This past week saw the release of two major, much awaited, and significantly lobbied components of the implementation of the Dodd-Frank Act.
The theme of this past week is anger, primarily espoused by the Occupy Wall Street protests who continue to garner attention for their disenchantment with the financial services industry, corporate America and government.
Again, attention and rampant speculation in Washington continues to be focused on the Supercommittee and the details of the President‘s jobs plan.
On Tuesday, the SEC, Office of the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, Federal Housing Finance Agency and the Department of Housing and Urban Development announced that they were extending the comment period on a proposed rule pertaining to asset-backed securities (ABS) risk retention requirements.
On May 31st, the Consumer Financial Protection Bureau (CFPB) published for public comment a list of rules, currently under the purview of other agencies, for which the CFPB will be responsible effective July 21st.
On May 31st, one hundred and sixty-eight members of the House signed on a letter urging financial regulators to exempt home loans with lower down payments from new risk retention requirements if the loans are backed by private mortgage insurance.
On Tuesday, May 24th at 9am, in 2128 Rayburn, the House Financial Services Committee will mark up pending legislation, including H.
At a May 10th SEC roundtable discussion on Dodd-Frank rulemaking, money market mutual funds voiced strong opposition to the new, bank-like regulatory structure to which they may soon be subjected.
A recent analysis of Dodd-Frank rulemakings indicates that missed deadlines will be increasingly common.