SEC

Regulators finalized rules implementing Dodd-Frank’s hotly debated ban on banks’ proprietary trading. The rule implements provisions of Section 619 of the act, commonly known as the Volcker Rule. Institutions will have until July 2015 to comply with the final rule, the provisions of which differ from a proposal released by regulators in 2011. Read on to learn about the treatment community banks receive under the final rule. Read on »

Five federal agencies are soon expected to finalize long-delayed rules implementing one of Dodd-Frank’s most consequential provisions: Section 619, commonly known as the Volcker Rule. The Volcker Rule, named for former Federal Reserve Chairman Paul Volcker, seeks to limit banks’ proprietary trading. Regulators have struggled to craft rules that will fulfill Dodd-Frank’s mandates while permitting certain trading activities that promote liquidity and allow institutions to manage their risks. The CFTC and ... Read on »

Another federal district court weighed in on whether Dodd-Frank’s whistleblower protections apply to those who do not report their concerns to the Securities and Exchange Commission (SEC). The U.S. District Court for the District of Massachusetts determined that it should defer to the SEC’s rules, which provide that the act’s whistleblower protections extend to those who take certain protected actions, including making certain reports to person’s other than the commission. The Dodd-Frank Act provides a ... Read on »

Six federal agencies proposed joint standards for assessing the diversity policies and practices of the institutions they regulate, as described in Section 342 of the Dodd-Frank Act. The standards are intended to promote transparency and awareness of diversity policies and practices within institutions. The regulators also sought feedback on a proposed model approach to diversity assessments. The proposal was released on Oct. 23 by the Consumer Financial Protection Bureau, Federal Deposit Insurance Corp... Read on »

Commenters from all sides of the housing finance industry expressed strong support for a proposed plan to align the qualified residential mortgage (QRM) definition — a key element of Dodd-Frank’s risk retention framework — with the qualified mortgage (QM) provisions established under the Consumer Financial Protection Bureau’s (CFPB) ability-to-repay (ATR) rule. Six regulatory agencies are working to implement provisions of the Dodd-Frank Act that require securitizers to retain at least 5 percent of the ... Read on »

The U.S. House recently approved two bills related to the Dodd-Frank Act. One bill, HR 992, would amend the act’s swaps push out provisions. The other measure, HR 2374, is aimed at ensuring regulators craft similar rules pertaining to fiduciaries. Dodd-Frank Section 716 requires financial institutions that have swap desks to move them into an affiliate to preserve their access to Federal Reserve credit facilities and federal deposit insurance. HR 992, approved by the House by a vote of 292 to 122 on Oct... Read on »

MGIC Investment Corp. reported a $12.1 million third quarter profit, compared with a net loss of $246.9 million for the same quarter a year ago. However, the mortgage insurer warned that the amount of new insurance it writes could be adversely impacted depending on how regulators ultimately decide to structure Dodd-Frank’s qualified residential mortgage provisions. The company discussed the potential impact of Dodd-Frank’s qualified mortgage (QM) and QRM provisions in an Oct. 16 regulatory fil... Read on »

New numbers tracking regulatory deficiencies among investment advisers indicate advisers successfully navigated a Dodd-Frank-mandated switch from federal to state oversight. Title IV of the Dodd-Frank Act raised the threshold for Securities and Exchange Commission registration to $100 million by creating a new category of advisers called “mid-sized advisers.” About 2,100 mid-sized investment advisers with assets under management between $30 million and $100 million switched from federal to state oversig... Read on »

The Securities and Exchange Commission awarded more than $14 million to a whistleblower whose information led to an enforcement action the agency said recovered substantial investor funds.  The award is the largest made by the SEC’s Dodd-Frank Act whistleblower program to date. Read on »

While some breathed a sigh of relief when federal regulators unveiled their risk retention rule re-proposal, others are warning the mortgage industry not to get too comfortable. Dodd Frank Update is hosting a 90-minute training webinar on Tuesday, Oct. 22 at 3 p.m. ET to inform industry participants about the important provisions of the newly proposed rule and its qualified residential mortgage definition. Read on for the details. Read on »