News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act Financial Stability Oversight Council

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Ballard Spahr LLP

A very thoughtful article about legality of CFPB’s funding when Federal Reserve System is losing money

Ballard Spahr LLP on

Shortly after the Supreme Court issued its 7-2 opinion in CFSA v. CFPB, holding that the funding mechanism for the CFPB created in the Dodd-Frank Act (a capped amount each year from the “combined earnings of the Federal...more

Patomak Global Partners

Examining the New Debate on CFPB Funding

In recent weeks, and following the recent Supreme Court decision in CFPB v. CFSAA, a new debate has arisen regarding the Consumer Financial Protection Bureau (“CFPB”) funding mechanism. The crux of the debate centers around...more

Alston & Bird

FSOC Issues Report on Nonbank Mortgage Servicing Highlighting Strengths, Vulnerabilities and Recommendations

Alston & Bird on

What Happened? In May 2024, the Financial Stability Oversight Council (FSOC or Council) issued a Report on Nonbank Mortgage Servicing (the Report). The Report recognizes the strengths of nonbank mortgage companies (NMCs) and...more

Dechert LLP

FSOC Relaxes Process to Designate Nonbanks as Systemically Important

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The Financial Stability Oversight Council unanimously approved an analytic framework for financial stability risk identification, assessment and response and interpretive guidance on nonbank financial company determinations...more

Alston & Bird

FSOC Approves Analytic Framework for Financial Stability Risks and Guidance on Nonbank Financial Company Designations

Alston & Bird on

A&B Abstract: On November 3, 2023 the Financial Stability Oversight Council (hereinafter “FSOC” or “Council”) unanimously approved final versions of: (1) the new Analytic Framework for Financial Stability Risk...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2023 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Orrick, Herrington & Sutcliffe LLP

FSOC approves analytic framework for financial stability risks and guidance on nonbank financial company determinations

On November 3, the Financial Stability Oversight Council (FSOC) announced that it unanimously voted to issue the final versions of a new analytic framework regarding financial stability risks, in addition to updated...more

Troutman Pepper

FSOC Votes Unanimously to Finalize Process for Designating Nonbanks for Federal Reserve Supervision

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On November 3, the Financial Stability Oversight Council (FSOC) voted unanimously to finalize the procedures for designating a nonbank financial company for Federal Reserve supervision. FSOC’s Interpretive Guidance aims to...more

Dechert LLP

SEC Current Reporting Requirements for Private Funds Become Effective in December

Dechert LLP on

Key Takeaways - Following the SEC’s adoption, earlier this year, of changes to Form PF, large hedge fund advisers will face, for the first time, a requirement to report certain events to the SEC within 72 hours. ...more

Robinson Bradshaw

Implications of the 2023 Form PF Amendments

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After the 2008 financial crisis, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) introduced the Form PF (Private Fund), which the SEC intended to serve as a tool for monitoring and assessing systemic...more

Alston & Bird

FSOC Issues Proposed Update to Interpretative Guidance on Nonbank Financial Company Designations

Alston & Bird on

A&B Abstract: On April 21, 2023 the Financial Stability Oversight Council (hereinafter “FSOC” or “Council”) issued for public comment (1) a proposed analytic framework setting forth FSOC’s approach to identifying,...more

Jones Day

FSOC Proposals Renew Threat of Nonbank "Systemically Important" Designations

Jones Day on

In Short - The Situation: The Financial Stability Oversight Council ("FSOC") recently issued a "notification of proposed interpretive guidance" on updated procedures for designating nonbank financial companies as...more

Davis Wright Tremaine LLP

FSOC Systemic Risk Framework and Interpretive Guidance on Nonbank SIFI Designations - Financial Stability Oversight Council Renews...

On April 21, 2023, the Financial Stability Oversight Council ("FSOC") issued two important proposals regarding the designation of a nonbank financial firm as a systemically important financial institution ("nonbank SIFI")...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2022 # 4

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Davis Wright Tremaine LLP

Five Takeaways from the FSOC Report on Crypto-Assets

Background - The Dodd-Frank Act established the Financial Stability Oversight Council (FSOC) in 2010 [cite]. FSOC is chaired by the Secretary of the Treasury and includes federal financial regulators, state regulators, and...more

Troutman Pepper

FSOC Cryptocurrency Report Recommends Increased Federal and State Oversight

Troutman Pepper on

On October 3, the Financial Stability Oversight Council (FSOC) released its “Report on Digital Asset Financial Stability Risks and Regulation” (Report), concluding, among other things, that unregulated cryptocurrencies could...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Climate-Related Financial Risk 2021: Financial Stability Oversight Council Report

The Financial Stability Oversight Council (“FSOC”) issued a document on October 21st titled: Report on Climate-Related Financial Risk 2021 (“Report”) The Report was issued in response to the Biden Administration’s Executive...more

Cadwalader, Wickersham & Taft LLP

Financial Stability Oversight Council Issues Key Report Declaring Climate Change as an Emerging Threat to U.S. Financial Stability

On October 21, 2021, the Financial Stability Oversight Council (“FSOC”), established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act to respond to emerging threats to the stability of the U.S....more

ArentFox Schiff

Federal Insurance Office Gently Turns Up the Heat On Global Warming

ArentFox Schiff on

In a recent notice to the industry the Federal Insurance Office (“FIO”) set forth a series of requests to both life and property/casualty insurers for information as to the impact of climate change on both their insurance...more

McDermott Will & Emery

Climate Change Regulation for US Insurers: September 2021 Update and Overview

McDermott Will & Emery on

There are less than two months before world leaders meet in Glasgow for the UN-sponsored Climate Change summit known as the Conference of the Parties (COP 26). This summer, we have been inundated with dire reports about...more

BakerHostetler

The Future of SEC Enforcement Under the Biden Administration

BakerHostetler on

On April 14, 2021, the U.S. Senate confirmed the nomination of Gary Gensler as the 33rd Chair of the U.S. Securities and Exchange Commission (“SEC” or “Commission”). This change will bring forth a Democratic majority at the...more

Goodwin

CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector

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In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more

Ballard Spahr LLP

Fifth Circuit rules CFPB’s structure is constitutional

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On Tuesday March 3, the same day that the U.S. Supreme Court heard oral argument in Seila Law, the Fifth Circuit, in a 2-1 decision, ruled in All American Check Cashing that the CFPB’s structure is constitutional....more

Carlton Fields

FSOC: “Too Big to Fail” Has Failed

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Insurance and Investment Firms Breathe Easier - On December 4, 2019, the Financial Stability Oversight Council adopted final interpretive guidance on addressing systemic threats to the financial system that prioritizes the...more

Mayer Brown Free Writings + Perspectives

Could the US Government’s Financial Stability Oversight Council Subject the Residential Mortgage Industry or Mortgage REITs to...

Raise your hand if you are an independent mortgage banker, a residential mortgage real estate investment trust (“mREIT”) or a nonbank investor in residential mortgage loans that would like to be subject to additional federal...more

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