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Dodd-Frank Implementation Too Drawn out

At the recent conference held by the Federal Reserve Bank of Chicago, implementation issues surrounding the Dodd-Frank Act were prominent, with Wayne Abernathy, executive vice president of the American Bankers Association, telling attendees that numerous delays in deploying the provisions of the bill are likely to continue. Abernathy stated that regulators have already extended 30 out of 30 deadlines for implementation, in several areas such as risk-retention rules, GSE dissolution, and loan officer compensation.

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Lenders Not Pleased with Open Market Committee Proposal

Fed

Lender reaction at the recent 47th annual Chicago Federal Reserve Conference was largely negative on the current proposal to alter the selection process for members of the Federal Reserve Open Market Committee. The new system would allow Congress to choose members of the committee instead of continuing to use regional Fed officials selected by the private sector to determine committee membership. The bill introduced last week, is viewed as an attempt to move power away from the regional Fed system and the private sector.

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Risk Mitigation Hot Topic at Chicago Fed Conference

As the Dodd-Frank Act moves slowly to implementation, banking officials speaking at the recent Chicago Federal Reserve Bank's annual conference pointed to the need for continued monitoring of financial services markets to mitigate the risk of future economic crisis. Federal Reserve Chairman Ben Bernanke called for regulators to focus on two key types of risk: gaps in regulatory coverage and risks that vary with the economy, such as the buildup of lending leverage.

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NCUA May File Against Big Banks

The National Credit Union Administration which is now controlled by Federal regulators, is threatening to sue several investment banks unless they refund more than $50 billion in securities that were purchased by the five wholesale credit unions that make up the organization.

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