Just a quick overview of the recent US financial reform laws. The changes are sweeping and this is not meant in any way to be comprehensive. Updates will be posted as changes are made.
The law is formally known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (“WSRCPA”). Readers interested in the Too Big To Fail aspect should focus on Title 2 (see below).
The Banking Lobbyists' perspective:
For a timeline of when the rules will be effective:
The other ABA (American Bar Association - which is not to be confused with the American Bankers Association) also has its own views and is having several upcoming programs:
One of the biggest changes is the introduction of the OLA, or Orderly Liquidation Authority, which REPLACES Bankruptcy Court under the auspices of the FDIC (the OLA is part of the FDIC) under Title 2. The OLA will be responsible for probating the "living wills" of too big to fail institutions. All legal challenges will fall under the APA (Administrative Procedure Act) which governs nearly all federal agencies - (you can be sure there will be plenty of legal challenges being filed in the coming months).
Also, many of the aspects covered in the Cadwalader (a major white shoe law firm) legal memo made it to the final law.
Saturday, July 24, 2010
- ► 2011 (58)
- ▼ July (6)
- ► 2009 (473)