Dodd-Frankly, My Dear, You Should Give A Damn…

For your reference, our latest roundup on the Dodd-Frank Act from leading lawyers and law firms on JD Supra, beginning with Morrison & Foerster’s one-year review of the Act’s impact on public companies:

Dodd-Frank One Year Later: The Public Company Executive Compensation, Governance and Disclosure Provisions (Morrison & Foerster LLP):

“One year ago today, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). While the Dodd-Frank Act focuses principally on changes to the financial regulatory system, several corporate governance, compensation and disclosure provisions of the Dodd-Frank Act specifically target public companies of all types.” Read more»

Dodd-Frank is One! And We Still Don’t Know What a Resi Mortgage is Going to Look Like (Dechert LLP):

“Ah, baby is one. I remember when mine was — complete with an over-the-top celebration for an infant who had no idea what was going on and would remember nothing of it. The food, the drink, the fancy cake, the ridiculous crown… I chalk it up to a rite of passage for a parent to throw at least one of those unnecessary first birthday parties. On this, Dodd-Frank’s first birthday, I’m not so sure those who birthed it are donning hats, eating cake and sipping champagne in celebration.” Read more»

The Dodd-Frank Fair Credit Reporting Act and Utilities and Telecommunications Companies (Reed Smith):

“Everybody knows that the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), which was passed by Congress July 21, 2010, greatly impacts banks and other financial institutions. But few thought it may affect utilities and telecommunications companies as well – until now, that is. The issue: disclosure of credit scores.” Read more»

Assignment of the Times: New Tax Rules Respond to Concerns Regarding Assignment of Derivative Contracts Required by Dodd-Frank (Sutherland Asbill & Brennan LLP):

“… The temporary regulations are significant because the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) requires the transfer of certain derivative contracts. Although the stated purpose of the temporary regulations is to expand the existing exception for transfers of notional principal contracts to include most other derivative contracts that permit assignment, the temporary regulations make a possibly inadvertent, but obviously important, change by excluding commodity-based notional principal contracts from the exception.” Read more»

Consumer Financial Protection Bureau Outlines Bank Supervision Approach (Katten Muchin Rosenman LLP):

“The Consumer Financial Protection Bureau (CFPB) on July 12 outlined its approach to supervising the 111 large banks with more than $10 billion in assets that it will oversee beginning July 21. “Starting on July 21, we will be a cop on the beat—examining banks and protecting consumers,” said Treasury Department special adviser Elizabeth Warren, who is overseeing the establishment of the CFPB.” Read more»

Dodd-Frank Rulemaking Update: Resolution Plans/Living Wills (Morrison & Foerster LLP):

“The July 6, 2011 Federal Deposit Insurance Corporation Board of Directors (the “FDIC Board”) meeting marked the changing of the guard from Chairman Sheila Bair to FDIC Vice Chairman Martin Gruenberg. … Although we had hoped to see a final rule on section 165(d) addressing resolution plans or “living wills,” none was forthcoming, to Chairman Bair’s evident disappointment. She advised the FDIC Board that FDIC staff continues to work closely with the Federal Reserve Board staff on resolution plan issues and said she expects the final rule on living wills to be completed by the end of August.” Read more»

Office of Comptroller of the Currency Implements Rules Including Transfer of OTS Functions and Preemption and Visitorial Powers (Katten Muchin Rosenman LLP):

“The Office of the Comptroller of the Currency (OCC) on July 20 issued a final rule implementing several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including changes to facilitate the transfer of functions from the Office of Thrift Supervision (OTS) and revisions to the OCC’s rules on preemption and visitorial powers. The OCC issued a notice of proposed rulemaking for this final rule on May 26. Under the Dodd-Frank Act, the OCC assumed responsibility for the ongoing examination, supervision, and regulation of federal savings associations on July 21.” Read more»

For additional Dodd-Frank legal commentary and analysis, see our previous reading lists:


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