Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
Qualified Mortgage - Qualified Residential Mortgage
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Deposit Insurance
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Monday, February 6, 2017

Trump Orders Review of Dodd-Frank, Fiduciary Rule

President Trump has issued orders to reevaluate several provisions of the Dodd-Frank Act and the Department of Labor’s controversial fiduciary rule. An executive order outlines seven core principles for regulation of the financial system: promoting independent consumer choices, preventing bailouts, fostering economic growth, promoting international competitiveness, advancing U.S. interests in international negotiations, tailoring regulations and ensuring regulatory accountability.

It directs the treasury secretary to meet with the heads of the member agencies of the Financial Stability Oversight Council to conduct a thorough review of how existing regulations and policies support or inhibit these core principles, with a report on the findings due to the president in 120 days.

A separate memorandum targets the fiduciary rule, which expanded the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code. The memo calls for the secretary of labor to review thoroughly the rule to examine its effect on Americans’ ability to access financial advice.

The rule is scheduled to take effect in April, but the acting secretary said DOL “will now consider its legal options to delay the applicability date as we comply with the president’s memorandum.” ABA has strongly advocated for changes to the fiduciary rule, as well as a longer implementation period to give banks of all sizes time to comply.

ABA President and CEO Rob Nichols welcomed Trump’s action to bring much-needed regulatory relief for banks, helping them to better serve their customers and communities. Nichols said:
We appreciate the administration’s support for pro-growth policies so banks can go even further in helping their communities and our economy thrive. A sensible and careful review of Dodd-Frank and other financial regulations can and should strengthen those goals while unleashing the power of the banking industry — from small towns and communities to our nation’s financial centers — to fuel the increase in economic prosperity that we all seek.

Read the Dodd-Frank order.
Read the fiduciary rule memorandum.

1 comment:

Roy J. Fischer said...

A simultaneous bank pressure test is a simultaneous nervousness trial of a couple of banks did under the course of a tension testing master, for instance UK Dissertation Help, a national bank or dealing with a record structure controller.

Post a Comment

Please read our comment policy before making a comment.