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Friday, August 3, 2012

Federal Register Update: CFPB & Federal Reserve

The CFPB's Office of Financial Education (OFE) has requested comments on effective financial education approaches—including tools, topics and dissemination strategies—that will help improve consumers’ financial decision making capabilities.

Comments are due by October 31.

Read more.

The Federal Reserve has published a final rule in regards to Regulation HH, Designated Financial Market Utilities (FMUs). The rule will implement provisions of sections 805(a) and 806(e) of the Dodd-Frank Act. Regulation HH establishes risk management standards governing the operations related to the payment, clearing, and settlement activities of designated FMUs. The rule also establishes standards for determining when a designated FMU is required to provide advance notice of material changes to its rules, procedures, or operations that could materially affect the nature or level of risks presented by the FMU.

The final rule will be effective September 14, 2012.

Read more.

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