK92)

The Commission proposed a rule requiring investment advisers registered with the SEC that advise one or more private funds to file certain information, including information about the private funds the adviser advises. This proposal would implement sections 404 and 406 of the Dodd-Frank Act. 

06/2011 

Note: NPRM was published on 02/11/2011 (76 F.R. 8068). Legal deadline for final rule was 07/21/2011. No final rule published as of 08/03/2011.

SEC

References to Credit Ratings in Certain Investment Company Act Rules and Forms (3235-AL02)

The Commission proposed to amend two rules (Rules 2a-1 and 5b-3) and four forms (Forms N-2A, N-2, N-3, and N-MFP) under the Investment Company Act that reference credit ratings and propose a new rule under the Act that would set forth a credit quality standard in place of a credit rating removed by the Dodd-Frank Act from section 6(a)(5)(A)(iv)(1) of the Investment Company Act. These proposals would give effect to provisions of the Dodd-Frank Act that require removing credit ratings from Commission regulations and adopting a credit quality standard to replace the statutory credit rating references eliminated by the Dodd-Frank Act.

07/2011 

Note: NPRM was published on 03/09/2011 (76 F.R. 12896). Legal deadline for final rule was 07/21/2011. Final rule not published as of 08/03/2011.

SEC

References to Ratings of Nationally Recognized Statistical Rating Organizations (3235-AK17)

The Commission proposed to amend various rules and forms under the Exchange Act that rely on NRSRO ratings. The proposed amendments are designed to address concerns that the reference to NRSRO ratings in Commission rules and forms may have contributed to an undue reliance on NRSRO ratings by market participants. The Commission adopted certain of the proposals and reopened the comment period as to others. The Division is considering recommendations to propose to the Commission in light of section 939A of the Dodd-Frank Act. 

07/2011 

Note: The original rule was published on 10/09/2009 (74 F.R. 52358). SEC appears to be considering changes to previously-issued rules in light of Dodd-Frank (which would require them to go through the rulemaking process again). No subsequent final rules have been published as of 08/03/2011.

SEC

Transitional Registration as a Municipal Advisor (3235-AK69)

The Commission adopted an interim final temporary rule to require all municipal advisors to register with it by October 1, 2010, consistent with the Dodd-Frank Act. 

Note: Interim final rule published 09/08/2010 (75 F.R. 54465) is effective through end of 2011. It appears that further rules will follow, but none published as of 08/03/2011.

SEC

Interim Rule for Reporting Pre-Enactment Security-Based Swap Transactions (3235-AK73)

The Commission adopted an interim final temporary rule that requires specified counterparties to security-based swap transactions entered into on or before July 22, 2010 to: 1) report certain information relating to those transactions to a registered security-based swap data repository or to the Commission; and 2) report information relating to those transactions to the commission upon request. 

Interim final rule issued 10/20/2010 (75 F.R. 64643) is effective through end of 2011. It appears that further rules will follow, but none published as of 08/003/2011.

SEC

Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies; Security-Based Swap Execution Facilities, and National Exchanges (3235-AK74)

The Commission proposed regulations to impose ownership and voting limits and governance arrangements applicable to security-based swap execution facilities, and security-based swap exchanges to mitigate potential conflicts of interest that could exist at those entities. 

06/2011 

Note: NPRM was published on 10/25/2010 (75 F.R. 65882) and the comment period was extended on 03/08/2011 (76 F.R. 12654). Legal deadline for final rule was 01/18/2011. No final rule published as of 08/03/2011.

SEC

Prohibition Against Fraud, Manipulation, and Deception in Connection With Security-Based Swaps (3235-AK77) 

The Commission proposed for comment on a new rule under the Exchange Act, proposed Rule 9j-1, intended to prevent fraud, manipulation, and deception in connection with the offer, purchase or sale of any security-based swap, the exercise of any right or performance of any obligation under a security-based swap, or the avoidance of such exercise or performance. 

07/2011 

Note: NPRM was published on 10/28/2010 (75 F.R. 66590). Legal deadline for final rule was 07/16/2011. No final rule was published as of 08/03/2011.

SEC

Security-Based Swap Data Repository Registration, Duties, and Core Principles (3235-AK79)

The Commission proposed rules to facilitate registration of security-based swap data repositories and a form to be used to register as a security-based swap data repository. 

07/2011 

Note: NPRM was published on 12/10/2010 (75 F.R. 77306). Legal deadline for final rule was 07/16/2011. No final rule was published as of 08/03/2011.

SEC

Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information (3235-AK80)

The Commission proposed Regulation SBSR to implement provisions of the Dodd-Frank Act to provide for the reporting of security-based swap information to registered security-based swap repositories or to the Commission and the public dissemination of security-based swap transaction, volume, and pricing information. Proposed Regulation SBSR also would require a registered SDR to register with the Commission as a securities information processor on existing Form SIP. 

07/2011 

Note: NPRM was published on 12/02/2010 (75 F.R. 75208). Legal deadline for final rule was 07/16/2011. No final rule was published as of 08/03/2011.

SEC

Registration of Municipal Advisers (3235-AK86)

The Commission proposed new Rules 15Ba1-1 through 15Ba1-7 and new Forms MA, MA-I, MA-W, and MA-NR under the Exchange Act. The proposed rules and forms are designed to give effect to provisions of title IX of the Dodd-Frank Act that, among other things, would establish a permanent registration regime with the Commission for municipal advisors and would impose certain record-keeping requirements on such advisors. 

12/2011 

Note: NPRM was published on 01/06/2011 (76 F.R. 824). No final rule was published as of 08/03/2011.

SEC

Process for Submissions for Review of Security-Based Swaps for Mandatory Clearing and Notice Filing Requirements for Clearing Agencies (3235-AK87)

The Commission proposed rules to specify the process for a registered clearing agency's submission for review of any security-based swap, or any group, category, type or class of security-based swaps that the clearing agency plans to accept for clearing and the manner of notice the clearing agency must provide to its members of such submission. The Commission also proposed the procedure by which it may stay the requirement that a security-based swap is subject to mandatory clearing while the clearing of the security-based swap is reviewed. The Commission proposed to specify that when a security-based swap is required to be cleared, the submission of the security-based swap for clearing must be for central clearing to a clearing agency that functions as a central counterparty. In addition, the Commission proposed rules to define and describe when notices of proposed changes to rules, procedures or operations are required to be filed by designated financial market utilities in accordance with section 806(e) of the Dodd- Frank Act and to set forth the process for filing such notices with the Commission, as well as conforming changes required by amendments to section 19(b) of the Exchange Act made by section 916 of the Dodd-Frank Act. 

07/2011 

Note: NPRM was published on 12/30/2010 (75 F.R. 82490). Legal deadline for final rule was 07/16/2011. No final rule was published as of 08/03/2011.

SEC

End-User Exception to Mandatory Clearing of Security-Based Swaps (3235-AK88)

The Commission proposed regulations to implement the exception to mandatory clearing of security-based swaps available to counterparties of security-based swap transactions contained in the Dodd-Frank Act if they: 1) Are not a financial entity, 2) hedge or mitigate commercial risk, and 3) notify the Commission, in a manner set forth by the Commission, how they meet the financial obligations associated with entering into non-cleared security-based swaps. 

07/2011 

Note: NPRM was published on 12/21/2010 (75 F.R. 79992). Legal deadline for final rule was 07/16/2011. No final rule was published as of 08/03/2011.

SEC

Trade Acknowledgement and Verification of Security-Based Swap Transactions (3235-AK91)

The Commission proposed Rule 15Fi-1 pursuant to section 15F of the Exchange Act, as amended by the Dodd-Frank Act, which requires security-based swap dealers and security-based swap participants to provide trade acknowledgements and to verify those acknowledgments and to verity those acknowledgements in security-based swap transactions. 

07/2011 

Note: NPRM was published on 01/21/2011 (76 F.R. 3859). Legal deadline for final rule was 07/16/2011. No final rule was published as of 08/03/2011.

SEC

Registration and Regulation of Securities-Based Swap Execution Facilities (3235-AK93)

The Commission proposed a registration framework for security-based swap execution facilities (SB SEFs) and established rules implementing a requirement of the Dodd-Frank Act that an SB SEF must comply with fourteen enumerated core principles and enforce compliance with those principles, as well as to permit an SB SEF to submit proposed changes to its rules to the Commission. The proposed framework includes an interpretation of the definition of "security-based swap execution facility" in section 3(a)(77) of the Exchange Act. In addition, the Commission proposed an amendment to Rule 3a-1 under the Exchange Act to exempt a registered SB SEF from the Exchange Act definition of "exchange" and new Rule 15a-12 to exempt, under certain conditions, a registered SB SEF from regulation as a broker pursuant to section 15(b) of the Exchange Act. 

07/2011 

Note: NPRM was published on 02/28/2011 (76 F.R. 10948). Legal deadline for final rule was 07/21/2011. No final rule was published as of 08/03/2011.

SEC

Rule 17Ad-17; Transfer Agents', Brokers', and Dealers' Obligation To Search for Lost Securityholders; Paying Agents' Obligation To Search for Missing Securityholders (3235-AL11)

The Commission proposed amendments to Rule 17Ad-17 to implement the mandates of section 929W of the Dodd-Frank Act. That section requires: 1) Adding brokers and dealers to entities that must conduct database searches for lost security holders; and 2) requiring that "paying agents," which consist of persons that accept payments from the issuer of a security for distribution to a security holder, send written notification to a security holder who has been sent a check that has not been negotiated and that they do so not later than 7 months after the check was sent. 

07/2011 

Note: NPRM was published on 03/25/2011 (76 F.R. 16707). Legal deadline for final rule was 07/21/2011. No final rule was published as of 08/03/2011.

SEC

Clearing Agency Standards for Operation and Governance (3235-AL13)

The Commission proposed seven new rules and an amendment to an existing rule related to clearing agencies, including clearing agencies that clear security-based swaps. The proposed rules are designed to enhance the regulatory framework for the supervision of clearing agencies. Specifically, the Commission proposed to: (1) Identify certain minimum standards for all clearing agencies; (2) require dissemination of pricing and valuation information by security-based swap clearing agencies that perform central counterparty services; (3) require all clearing agencies to have adequate safeguards and procedures to protect the confidentiality of trading information of clearing agency participants; (4) exempt certain security-based swap dealers and security-based swap execution facilities from the definition of a clearing agency; (5) amend rules concerning registration of clearing agencies to account for security-based swap clearing agencies and to make other technical changes; (6) require all clearing agencies to have procedures that identify and address conflicts of interest; (7) require minimum standards for all members of clearing agency boards of directors or committees; and (8) require all clearing agencies to designate a chief compliance officer. 

07/2011 

Note: NPRM was published on 03/16/2011 (76 F.R. 14472). Legal deadline for final rule was 07/16/2011. No final rule was published as of 08/03/2011.

SEC

Proposed Rules for Implementing the Whistleblower Provisions of Section 21F of the Securities Exchange Act (3235-AK78)

The Commission proposed rules to implement the Whistleblower Program established by the Dodd-Frank Act. The Act requires the Commission to pay an award to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the federal securities laws that leads to the successful enforcement of a covered judicial or administrative action, or a related action. 

06/2011 

Note: NPRM was published on 11/17/2010 (75 F.R. 70488). Legal deadline for final rule was 07/15/2011. Final rule was published on 06/13/2011 (76 F.R. 34300).

FDIC^b

Alternatives to the Use of External Credit Ratings in the Regulatory Capital Guidelines of the Federal Banking Agencies (3064-AD62)

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), enacted on July 21, 2010, requires Federal agencies to review their regulations that (1) require an assessment of the credit-worthiness of a security or money market instrument and (2) contain references to or requirements regarding credit ratings. In addition, the agencies are required to remove such requirements that refer to or rely upon credit ratings, and to substitute in their place uniform standards of credit-worthiness. The ANPRM seeks comment on alternative standards of credit-worthiness that may be used for risk-based capital requirements. 

06/2011 

Note: ANPRM was published on 08/25/2010 (75 F.R. 52283). Legal deadline for final rule was 07/21/2011. No final rule was published as of 08/03/2011.

FDIC/FRS

Risk-Based Capital Standards: Advanced Capital Adequacy Framework-Basel II; Establishment of a Risk-Based Capital Floor (3064-AD58, 7100-AD62)^c

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) propose to: Amend the advanced risk-based capital adequacy standards (advanced approaches rules) to be consistent with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) and amend the general risk-based capital rules to provide limited flexibility consistent with Section 171(b) of the Act for recognizing the relative risk of certain assets generally not held by depository institutions. 

06/2011 

Note: NPRM was published on 12/30/2010 (75 F.R. 82317). Final rule published on 06/28/2011 (76 F.R. 37620).

FDIC/FRS

Risk-Based Capital Guidelines: Market Risk (3064-AD70, 7100-AD61)^d

The Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) are requesting comment on a proposal to revise their market risk capital rules to modify their scope to better capture positions for which the market risk capital rules are appropriate; reduce procyclicality in market risk capital requirements; enhance the rules' sensitivity to risks that are not adequately captured under the current regulatory measurement methodologies; and increase transparency through enhanced disclosures. The proposal does not include the methodologies adopted by the Basel Committee on Banking Supervision for calculating the specific risk capital requirements for debt and securitization positions due to their reliance on credit ratings, which is impermissible under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal, therefore, retains the current specific risk treatment for these positions until the agencies develop alternatives standards of creditworthiness as required by the Act. The proposed rules are substantively the same across the agencies. 

06/2011 

Note: NPRM was published on 01/11/2011 (76 F.R. 1890). Final rule not published as of 08/03/2011.

TREAS–OCC/ SEC/FHFA^a

Incentive-Based Compensation Arrangements (1557-AD39, 3235-AL06, 2590-AA42)

The OCC, FRB, FDIC, OTS, NCUA, SEC, and FHFA are proposing rules to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules would require the reporting of incentive-based compensation arrangements by a covered financial institution and prohibit incentive-based compensation arrangements at a covered financial institution that provide excessive compensation or that could expose the institution to inappropriate risks that could lead to a material financial loss. 

07/2011 

Note: NPRM was published on 04/14/2011 (76 F.R. 21170). Legal deadline for final rule was 04/21/2011. Final rule not published as of 08/03/2011.