WHITE PAPER
June 2018
President Trump Signs First Major Financial
Services Deregulation Law in a Decade
President Trump has signed into law the Economic Growth, Regulatory Relief, and
Consumer Protection Act (“Act”), with the principal goals of promoting U.S. economic
growth, recalibrating burdensome rules, and strengthening consumer protections.
The Act amends an array of banking, capital formation and consumer protection standards.
While the Act revises
several
key
provisions
of the Dodd-Frank
Wall
Street
Reform
and
Consumer
Protection
Act,
the
basic
structure
of
the
Dodd-Frank
Act
remains
in
place.
The
Act relieves
regulatory
burden
by
raising
the primary
asset
threshold
for
application
of
enhanced prudential
standards
from
$50 billion
to $250
billion
in total consolidated
assets
so
that fewer
companies
are
subject
to these
standards.
This Jones Day White Paper explains the most significant provisions of the Act and provides
an overview
of its potential
import
for
the financial services
industry.
TABLE OF CONTENTS
EXECUTIVE SUMMARY ........................................................................1
OVERVIEW OF PRINCIPAL PROVISIONS OF THE ECONOMIC GROWTH,
REGULATORY RELIEF, AND CONSUMER PROTECTION ACT .......................................1
Title I—Improving Consumer Access to Mortgage Credit ......................................1
Title II—Regulatory Relief and Protecting Consumer Access to Credit .........................2
Representative Amendments that Apply Regardless of Asset Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
Representative Amendments that Apply to Smaller BHCs and Community Banks . . . . . . . . . . . . . . .2
Title III—Service Members Civil Relief Act ...................................................3
Title IV—Tailoring Regulations for Certain Bank Holding Companies ...........................3
Title V—Encouraging Capital Formation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Title VI—Protections for Student Borrowers..................................................5
POTENTIAL IMPACTS ON THE FINANCIAL SERVICES INDUSTRY ..................................5
ENDNOTES..................................................................................6
LAWYER CONTACTS .........................................................................6
ii
Jones Day White Paper
EXECUTIVE SUMMARY
Dodd-Frank Act, amending capital calculations, qualified residential
mortgage
designations,
application
of
the
Volcker
Rule,
and
examination
schedules,
among other relief
measures.
On May 24, 2018, President Trump signed into law the
Economic Growth, Regulatory Relief, and Consumer Protection
Act (“Act”)
recalibrating several significant banking, consumer
finance, and securities measures enacted in the Dodd-Frank
Wall Street Reform and Consumer Protection Act (“Dodd-Frank
Act”).
1
2
The Act passed both chambers of the U.S. Congress on
bipartisan votes.
3
The Act also contains an array of banking, capital formation,
and consumer
protection
provisions
that apply
to financial
institutions
regardless
of
asset
size.
Additionally,
the
Act
subjects
consumer
reporting
agencies to new requirements
regarding
fraud
alerts.
The Act leaves intact the basic structure of the Dodd-Frank
Act while providing tailored regulatory relief from some of
the most burdensome provisions, with the primary goals of
promoting U.S. economic growth and expanding consumer
access to credit. The targeted scope of the Act is the result
Most of the Act became effective upon enactment, but some
provisions will require agency action to implement fully and
others will take effect according to their terms at later dates.
This White Paper provides an overview of the principal provi-
of an agreement in principle under which the Senate report-
sions of each title of the Act and concludes with observations
edly would consider a broader package of regulatory relief
legislation offered by the House of Representatives at a later
date. Accordingly, it is possible that additional regulatory relief
legislation will be considered going forward.
on the potential impacts the Act may have on the financial
services industry.
OVERVIEW OF PRINCIPAL PROVISIONS OF THE
ECONOMIC GROWTH, REGULATORY RELIEF, AND
CONSUMER PROTECTION ACT
A centerpiece of the Act is raising the asset thresholds at
which U.S. bank holding companies (“BHCs”) are subject to
the enhanced prudential standards set forth in the DoddFrank
Act and rules
adopted by
the Board
of Governors
of
the
Federal
Reserve
System
(“Federal
Reserve
Board”).
Title I—Improving Consumer Access to Mortgage Credit
The
Act raises the threshold for application of enhanced prudential
standards
to BHCs from
$50 billion
to $250
billion
in total
consolidated
assets
while
granting
the Federal
Reserve
Board
authority
to require
enhanced prudential
standards
for
any
BHCs
with
total
consolidated
assets
between
$100
billion
to
$250
billion
to prevent
or mitigate risks
to U.S.
financial stability
or
to promote
safety
and soundness.
4
In an effort to expand consumer access to mortgage credit, Title
I of the Act amends a series of mortgage-related provisions of
the Dodd-Frank Act. Some of the mortgage-related amendments
in the Act apply to any mortgage lender. For example, the Act
amends the Truth in Lending Act to eliminate the three-businessday
waiting
period
between
the
date
of
mortgage
disclosures
and
the date of mortgage
closing in circumstances
where
a
creditor
extends
to a borrower
a second
offer
of credit
that would
lower
the annual
percentage
rate
of the mortgage.
(Act,
§ 109).
Foreign banking organizations (“FBOs”) with more than $100
billion in global total consolidated assets remain subject to
all applicable enhanced prudential standards, including the
requirement for an intermediate holding company. FBOs with
less than $100 billion in global total consolidated assets may
no longer be subject to several U.S. enhanced prudential
standards such as those for filing resolution plans, conducting
liquidity stress testing, and adhering to a single counterparty
credit limit.
Most of the mortgage-related amendments apply in ways
that predominantly impact mortgages that are originated and
retained by community banks and credit unions. A few representative
provisions
are
described
below.
Qualified Mortgages. The Act designates residential mortgages
that are
originated
and held in portfolio
by
banks
and
credit
unions with less than $10 billion
in assets
as “qualified
mortgages”
eligible
for
safe
harbor protection
against lawsuits.
Residential
mortgage
loans
with negative
amortization
or
interest-only
features,
loans
that do not comply with certain
The Act provides regional banks and community banks with
a wide array of exemptions from many requirements of the
1
Jones Day White Paper
prepayment penalty limitations, and loans with points and fees
greater than 3 percent of the loan are not qualified mortgages.
(Act, § 101).
Rural Appraisals. The Act exempts federally related mortgages
under $400,000 from real estate appraisal requirements if the
property is located in a rural area and the insured depository
institutions and insured credit unions has contacted at least
three appraisers who were unable to complete an appraisal
in a reasonable time frame. Loans that are originated in reliance
on this exemption
may be sold
or transferred
only under
limited
conditions
such
as failure
or sale to another regulated
portfolio
lender.
(Act,
§ 103).
Reducing Identity Fraud. To reduce the prevalence of “synthetic
identity
fraud
which disproportionately
affects
vulnerable
populations,”
the Act requires
the Commissioner
of the
Social
Security
Administration
(“Commissioner”)
to maintain
a
database
consisting of the names, Social
Security
numbers,
and
dates
of
birth
of
individuals.
The
database
may
be
used,
with
the consent
of the individual,
by
financial institutions and
their
service
providers,
subcontractors,
agents,
and assignees
to
verify
identity
electronically
in
extending
credit
and
other
situations
in which a consumer
reporting
agency
is permitted
by
the Fair
Credit
Reporting
Act to furnish a consumer
report.
The
Commissioner
may
conduct
audits
and
monitoring
to
deter fraud
and misuse
by
entities
that are
permitted
to use
the
database.
(Act,
§ 215).
Home Mortgage Disclosure Act (“HMDA”) Disclosures. The Act
rolls back HMDA reporting requirements for insured deposi-
Treasury Report on Risks of Cyber Threats. Within one year
tory institutions and insured credit unions that originate fewer
than 500 closed-end mortgage loans or fewer than 500 openend
lines
of credit
in each of the two
prior years,
provided
the
originator
does not have
a “needs to improve”
rating
under the
Community
Reinvestment
Act for
the prior two
most recent
examinations.
(Act,
§ 104).
from the date of enactment of the Act, the Secretary of the
Treasury must submit a report to the Senate Committee on
Banking, Housing, and Urban Affairs and the House Committee
on Financial Services on material risks of cyber threats to
financial institutions and the U.S. capital markets, and how the
federal banking agencies and the Securities and Exchange
Commission (“SEC”) are assessing and coordinating those
risks. (Act, § 216).
Title II—Regulatory Relief and Protecting Consumer
Access to Credit
Title II of the Act simplifies and streamlines provisions of the
Dodd-Frank Act and the provisions of other laws and rules that
apply to financial institutions regardless of asset size and that
apply to community banks specifically. Representative provisions
are
described
below.
Representative Amendments that Apply to Smaller BHCs
and Community Banks
The Volcker Rule. The Act exempts insured depository institutions
and their affiliates
from
application
of the Volcker
Rule,
provided
they
and
their
parent
company
have
$10
billion
or
less
in total consolidated
assets
and have
total trading
assets
and
trading
liabilities
of
5
percent
or
less
of
their
total
consolidated
assets.
(Act,
§ 203).
Representative Amendments that Apply Regardless of
Asset Size
Bank Secrecy Act Diligence and Verification for Mobile and
Online Account Opening. The Act permits insured depository
institutions and their affiliates to verify an individual’s identity
with the individual’s
scanned
driver’s
license
or personal
identification
card
in connection with the request
to open an
account
or obtain a financial product
or service
through
the
website
or mobile application
of the institution or its affiliate.
After
the driver’s
license
or identification
card
is used
for
this
purpose,
the financial institution or its affiliate
must
permanently
delete the scanned
image and any
copy
of the image.
This
section
of the Act preempts
any
conflicting
state laws
to
the
extent
of the conflict.
(Act,
§ 213).
For all banking entities, regardless of asset size, the Act
removes a restriction in the Volcker Rule that prohibited a
bank-affiliated investment adviser from using its name on
hedge funds and private equity funds, and allows such funds
to share the same name or a variation of the same name, if
several conditions are met: the fund’s name may not use the
word “bank,” and the investment adviser may not be an insured
depository institution, a BHC, or an FBO that is deemed to be a
BHC and may not share or use the same name as any of these
types of entities. (Act, § 204).
2
Jones Day White Paper
Federal Reserve Small Bank Holding Company Policy. The Act
requires the Federal Reserve Board to revise the “Small Bank
Holding Company and Savings and Loan Holding Company
Policy Statement” (12 CFR Part 225, Appendix C) within 180 days
of enactment by raising the threshold from $1 billion to $3 billion
in assets. This broader set of small bank holding companies is
excluded from the Basel I-based minimum risk-based capital
requirements of the Collins Amendment within the Dodd-Frank
Act (12 U.S.C. 5371(b)(5)). (Act, § 207). Recognizing that small
BHCs have less access to equity financing, the Federal Reserve
Board’s Policy Statement permits the formation and expansion
of small BHCs with higher debt levels than generally permitted
for larger BHCs if the small BHC meets certain conditions.
5
GAO Report on Consumer Reporting Agencies. Within one
year of the date of enactment of the Act, the U.S. Comptroller
General must submit to the Senate Committee on Banking,
Housing, and Urban Affairs and the House Committee on
Financial Services a report that reviews the current legal and
regulatory framework for consumer reporting agencies and
identifies any gaps in the rulemaking, supervision, or enforcement
by
state and federal
agencies under the Fair
Credit
Reporting
Act,
the
Gramm-Leach-Bliley
Act,
and
any
other
relevant
statutes. The
report
would
also
review
who owns
a consumer’s
credit
data, the causes
of consumer
reporting
errors,
responsibilities
of data furnishers
to provide
accurate
information,
and data security,
among other subjects.
(Act,
§ 308).
Extended Examination Cycle. The Act expands eligibility for
Immunity for Reporting Suspected Elder Financial Abuse.
the 18-month examination cycle from well-managed and well-
The Act provides immunity from any civil suit or administrative
capitalized banks with $1 billion in assets to comparable banks
with $3 billion in assets. (Act, § 210).
Title III—Service Members Civil Relief Act
Title III of the Act clarifies and adds several protections for vulnerable
populations,
veterans,
consumers,
and homeowners.
Representative
provisions
are
described
below.
proceeding for officers and employees of covered financial
institutions, such as banks, investment advisers, broker-dealers,
and insurance
companies,
based
upon
disclosure
of suspected
financial exploitation of a senior
citizen to a state or
federal
financial agency,
law enforcement
agency,
the SEC,
or
a
state
or
local
agency
that
administers
adult
protective
services,
provided
that
the
officer
or
employee
has
undergone
training
that
meets
certain
requirements
on
identifying
and
reporting
the suspected
exploitation of a senior
citizen. A covered
financial institution will
have
immunity
from
any
civil suit
or
administrative
proceeding
from
a whistleblower
allegation
of
suspected
exploitation of a senior
citizen, provided
certain
persons
who
come
into
contact
with senior
citizens
have
received
appropriate
training.
(Act,
§ 303).
Credit Report Security Freezes. The Act places new requirements
on consumer
reporting
agencies. The
Act amends the
Fair
Credit
Reporting
Act to increase
the time period within
which
consumer
reporting
agencies must
provide
fraud
alerts
for
consumer
files
from
90
days
to
at
least
one
year
after
a
consumer
informs
the agency
that he or she has been a victim
of
fraud
or identity
theft.
The
Act requires
consumer
reporting
agencies
to
permit consumers
to place or remove
a security
freeze
on their credit
report,
free
of charge,
and to notify
consumers
of the right
to a security
freeze
by
specific notice language
titled “Consumers
Have
the Right
to Obtain a Security
Freeze.”
The
specific notice language
in the summary
of consumer
rights
to obtain a security
freeze
also
covers
an initial
or
extended
fraud
alert
as
an
alternative
to
a
security
freeze.
Consumer
reporting
agencies must
allow
consumers
to make
requests
for
a security
freeze,
initial or extended
fraud
alert,
active
duty
fraud
alert,
and opt out
of use
of information
in a
credit
report
through
a webpage,
but
that webpage
may not
be
the only mechanism for
making these
requests.
The
Act
requires
the
Federal
Trade
Commission
to
establish
a
single
webpage
that includes
a link
to each page
of each consumer
reporting
agency’s
webpage.
(Act,
§ 301).
Protections for Veterans. The Act amends the Fair Credit
Reporting Act to provide free and ongoing electronic credit
monitoring to active duty service members and to require
the exclusion of certain medical debt from credit reports of
veterans. (Act, § 302). Mortgage foreclosure relief for service
members under the Servicemember Civil Relief Act is made
permanent, and VA lenders must demonstrate a material benefit
when a mortgage
is refinanced.
(Act,
§§ 309 and 313).
Title IV—Tailoring Regulations for Certain Bank Holding
Companies
Title IV of the Act provides regulatory relief with respect to
enhanced prudential standards and liquidity coverage ratio
requirements and provides capital relief for custodial banks.
Representative provisions are described below.
3
Jones Day White Paper
Enhanced Prudential Standards. The Act raises the asset
threshold for application of the enhanced prudential standards
for BHCs, as set forth in the Dodd-Frank Act and the Federal
Reserve Board’s rules, from $50 billion to $250 billion in total
consolidated assets. This amendment is effective immediately
for BHCs with total consolidated assets of less than $100 billion
and becomes effective 18 months following enactment for BHCs
with between $100 billion and $250 billion in total consolidated
assets, unless the Federal Reserve Board acts earlier.
The Act amends the prudential requirement for a risk committee
by
raising
the asset
threshold
from
$10 billion
to $50 billion
in
total
consolidated
assets.
The
Federal
Reserve
Board
may
require
any
publicly
traded
BHC with less than $50 billion
in
total
consolidated
assets
to establish
a risk committee
as the
The Act adds a specific rule of construction to make clear that
the enhanced prudential standards amendments do not alter
the authority of the Federal Reserve Board regarding FBOs
with $100 billion or more in global total consolidated assets.
The Act specifies that nothing in the Act may be construed
to impact the legal effect of the Federal Reserve Board’s final
rule, “Enhanced Prudential Standards for [BHCs] and [FBOs]”
as the rule applies to FBOs with $100 billion or more in global
total consolidated assets. Further, the Act specifies that nothing
in
the
Act
limits
the
authority
of
the
Federal
Reserve
Board
to require
an intermediate
holding
company,
carry
out
enhanced
prudential
standards,
or
tailor
regulation
of
such
FBOs.
Accordingly,
the Act does not amend enhanced prudential
standards
for
FBOs with more
than $100 billion
in global
total
consolidated
assets.
Board determines necessary or appropriate to foster sound
risk management practices. With respect to capital stress testing,
the Act ends company-run
stress
tests entirely
for
BHCs
with
under $250
billion
in assets,
replaces
mandatory
annual
and
semiannual
stress
testing with periodic
testing, and eliminates
the requirement
for
using an adverse
scenario
in company-run
and supervisory
stress
testing.
Because the Act does not differentiate between U.S. BHCs and
FBOs that are considered BHCs due to their U.S. operations, an
FBO with less than $100 billion in global consolidated assets
may obtain regulatory relief from some enhanced prudential
standards, such as for resolution planning, liquidity stress testing,
and single
counterparty
credit
limits,
as the asset
threshold
applied
to
FBOs
was
previously
set
at
$50
billion
and
is
now
set
at $250
billion.
(Act,
§ 401).
The Federal Reserve Board may apply enhanced prudential
standards, by order or rule, to an individual BHC or to a category
of BHCs with between
$100 billion
and $250
billion
in total
consolidated
assets
if the Board
determines that it is appropriate
to
do
so
to prevent
or
mitigate
risks
to U.S.
financial
stability
or to promote
safety
and soundness,
and considers
the
BHC’s
or a group
of BHC’s
capital,
risk, complexity,
financial
activities,
size,
and
other
appropriate
risk-related
factors.
None
of
the enhanced prudential
standards
amendments
made by
the
Act limits
the Federal
Reserve
Board’s
authority
to differentiate
among companies
in
consideration
of
their
capital,
risk,
complexity,
financial activities, size and other appropriate
riskrelated
factors,
or limits
the federal
banking
agencies’
authority
to promote
safe
and sound
operations.
Supplementary Leverage Ratio for Custodial Bank Deposits.
The Act requires the federal banking agencies to amend the
regulatory capital rules to specify that when calculating the
supplementary leverage ratio, BHCs and banks engaged in
custody, safekeeping, and asset servicing may exclude certain
funds
deposited
with
the
Federal
Reserve
System,
the
European
Central
Bank, and central
banks
of member countries
of
the
Organisation
for
Economic
Co-operation
and
Development
if assigned a zero
risk weight
under U.S.
capital
rules
and the sovereign
debt of the member country
is not
in
default
and
has
not
been
in
default
for
the
past
five
years.
(Act,
§ 402).
In sum, the Act raises the threshold for application of enhanced
prudential standards from $50 billion to $250 billion in total
consolidated assets, except that the thresholds for risk committees
and supervisory
stress
testing differ,
and the Federal
Reserve
Board
may determine to impose
a lower
threshold
for
a
particular
BHC to prevent
or mitigate U.S.
financial stability
or
to enhance safety
and soundness.
Treatment of Municipal Obligations. The Act requires the federal
banking agencies to amend the Liquidity Coverage Ratio rules.
Title V—Encouraging Capital Formation
Title V of the Act is intended to encourage economic growth
by facilitating capital formation. Representative provisions are
described below.
4
Jones Day White Paper
Improving Access to Capital. The Act makes it easier for small-
to medium-sized public companies to use exemptions from
securities registration by expanding the exemption from registration
under
Regulation
A issued
by
the
SEC,
which
is
designed
to
facilitate
access
to
capital
for
smaller
companies
by
subjecting
them
to
fewer
disclosure
requirements.
(Act,
§ 508).
overpayment no later than 10 years after the payment. This
amendment is effective prospectively only. (Act, § 505).
Title VI—Protections for Student Borrowers
Protection in the Event of Death or Bankruptcy. The Act amends
the Truth in Lending Act to prohibit private education lenders
from accelerating a debt or declaring the debt in default upon
the bankruptcy or death of the cosigner. Similarly, the holder of
a private education loan must release a cosigner from the obligation
upon
the death of the student
borrower.
These
amendments
apply to private
education
loans
entered
into
180 days
or
more
after
the date of enactment
of the Act.
(Act,
§ 601).
Parity for Closed-End Investment Companies. The Act requires
the SEC to promulgate rules to allow closed-end investment
companies to use securities offering and proxy rules available
to other issuers. If the SEC fails to propose rules within one
year, and to finalize rules within two years, after the date of
enactment of the Act, qualifying registered closed-end funds
will be deemed to be eligible issuers. (Act, § 509).
Rehabilitation of Private Education Loans. The Act amends the
Fair Credit Reporting Act to allow a delinquent private student
Expanding “Investment Company” Exception to Cover Venture
borrower to make a one-time request to a financial institu-
Capital Funds. In an effort to reduce registration and disclosure
requirements,
the Act broadens
the scope
of an exemption
from
the
definition
of
“investment
company”
in
the
Investment
Company
Act to include
a “qualifying
venture
capital
fund”—a
venture
capital
fund
that
does
not
exceed
$10
million
in
aggregate
capital
contributions
and uncalled
committed
capital
and
that
has
no
more
than
250
beneficial investors
(an
increase
from
the
prior criterion of 100 beneficial investors).
(Act,
§ 504).
tion to remove a reported default from a consumer report if
the borrower satisfies the requirements of a loan rehabilitation
program offered by a financial institution that includes making
consecutive on-time monthly payments that demonstrate ability
and willingness
to repay
the loan.
(Act,
§ 602).
POTENTIAL IMPACTS ON THE FINANCIAL
SERVICES INDUSTRY
Encouraging Employee Ownership. The Act relieves some
investor disclosure requirements by expanding the exemption
from registration for certain securities sales by nonreporting
companies that offer securities to employees, consultants, and
advisers through compensation plans. Under the Act, the maximum
amount
of
securities
that
can
be
sold
within
the
exemption
is increased
from
$5 million
to $10 million.
(Act,
§ 507).
The Act represents the first major financial services deregulation
law in the decade
during
and since the financial crisis.
If Congress
remains
committed
to considering additional
regulatory
relief
measures,
the
Act
will
not
be
the
last
major
deregulation
law going forward.
Although the new law does not alter the fundamental structure
SEC Staff Study on Algorithmic Trading. The Act requires the
staff of the SEC to report to the Senate Committee on Banking,
Housing, and Urban Affairs and to the House Committee on
Financial Services of the House of Representatives on the
risks and benefits of algorithmic trading in the U.S. capital markets.
(Act,
§ 502).
of the Dodd-Frank Act, when the law is implemented fully, financial
institutions may see
a meaningful
reduction
in regulatory
burden
and compliance
costs. This
is particularly
the case
for
regional
and smaller
banks
and BHCs, but
all
sizes of banks
and
BHCs
may
see
some
amount
of
reduction
of
regulatory
burden
and compliance
costs. Additionally,
the Act seeks
to facilitate
the formation
of capital
through
a variety
of steps, some
of
which
potentially
cover
banks
and BHCs, and could
encourage
economic
growth.
At
the
same
time,
many
provisions
of
the
Act
enhance
important
protections
for
consumers,
veterans,
private
student
loan
borrowers,
and vulnerable
populations.
Prospective SEC Crediting of Overpayments. The SEC must offset
toward
future
payments
any
overpayments
of assessments
and
fees
by
a
national
securities
exchange
or
a
national
securities
association
(i.e.,
the Financial
Industry
Regulatory
Authority),
provided
the
exchange
or
association
notifies
the
SEC
of
the
5
Jones Day White Paper
The recalibration of application of enhanced prudential standards
rules
and targeted
capital
relief
provided
by
the Act may
foster
mergers
between
and among community
and regional
banks
and acquisitions
by
larger
banks.
While
large
FBOs
with
small
U.S.
operations
will
remain
subject
to most of the
current
enhanced
prudential
standards,
FBOs
with
less
than
$100
billion
in total global
consolidated
assets
may see
relief
from
the prudential
standards
for
resolution
planning, liquidity
stress
testing,
and
single
counterparty
credit
limits.
Altogether,
these
changes, and perhaps more
to come,
demonstrate
the
imperative
for
regular
review
and
revision
of
the
Dodd-Frank
Act
and other federal
laws
to ensure
they are
accomplishing
their
intended
objectives.
ENDNOTES
1 The Economic Growth, Regulatory Relief, and Consumer Protection
Act, S. 2155, 115
Cong. (2018) is available at https://www.congress.
gov/bill/115th-congress/senate-bill/2155/text.
th
2 Pub. L. No. 111-203, 124 Stat. 1376 (2010).
3 The U.S. House of Representatives passed S. 2155, the Economic
Growth, Regulatory Relief, and Consumer Protection Act, on May
22, 2018, by a vote 258 to 159 with thirty-three Democrats voting
in favor
and one Republican
voting
against; the U.S.
Senate
passed
the bill
on March
14, 2018, by
vote
of 67
to 31 with sixteen
Democrats
and one Independent
joining the unanimous
Republican
support.
4 Dodd-Frank Act, § 165; 12 C.F.R. Part 252 (Regulation YY).
5 See 80 Fed. Reg. 20153 (April 15, 2015), 12 C.F.R. Appendix C to Part 225.
LAWYER CONTACTS
For further information, please contact your principal Firm representative or the lawyers listed below. General email messages
may be sent using our “Contact Us” form, which can be found at www.jonesday.com/contactus/.
Lisa M. Ledbetter
Washington
+1.202.879.3933
Philippe Goutay
Paris
+33.1.56.59.3939
Dan McLoon
Los Angeles
+1.213.243.2580
Edward J. Nalbantian
London / Paris
+44.77.2099.7429 / +33.1.56.59.39.23
Chip MacDonald
Atlanta
+1.404.581.8622
Michael Butowsky
New York
+1.212.326.8375
Alban Caillemer du Ferrage
Paris
+33.1.56.59.38.18
Colin C. Richard
Washington
+1.202.879.5567
Kayla M. Davis
Washington
+1.202.879.5428
Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general
information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the
Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our “Contact Us” form, which
can be found on our website at www.jonesday.com. The mailing of this publication is not intended to create, and receipt of it does not constitute,
an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.
© 2018 Jones Day. All rights reserved. Printed in the U.S.A.
