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OFR: Mandated credit rating alternatives pose own challenges
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Consumer Protection, Corporate Governance, Dodd-Frank Basics, Financial Stability, Nonbank Financial
Friday, May 6, 2016
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The Office of Financial Research has issued a report detailing the actions regulators have taken to reduce reliance on credit ratings, the alternative rating methods currently in use and the challenges posed by these alternatives. Prior to the financial crisis, credit rating agencies had an incentive to inflate ratings to expand their businesses, a practice that contributed to an undercapitalized and fragile financial system. Read on to learn more about the three credit rating alternatives.
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