Section 171 of the dodd-frank act pdf

The bank holding company act of 1956, referred to in subsec. Department of the treasury, office of the comptroller of. The doddfrank wall street reform and consumer protection act the act provides for the establishment of a financial stability oversight council the council comprised of the heads of the financial regulatory agencies. Section 1071 of doddfrank amended the equal credit opportunity act to require financial institutions to collect and maintain certain data in connection with credit applications made by women or minorityowned businesses and small businesses. As explained by proponent, congresswoman maxine waters of california, section 342s objectives are to not only give oversight to diversity, but to help the agencies. Section 1504 requires reporting issuers engaged in the commercial development of oil, natural gas, or minerals to disclose in an annual report certain payments made to the united states or a foreign government. Section 171 requires that the appropriate federal banking. We welcome the opportunity to comment on the proposals.

Insurance capital standards clarification act, which previously passed the senate unanimously and is an intended fix to the socalled collins amendment. Section 1073 of the doddfrank act creates new protections for u. The doddfrank wall street reform and consumer protection act congressional research service 1 introduction in response to problems raised by the 20072009 financial crisis, the doddfrank wall street reform and consumer protection act of 20101 doddfrank was enacted on july 21, 2010. Implementation of other key provisions of doddfrank for foreign banks thomas j.

The doddfrank wall street reform and consumer protection act, enacted on july 21, 2010 doddfrank, established a whistleblower. The doddfrank wall street reform and consumer protection act. Doddfrank wall street reform and consumer protection act formerly h. The bill clarifies the federal reserves authority to recognize the distinctions between banking and insurance when implementing section 171. Because section 171 of the doddfrank act may prove to be costly and onerous for institutions, h. It would clarify that the federal reserve board can apply insurancebased capital standards to the insurance portion of any insurance holding company it oversees. Although we do not expect further debate on this or any other provision of the dodd frank act, the reconciled bill still needs to pass both houses of congress and be signed by the president in order to become law. Implementation of the doddfrank act implications for foreign banking organizations part 2. A letter to several congressional committee members is included in the release. The doddfrank act is massive and farreaching financial reform legislation that will have a major. The doddfrank act implementation of the collins amendment. Chamber letter on section 171 of the doddfrank act. Section 939aa of the doddfrank wall street reform and consumer protection act, public law 111203 124 stat.

Its the most comprehensive financial reform since the glasssteagall act. This letter was sent to the senate committee on banking, housing, and urban affairs, and the house committee on financial services, on section 171 of the doddfrank act the collins amendment. The law overhauled financial regulation in the aftermath of the great recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nations financial services industry. In june 2011, the federal banking agencies adopted a rule to implement portions of section 171 of the. In general, we agree the commission should amend its rules to give effect to section 1503 of the doddfrank act, which will help clarify for issuers how section 1503 should be applied. Section 171 directs the appropriate federal banking agencies to establish minimum leverage and riskbased capital requirements, on a consolidated basis, for insured depository institutions, depository institution holding companies, and nonbank financial. Such transfersor remittances, as the act identifies themare now the subject of rulemaking by the consumer financial. Selections from the doddfrank wall street reform and. Section 1502 requires persons to disclose annually whether any conflict minerals that are necessary to the functionality or production of a product of the person, as defined in the provision, originated in the. Ordered to be printed sroberts on dskd5p82c1prod with hearing verdate mar 15 2010 21. Title xv of the doddfrank wall street reform and consumer protection act contains several specialized disclosure provisions. The doddfrank wall street reform and consumer protection act pub. Essentially, the collins amendment provides that basel. Create a sound economic foundation to grow jobs, protect consumers, rein in wall street and big bonuses, end bailouts and too big to fail, prevent another.

Office of minority and women inclusion a office of minority and women inclusion. Its eight components help prevent a repeat of the 2008 financial crisis. On june 28, 2011, the board, the occ, and the fdic issued a final rule implementing in part the collins amendment section 171, which requires that the capital. This act may be cited as the 3 doddfrank wall street reform and consumer protec4 tion act. This act may be cited as the doddfrank wall street reform and consumer protection act. Section 171 of dodd frank, the collins amendment, is intended to. Title vii section discusses, derivatives clearinghouses after dodd. Doddfrank wall street reform and consumer protection act. Unfortunately, while it addresses the concerns of ambiguity under section 171 of the doddfrank act, the collins amendment. Section 171 was intended to ensure that leverage and riskbased capital requirements instituted in response to the great recession of 2008 are no less than those already in place when the doddfrank act was signed into law in 2010. The doddfrank act implements changes that, among other things, affect the oversight and supervision of financial institutions, provide for a new resolution procedure for large financial companies, create a new agency responsible for implementing and enforcing compliance with consumer financial.

The doddfrank wall street reform and consumer protection act brings comprehensive reform to the regulation of swaps. Provisions of the doddfrank act require that this information be made publicly available. Glasssteagall regulated banks after the 1929 stock market crash. In general, these standards should be developed with the goal of addressing the risks that certain activities or operations pose to the institution, as well as public and private stakeholders, in the event of disruption or failure of the institution. Securities and exchange commission 17 cfr parts 240 and. Banking agencies adopt a final rule to establish a risk. The disclosure included information about the identify of entities that received assistance under the facilities, the amount and type of assistance provided, the terms. These products, which have not previously been regulated in the united. For complete classification of this act to the code, see short title note set out under section 1841 of this title and tables. Pdf the doddfrank act constitutes the most significant reform of financial regulation in the. I did, however, have questions about the designation of certain nonbank financial companies under section 1 for federal reserve supervision and the significance of such a. The doddfrank wall street reform and consumer protection act is a law that regulates the financial markets and protects consumers. The final regulations for section 342 of doddfrank are.

Doddfrank act, which is generally referred to as the collins amendment. One hundred eleventh congress of the united states. Section 171 in title i of doddfrankalso known as the collins. Resource extraction issuer must disclose payments paid to government. Written in the aftermath of the 2008 financial crisis, the doddfrank act is the most substantial piece of financial reform. Unless otherwise specified in the act, provisions of the act take effect on july 22, 2010. Section 171 of dodd frank, the collins amendment, is. Except as provided in subparagraph b, not later than 6 months after the date of enactment of this act, each agency shall establish an. Section 1057 of the doddfrank act prohibits retaliation against employees who provide information to their employers or the government federal, state, or local that they reasonably believe constitutes a violation of the consumer financial protection act of 2010 title x of the doddfrank act. Those standards required under section 171 serve as the starting point for the development of more stringent standards as required under section 165 of the act. Doddfrank wall street reform and consumer protection act the doddfrank act. Such data includes the race, sex, and ethnicity of the principal owners of the business. Implementation of the doddfrank act implications for. Companies that are required to file an annual report with sec, and that engage in commercial development of oil, natural gas, or minerals, sec terminology.

The doddfrank wall street reform and consumer protection act commonly referred to as doddfrank is a united states federal law that was enacted on july 21, 2010. The federal reserve board is responsible for issuing a number of rules under the doddfrank wall street reform and consumer protection act the doddfrank act or dfa, sometimes in. Passed in response to the 2008 global financial crisis, the act brought the most significant changes to financial regulation in the nation since the regulatory reform that came. The commission is adopting rules and forms to implement section 21f of the securities exchange act of 1934 exchange act entitled securities whistleblower incentives and protection. The amended section 171 avoids placing significant and untimely capital needs on community banks. The provisions of the collins amendment are contained in section 171 of the doddfrank act. Doddfrank act section 1055 authorizes a court in a judicial action, or the cfpb in an administrative proceeding, to grant any appropriate legal or equitable relief for a violation of federal consumer financial law. On july 21, 2010, president obama signed the wall street reform and consumer protection act, more commonly referred to as the doddfrank act.

The rule, finalized by the federal reserve board, the federal deposit insurance corporation, and the office of the comptroller of the currency, is consistent with the requirements of section 171 of the doddfrank wall street reform and consumer protection act. Such relief may include redress for victims of the violations, including refunds, restitution, and. Iv the securities and exchange commission, with respect to any entity for which the securities and exchange commission is the primary financial regulatory agency, as defined in section 2 of the doddfrank wall street reform and consumer protection act. However, even considering the collins amendment, the board may well have flexibility as to the imposition of gaap and capital requirements on slhcs.