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June 20, 12222

Within one year of enactment, the SEC must issue rules directing the national securities exchanges and associations to prohibit the listing of any security of an issuer not in compliance of the requirements of the compensation sections. And once every six years, there should be a submitted to shareholder vote whether the required approval of executive compensation should be usually that once every three years.

The company must also disclose to shareholders whether any employee or member of the board of directors is permitted to purchase financial instruments designed to hedge or offset any decrease in the market value of equity securities that are part of a compensation package. Subtitle F contains various managerial changes intended to increase and implement the agency's efficiency, including reports on internal controls , a triennial report on personnel management by the head of the GAO the Comptroller General of the United States , a hotline for employees to report problems in the agency, a report by the GAO on the oversight of National Securities Associations , and a report by a consultant on reform of the SEC.

Under Subtitle J, the SEC will be funded through "match funding," which will in effect mean that its budget will be funded through filing fees.

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Subtitle G provides the SEC to issue rules and regulations including a requirement permitting a shareholder to use a company's proxy solicitation materials for nominating individuals to membership on the board of directors. This provision of the statute creates a guarantee of trust correlating a municipal adviser who provides advice to state and local governments regarding investments [] with any municipal bodies providing services. Also, it alters the make-up of the Municipal Securities rulemaking board "MSRB" and mandates that the comptroller general conduct studies in relation to municipal disclosure and municipal markets.

The new MSRB will be composed of 15 individuals.

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Also, it will have the authority to regulate municipal advisers and will be permitted to charge fees regarding trade information. Furthermore, it is mandated that the comptroller general make several recommendations, which must be submitted to Congress within 24 months of enacting the law. Its provision allows the SEC to authorize necessary rules respecting securities for borrowing. The SEC shall, as deemed appropriate, exercise transparency within this sector of the financial industry.

The new Bureau regulates consumer financial products and services in compliance with federal law. The Bureau is not placed within the Fed, but instead operates independently. Within the Bureau, a new Consumer Advisory Board assists the Bureau and informs it of emerging market trends. The Consumer Financial Protection Bureau can be found on the web. The Bureau was formally established when Dodd—Frank was enacted, on July 21, After a one-year "stand up" period, the Bureau obtained enforcement authority and began most activities on July 21, A new position is created on the Board of Governors , the "Vice Chairman for Supervision", to advise the Board in several areas and [].

Additionally, the GAO is now required to perform several different audits of the Fed: []. The Fed is required to establish prudent standards for the institutions they supervise that include: []. The Fed may require supervised companies to "maintain a minimum amount of contingent capital that is convertible to equity in times of financial stress". Title XI requires companies supervised by the Fed to periodically provide additional plans and reports, including:" [].

The title requires that in determining capital requirements for regulated organizations, off-balance-sheet activities shall be taken into consideration, being those things that create an accounting liability such as, but not limited to" []. Title XII, known as the "Improving Access to Mainstream Financial Institutions Act of ", [] provides incentives that encourage low- and medium-income people to participate in the financial systems.

Amendments to the Housing and Economic Recovery Act of and other sections of the federal code to specify that any proceeds from the sale of securities purchased to help stabilize the financial system shall be []. The same conditions apply for any funds not used by the state under the American Recovery and Reinvestment Act of by December 31, , provided that the President may waive these requirements if it is determined to be in the best interest of the nation.

A "Residential Mortgage Originator" is defined as any person who either receives compensation for or represents to the public that they will take a residential loan application, assist a consumer in obtaining a loan, or negotiate terms for a loan. For any residential mortgage loan, no mortgage originator may receive compensation that varies based on the term of the loan, other than the principal amount.

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In general, the mortgage originator can only receive payment from the consumer, except as provided in rules that may be established by the Board. Additionally, the mortgage originator must verify the consumer's ability to pay. A violation of the "ability to repay" standard, or a mortgage that has excessive fees or abusive terms, may be raised as a foreclosure defense by a borrower against a lender without regard to any statute of limitations.

The Act bans the payment of yield spread premiums or other originator compensation that is based on the interest rate or other terms of the loans. In effect, this section of the Act establishes national underwriting standards for residential loans. It is not the intent of this section to establish rules or regulations that would require a loan to be made that would not be regarded as acceptable or prudential by the appropriate regulator of the financial institution.

However, the loan originator shall make a reasonable and good faith effort based on verified and documented information that "at the time the loan is consummated, the consumer has a reasonable ability to repay the loan, according to the terms, and all applicable taxes, insurance including mortgage guarantee insurance , and other assessments". Also included in these calculations should be any payments for a second mortgage or other subordinate loans. Income verification is mandated for residential mortgages. The Qualified Mortgage terms are important to the extent that the loan terms plus an "Ability to Pay" presumption create a safe harbor situation concerning certain technical provisions related to foreclosure.

A "High-Cost Mortgage" as well as a reverse mortgage are sometimes referred to as "certain home mortgage transactions" in the Fed's Regulation Z the regulation used to implement various sections of the Truth in Lending Act High-Cost Mortgage is redefined as a "consumer credit transaction that is secured by the consumer's principal dwelling" excluding reverse mortgages that are covered in separate sections , which include: [].

New provisions for calculating adjustable rates as well as definitions for points and fees are also included. When receiving a High-Cost mortgage, the consumer must obtain pre-loan counseling from a certified counselor. The changes to existing contracts are:.

The director reports to the Secretary of Housing and Urban Development. The Director shall have primary responsibility within the Department for consumer oriented homeownership and rental housing counseling. To advise the Director, the Secretary shall appoint an advisory committee of not more than 12 individuals, equally representing mortgage and real estate industries, and including consumers and housing counseling agencies.

Council members are appointed to 3-year terms. This department will coordinate media efforts to educate the general public in home ownership and home finance topics. The secretary of housing and urban development is authorized to provide grants to HUD-approved housing counseling agencies and state Housing Finance Agencies to provide education assistance to various groups in home ownership. Subtitle E concerns jumbo rules concerning escrow and settlement procedures for people who are in trouble repaying their mortgages, and also makes amendments to the Real Estate Settlement Procedures Act of In general, in connection with a residential mortgage there should be an established escrow or impound account for the payment of taxes, hazard insurance , and if applicable flood insurance , mortgage insurance , ground rents , and any other required periodic payments.

Lender shall disclose to borrower at least three business days before closing the specifics of the amount required to be in the escrow account and the subsequent uses of the funds. A creditor may not extend credit for a higher-risk mortgage to a consumer without first obtaining a written appraisal of the property with the following components: [].

The use of Automated Valuation Models to be used to estimate collateral value for mortgage lending purposes. Residential and 1- to 4-unit single family residential real estate are enforced by: Federal Trade Commission, the Bureau of Consumer Financial Protection, and a state attorney general. Commercial enforcement is by the Financial regulatory agency that supervised the financial institution originating the loan. Broker Price Opinions may not be used as the primary basis to determine the value of a consumer's principal dwelling; but valuation generated by an automated valuation model is not considered a Broker Price Opinion.

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The standard settlement form commonly known as the HUD 1 may include, in the case of an appraisal coordinated by an appraisal management company, a clear disclosure of: []. Within one year, the Government Accountability Office shall conduct a study on the effectiveness and impact of various appraisal methods, valuation models and distribution channels, and on the home valuation code of conduct and the appraisal subcommittee.

The Secretary of Housing and Urban Development is charged with developing a program to ensure protection of current and future tenants and at-risk multifamily 5 or more units properties. The criteria may include: []. Previously the Treasury Department has created the Home Affordable Modification Program , set up to help eligible home owners with loan modifications on their home mortgage debt.

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This section requires every mortgage servicer participating in the program and denies a re-modification request to provide the borrower with any data used in a net present value NPV analysis. The Secretary of the Treasury is instructed to develop a Web-based site to explain the Home Affordable Modification Program and associated programs, that also provides an evaluation of the impact of the program on home loan modifications. Requires the SEC to report on mine safety by gathering information on violations of health or safety standards, citations and orders issued to mine operators, number of flagrant violations, value of fines, number of mining-related fatalities, etc.

The Securities Exchange Act of is amended to require disclosure of payments relating to the acquisition of licenses for exploration, production, etc. The Comptroller General is commissioned to assess the relative independence, effectiveness, and expertise of presidentially appointed inspectors general and inspectors general of federal entities.

The FDIC is instructed to conduct a study to evaluate: []. To calculate capital gains or losses, these trades have traditionally been marked to market on the last business day of the year. A "section contract" shall not include: []. Senator Chris Dodd , who co-proposed the legislation, has classified the legislation as "sweeping, bold, comprehensive, [and] long overdue".

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In regards to the Fed and what he regarded as their failure to protect consumers, Dodd voiced his opinion that "[ So the idea that we're going to go back and expand those roles and functions at the expense of the vitality of the core functions that they're designed to perform is going in the wrong way. With regards to the lack of bipartisan input on the legislation, Dodd alleged that had he put together a "[ You're given very few moments in history to make this kind of a difference, and we're trying to do that.

Richard Shelby , the top-ranking Republican on the Senate Banking Committee and the one who proposed the changes to the Fed governance, voiced his reasons for why he felt the changes needed to be made: "It's an obvious conflict of interest [ It's unheard of. I don't think we can just assume, you know, business as usual.

Barney Frank , who in told auditors warning him of the risk caused by government subsidies in the mortgage market, "I want to roll the dice a little bit more in this situation toward subsidized housing" [] proposed his own legislative package of financial reforms in the House , did not comment on the Stability Act directly, but rather indicated that he was pleased that reform efforts were happening at all: "Obviously, the bills aren't going to be identical, but it confirms that we are moving in the same direction and reaffirms my confidence that we are going to be able to get an appropriate, effective reform package passed very soon.

During a Senate Republican press conference on April 21, , Richard Shelby reported that he and Dodd were meeting "every day" and were attempting to forge a bipartisan bill. Shelby also expressed his optimism that a "good bill" will be reached, and that "we're closer than ever. Kay Bailey Hutchison indicated her desire to see state banks have access to the Fed, while Orrin Hatch had concerns over transparency, and the lack of Fannie and Freddy reform.

Ed Yingling, president of the American Bankers Association , regarded the reforms as haphazard and dangerous, saying, "To some degree, it looks like they're just blowing up everything for the sake of change.


If this were to happen, the regulatory system would be in chaos for years. You have to look at the real-world impact of this.

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An editorial in the Wall Street Journal speculated that the law would make it more expensive for startups to raise capital and create new jobs; [] other opinion pieces suggest that such an impact would be due to a reduction in fraud or other misconduct. The Dodd—Frank Act has several provisions that call upon the Securities and Exchange Commission SEC to implement several new rules and regulations that will affect corporate governance issues surrounding public corporations in the United States.

Many of the provisions put in place by Dodd—Frank require the SEC to implement new regulations, but intentionally do not give specifics as to when regulations should be adopted or exactly what the regulations should be. Section of Dodd—Frank deals with executive compensation. Section of Dodd—Frank deals with independent compensation committees as well as their advisors and legal teams.

Section of Dodd—Frank deals with pay for performance policies to determine executive compensation. Section of Dodd—Frank deals with clawback of compensation policies, which work to ensure that executives do not profit from inaccurate financial reporting. Section of Dodd—Frank deals with employees' and directors' hedging practices. Section deals with broker voting and relates to section dealing with executive compensation.

Additional provisions set forth by Dodd—Frank in section require public companies to disclose in proxy statements reasons for why the current CEO and chairman of the board hold their positions. Provisions from Dodd—Frank found in section also address whistle blower protection.