DOCSLIB.ORG

The Federal Credit Union System: a Legislative History by JOHN T

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Federal Credit Union System: a Legislative History by JOHN T The Federal Credit Union System: A Legislative History by JOHN T. CROTEAU* In the years since the adoption of the Federal Credit Union up as a separate unit in the Farm Act in 1934, many amendments have been proposed, hearings Credit Administration. The revised and discussions have been held, and some amending legislation bill was passed by the Senate by has been Dossed. The development of the act is reviewed in the unanimous consent 2 days before the following-pages. close of the session. It was signed by the President on June 26, 1934, and HE credit union system in the concerned with the depression and became Public Law No. 467. United States had its beginning with emergency legislation. Two at- T long before the adoption of the tempts were made to bring up the bill Provisions of the Law Federal legislation? Credit unions on the consent calendar, but it was A brief summary of the provisions first acquired legal status in 1909, passed over. of the original Federal Credit Union when the Massachusetts Legislature Meanwhile it was imperative to find Act may serve as a Point of reference passed a law providing for the char- an agency to administer the act. The for the subsequent amendments. tering and organization of credit Federal Reserve Board and the Treas- After section 1 (the citation), section unions. ury Department, logical agencies for 2 defined a Federal credit union as “a the purpose, did not believe that they cooperative association organized . The 1934 Law should administer such an act. The for the purpose of promoting thrift Legislative History Farm Credit Administration expressed among its members and creating a Twenty-four years later-on May an interest in the bill, however, and source of credit for provident or pro- 11,1933-Senator Sheppard, of Texas, a group from that agency, with the ductive purposes.” Section 3 set out introduced three bills designed to set help of other officials, secured Presi- the method by which any seven or up a Federal credit union system. The dential endorsement. more natural persons become incorpo- first, S. 1639, was to establish a sys- Senator Sheppard brought in a se- rated, and section 4 determined the tem of Federal credit unions and ries of amendments that would place procedure for investigation and ap- statewide central credit unions under the program under the jurisdiction of proval of the charter. Section 5 es- Federal supervision; S. 1640 was an the Banks for Cooperatives, within tablished organization and supervision amendment to the Federal Reserve the Farm Credit Administration. fees. Section 6 requiredFederal super- Act under which Federal reserve These amendments were adopted, and vision and examination; it established banks would be permitted to receive on May 10, 1934, the Senate, without the principle that: “The Governor [of deposits from credit unions; and S. debate, approved the bill. the Farm Credit Administration] 1641 would authorize the postal sav- To obtain Presidential approval, it shall fix a scale of examination fees ings system to accept credit union was necessary to delete the second designed, as far as is practicable, so deposits. part of the bill, which had provided that in each case the fee to be paid On June 1, hearings were opened for the incorporation of statewide shall equal the expense of such ex- before a subcommittee of the Senate central credit unions. The other pro- amination.” Committee on Banking and Currency. visions were unchanged when, on Section 7 itemized the powers of a The first session of the Seventy-third June 15, the Chairman of the House Federal credit union. Besides stating Congress ended with the bills resting Committee on Banking and Currency the general powers of a corporation, within the Committee. submitted a unanimous report favor- subsections defined the essential op- On March 27, 1934, the Committee ing the bill and asked that the House erations of these new institutions: reported S. 1639 favorably, with one consider it. Only 30 minutes were al- (5) To make loans with maturities amendment-deletion of the provi- lowed for debate, and no one spoke not exceeding two years to its mem- sion exempting Federal credit unions in opposition. When the formal vote bers for provident or productive pur- (but not their members) from all was taken, there were 180 ayes and poses upon such terms and conditions 2 noes. as this Act and the by-laws provide Federal taxation except taxes upon and as the credit committee may ap- real property. Credit unions roused The legislation as passed by the House was in the form of an amend- prove, at rates of interest not exceed- little interest, however, in a Congress ment, which struck out the entire ing 1 per centum per month on unpaid Senate bill after the enacting clause balances (inclusive of all charges in- cident to making the loan) : Provided, l Professor of Economics. University of and substituted a redrafted bill. In Notre Dame. that no loans to a director, ofiicer, or 1 See Erdis W. Smith, “Federal Credlt the revision, control was taken from member of a committee shall exceed tTnions: Origin and Development,” Social the Banks for Cooperatives, and a the amount of his holdings in the Securitv Bulletin. November 1955. Federal credit union section was set Federal credit union as represented 10 Social Security by shares thereof. No director, officer, Governor of the Farm Credit Admin- Bureau aimed merely to set up inde- or committee member shall endorse istration certain rather broad powers. pendent units designed to provide for borrowers. A borrower may repay He was empowered “to prescribe rules workers with savings facilities and to his loan, prior to maturity, in whole and regulations for the administra- take care of their need for consump- or in part on any business day. tion of this Act (including, but not tion credit. Any system that developed (6) To receive from its members pay- by way of limitation, the merger, con- would be tied together by educational ments on shares. solidation, and/or dissolution of cor- or sympathetic bonds, rather than by (7) To invest its funds (a) in loans porations organized under this chap- financial integration. While the spon- exclusively to members; (b) in obli- ter ) .” Apparently to answer possible sors of the original Federal Credit gations of the United States of Amer- objections to the constitutionality of Union Act, in providing for statewide ica, or securities fully guaranteed as central credit unions, had attempted to principal and interest thereby. the statute, section 17 was inserted: it provided that a Federal credit un- to break new ground, they were forced (8) To make deposits in national ion “shall act as fiscal agent of the to accept the limitations of the model banks and in State banks, trust com- act. panies, and mutual savings banks OP- United States and shall perform such erating in accordance with the laws services as the Secretary of the Treas- The legislative history of Federal of the State in which the Federal ury may require.” Section 18 con- credit unions has thus been a strug- credit union does business. cerned taxation. gle between two concepts. Under one (9) To borrow (from any source) in a legal base for a system of coopera- an aggregate amount not exceeding Nothing herein contained shall Pre- tive credit would be developed that 50 per centum of its paid-in and un- vent the shares of stock in any Fed- would give broad freedom to manage- impaired capital and surplus. eral credit union organized hereunder ment and that would integrate verti- from being included in the valuation cally the credit unions into a regional The remaining three subsections gave of the personal property of the own- or even a national structure of Co- the credit unions power to fine mem- ers or holders of such shares in as- operative consumer finance. The other bers, to enforce a lien upon shares in sessing taxes imposed by authority of concept is of the Federal credit union order to collect delinquent loans, and the State in which the Federal credit as an essentially independent finan- union is located or shall prevent the cial unit, with management rather to exercise incidental powers. taxation of any Federal credit union Section 8 provided for a standard or its property by authority of such closely hemmed in by detailed legal set of bylaws. Section 9 limited Fed- State in the manner and not to ex- regulations, that is integrated hori- eral credit union membership “to ceed the rate imposed upon domestic zontally-with an educational or pro- groups having a common bond of oc- banking corporations. motional, rather than a financial cupation or association, or to groups basis-into various forms of State within a well-defined neighborhood, Section 19 provided for the appro- league organizations that are, in turn, community, or rural district.” The priation of $50,000 for administra- united in the Credit Union National fiscal year of a Federal credit union tion. Finally, section 20 provided Association. would end on December 31, according that, if part of the act was held to to section 10, and the annual meet- be invalid, the remainder would not Amendments to the 1934 Act ing was to be held in January. The be affected. The final clause of sec- Since the adoption of the Federal cooperative principle of “one-man, tion 20 stated: “The right to alter, Credit Union Act, not a session of one-vote” was to be followed, and no amend, or repeal this Act or any Congress has passed without attempts proxy voting would be allowed in elec- part thereof, or any charter issued at amending it.
Load more

Recommended publications
  • Modernizing Financial Services: the Glass-Steagall Act Revisited
    MODERNIZING FINANCIAL SERVICES: THE GLASS-STEAGALL ACT REVISITED National Association of Federally-Insured Credit Unions NATIONAL ASSOCIATION OF FEDERALLY-INSURED CREDIT UNIONS | NAFCU.ORG | 1 INTRODUCTION: Since the financial crisis, the credit union industry has experienced significant consolidation in the financial marketplace while the largest banks have reaped record profits and grown in both size and scope. From 2008 to 2017, the National Credit Union Administration (NCUA) chartered only 29 new federal credit unions while, during that same period, 2,528 credit unions closed or merged out of existence. The post-crisis regulatory environment has contributed to this decade-long trend of consolidation, but credit unions have also faced barriers to growth in the form of field of membership rules, capital requirements, and limits on interest rates, among many other restrictions. Accordingly, while it is essential to promote regulatory relief that reduces compliance burdens, credit unions also need modern rules to evolve and grow. Regulatory burden and the pressure to consolidate affects more than just the credit union industry. Community banks have experienced similar declines.1 The lack of new charters among community institutions illustrates the extent to which complex and poorly tailored regulations have put a stranglehold on growth and, by extension, limited consumer financial services. In recognition of these trends and the need for regulatory relief, Congress recently passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). S. 2155 garnered bipartisan support and helped alleviate some burdens associated with reporting under the Home Mortgage Disclosure Act and the NCUA’s member business lending rules, and provided new safe harbors for compliance with federal consumer financial protection laws.
    [Show full text]
  • Convenience Is Here with CO-OP Shared Branching!
    Convenience is here with CO-OP Shared Branching! Personalized service is a major benefit of banking at Capstone Federal Credit Union, and you don’t have to sacrifice convenience to get it. Take advantage of Capstone FCU’s shared branching services through CO-OP Shared Branch. Access your account at any of the 5,100 credit union branches nationwide. The national CO-OP Shared Branch network links participating credit unions electronically, allowing credit union members to do “branch banking,” even when the branch near you doesn’t belong to Capstone FCU. This is a huge benefit to Capstone FCU members who travel, whose workplaces don’t coincide with our branch locations, or who simply enjoy Look for the CO- the convenience of expanded access. Wherever you are across the OP Shared Branch logo to find shared country, chances are good there’s a shared branch near you. branches near you. Shared branching is yet another example of credit union membership offering the best of both worlds—individualized attention and nationwide availability. The cooperative spirit of credit unions allows them to work with each other in ways that competing banks typically do not. Visit www.co-opsharedbranch.org or download the Shared Branch Locator app for iPhone or Android to find branches nearest you. You can also look for the “CO-OP Shared Branch” logo on the door of any credit union branch. At a CO-OP Shared Branch location, you can: . Make deposits and withdrawals . Make loan payments . Make credit card payments . Access VISA® or MasterCard® funds Many shared branches also offer transfers, statement histories, money orders, traveler’s checks and notary services.
    [Show full text]
  • Financial Strength Connecting to a Stronger Future for Credit Unions
    2012 Financial Strength Connecting to a Stronger Future for Credit Unions Born in 1935 out of the emerging credit union In 2012, we improved our financial strength, enhanced products movement, during the depths of the Great Depression, and services, and invested in CUNA Mutual Group endeavored to fulfill the vision the markets we serve and the communities in which we operate. of credit union pioneers. Driven by the belief that These results are a direct reflection of our insurance was as fundamental to the movement original mission. as savings and lending, CUNA Mutual Group would Jeff Post President & CEO become the leading provider of credit life insurance in the United States in just two years. Today, CUNA Mutual Group is a Fortune 1000 company, with assets of more than $17 billion. Our products have expanded to include Life Insurance, Annuities, Retirement Income and Investments. Our achievements are directly attributable to a single principle: an enduring commitment to the success of credit unions, their members and our policyholders. Total Revenue Total Revenue Operating Revenue by Product 2012 Results: Delivering on Our Commitment Total(in billions) Revenue Operating Revenue by Product (in billions) Operating Revenue by Product (in billions) 3.1 3.0 3.1 to Policyholders 3.0 3.1 2.8 3.0 2.7 2.8 2.6 2.7 2.8 The external challenges in 2012 remained formidable with 2.6 2.7 a sluggish national economy and the continuing struggle at 2.6 the federal level to address the fiscal issues. Severe weather events also presented difficult obstacles to overcome, from the drought in the Midwest’s Corn Belt to Superstorm Sandy that battered the East Coast.
    [Show full text]
  • Concise Encyclopedia of the Great Recession, 2007-2010
    THE CONCISE ENCYCLOPEDIA OF THE GREAT RECESSION 2007–2010 Jerry M. Rosenberg The Scarecrow Press, Inc. Lanham • Toronto • Plymouth, UK 2010 Published by Scarecrow Press, Inc. A wholly owned subsidiary of The Rowman & Littlefield Publishing Group, Inc. 4501 Forbes Boulevard, Suite 200, Lanham, Maryland 20706 http://www.scarecrowpress.com Estover Road, Plymouth PL6 7PY, United Kingdom Copyright © 2010 by Jerry M. Rosenberg All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without written permission from the publisher, except by a reviewer who may quote passages in a review. British Library Cataloguing in Publication Information Available Library of Congress Cataloging-in-Publication Data Rosenberg, Jerry Martin. The concise encyclopedia of the great recession 2007–2010 / Jerry M. Rosenberg. p. cm. Includes bibliographical references and index. ISBN 978-0-8108-7660-6 (hardback : alk. paper) — ISBN 978-0-8108-7661-3 (pbk. : alk. paper) — ISBN 978-0-8108-7691-0 (ebook) 1. Financial crises—United States—History—21st century—Dictionaries. 2. Recessions—United States—History—21st century—Dictionaries. 3. Financial institutions—United States—History—21st century—Dictionaries. I. Title. HB3743.R67 2010 330.9'051103—dc22 2010004133 ϱ ™ The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI/NISO Z39.48-1992. Printed in the United States of America For Ellen Celebrating fifty years of love and adventure. She is my primary motivation. As a lifelong partner, Ellen keeps me spirited and vibrant.
    [Show full text]
  • 786-1 Credit for Reinsurance Model Regulation
    NAIC Model Laws, Regulations, Guidelines and Other Resources—Summer 2019 CREDIT FOR REINSURANCE MODEL REGULATION Table of Contents Section 1. Authority Section 2. Purpose Section 3. Severability Section 4. Credit for Reinsurance—Reinsurer Licensed in this State Section 5. Credit for Reinsurance—Accredited Reinsurers Section 6. Credit for Reinsurance—Reinsurer Domiciled in Another State Section 7. Credit for Reinsurance—Reinsurers Maintaining Trust Funds Section 8. Credit for Reinsurance––Certified Reinsurers Section 9. Credit for Reinsurance—Reciprocal Jurisdictions Section 10. Credit for Reinsurance Required by Law Section 11. Asset or Reduction from Liability for Reinsurance Ceded to Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 4 Through 10 Section 12. Trust Agreements Qualified Under Section 11 Section 13. Letters of Credit Qualified Under Section 11 Section 14. Other Security Section 15. Reinsurance Contract Section 16. Contracts Affected Form AR-1 Certificate of Assuming Insurer Form CR-1 Certificate of Certified Reinsurer Form RJ-1 Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction Form CR-F Form CR-S Section 1. Authority This regulation is promulgated pursuant to the authority granted by Sections [insert applicable section number] and [insert applicable section number] of the Insurance Code. Section 2. Purpose The purpose of this regulation is to set forth rules and procedural requirements that the commissioner deems necessary to carry out the provisions of the [cite state law equivalent to the Credit for Reinsurance Model Law (#785)] (the Act). The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state.
    [Show full text]
  • How Laws and Regulations Affect Credit Unions
    C H A P T E R O N E HOW LAWS AND REGULATIONS AFFECT CREDIT UNIONS his chapter covers the chartering, structure, and oversight of federal credit unions, Tincluding a discussion of the Federal Credit Union Act, the various sources of authority issued by the National Credit Union Administration (NCUA), the role of NCUA as insurer, and the role of state regulators. We also briefly discuss federal financial institution legislation and regulation in consumer protection, employment, and other areas of interest to credit union directors. CHARTERING, STRUCTURE, AND OVERSIGHT AUTHORITY Like any other financial institution, credit unions are governed by the laws that allow them to be organized and maintained. The Federal Credit Union Act is the legal founda- tion for federal credit unions. In addition, most states have their own credit union laws, giving credit unions a dual structure for chartering and regulatory oversight. The National Credit Union Administration (NCUA) is the independent agency that exercises regulatory oversight of federal credit unions. NCUA has authority over managing the National Credit Union Share Insurance Fund (NCUSIF) and examining both federal credit unions and federally insured state-chartered credit unions. Individual state credit union acts also name the regulatory agency, establish the agency’s power and authority, establish the form, structure, and powers of state-chartered credit unions, and specify share insurance requirements. 1 Federal Credit Union Act The Federal Credit Union Act is the law that established NCUA. It also defines the basic structure of federal credit unions in such areas as chartering, field of membership, and loan and investment powers.
    [Show full text]
  • Deposit Insurance
    Information about your DEPOSIT INSURANCE American Share Insurance insures each and every account of an individual member up to $250,000 without any limitation as to the number of accounts held. Your Insured Funds* Member’s Accounts Amount Covered Savings/Regular Share $ 250,000 Checking/Share Draft $ 250,000 Money Market $ 250,000 CD/Share Certificate #1 $ 250,000 CD/Share Certificate #2 $ 250,000 IRA $ 250,000 TOTAL INSURED $ 1,500,000 *Example only AmericanShare.com 5656 Frantz Road | Dublin, OH 43017 800.521.6342 American Share Insurance is a member-owned non- federal deposit insurer. This institution is not federally insured, or insured by any state government. MEMBERS’ ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY. Form 100 © 01/16 We are pleased to inform you American Share is selective as to whom that your deposit accounts it insures, and to qualify for its deposit in this credit union are insurance the credit union must comply with American Share’s rigid underwriting insured up to $250,000 per standards. Also, American Share’s insurance account by American Share policy requires that every quarter the credit Insurance. American Share is union submit financial statements in order to a credit union-owned private continue coverage. Individual policies are not organization whose only provided to members, and there is no direct business is to provide deposit cost to you for this coverage. It is important to note that deposit insurance is payable only insurance to credit unions. upon the failure and liquidation of the credit union.
    [Show full text]
  • Policy Issues Related to Credit Union Lending
    Policy Issues Related to Credit Union Lending ,name redacted, Specialist in Financial Economics November 18, 2015 Congressional Research Service 7-.... www.crs.gov R43167 Policy Issues Related to Credit Union Lending Summary Credit unions make loans to their members, to other credit unions, and to corporate credit unions that provide financial services to individual credit unions. There are statutory restrictions on their business lending activities, which the credit union industry has long advocated should be lifted. Specific restrictions on business lending include an aggregate limit on an individual credit union’s member business loan balances and on the amount that can be loaned to one member. Industry spokespersons have argued that easing the restrictions on member business lending could increase the available pool of credit for small businesses. Credit unions also lack sources of capital beyond retained earnings, and alternative supplemental capital sources would allow them to increase their lending while remaining in compliance with safety and soundness regulatory requirements. Community bankers, who often compete with credit unions, argue that policies such as raising the business lending cap would allow credit unions to expand beyond their congressionally mandated mission and could pose a threat to financial stability. Members of the 114th Congress have introduced legislation that would allow credit unions to expand their lending activities. H.R. 989, the Capital Access for Small Business and Jobs Act, was introduced and referred to the House Committee on Financial Services on February 13, 2015. H.R. 989 would redefine net worth for credit unions to include additional sources of supplemental capital. In addition, H.R.
    [Show full text]
  • Joining the Gardaí Is for Life, Says Commissioner
    SÍOCHÁIN The Official Magazine of the Garda Síochána Retired Members’ Association The Official Magazine of the Garda Síochána Retired Members’ Association JOINING THE GARDAÍ IS FOR LIFE, SAYS COMMISSIONER BUDGET 2017 NEEDS TO PROVIDE PENSION PARITY LEGAL LOWDOWN ON WILLS & PROBATE Autumn 2016 WINTER 2015 WINTER 2015 ISSNISSN 1649-5896 ISSN 1649-5896 JERRY McCABE MEMORIAL www.gardaretired.com www.gardaretired.com MARKS 20th ANNIVERSARY Home Improvements poster A2 08/02/2016 17:00 Page 1 Tel: 021 4313355 St. Paul’s Email: [email protected] Garda Credit Union Limited Web: www.stpaulscu.ie thinking about Home Improvements? For a no frills, no fee loan at a great rate of €20,000 4.25% (4.33% APR) Home Improvement Loan for talk to us at St. Paul's Garda Credit Union €47.05 Tel: 021 4313355 per week* Email: [email protected] Web: www.stpaulscu.ie Under Home Renovation Incentive (HRI) Scheme you can claim up to €4,050 Income Tax Credits on qualifying work on your home *Typical weekly repayments at Home Improvement Loan Rates 4.25% (4.33% APR) variable over the maximum 10 year term Amount Weekly Repayment Total Repayment Total Interest €15,000 €35.29 €18,420.11 €3,420.11 €20,000 €47.05 €24,560.15 €4,560.15 €30,000 €70.58 €36,840.23 €6,840.23 €50,000 €117.63 €61,400.38 €11,400.38 €75,000 €176.44 €92,100.57 €17,100.57 *Loans are subject to approval. Terms and conditions apply. St. Paul’s Garda Credit Union Limited is regulated by the Central Bank of Ireland.
    [Show full text]
  • The Sixth Principle: Cooperating Amongst
    THE SIXTH PRINCIPLE: COOPERATING AMONGST COOPERATIVES Linden Seto - Vision Credit Union Josh Schroh - Mountain View Credit Union Tanis Dreger - Connect First Credit Union ++ TABLE OF CONTENTS Executive Summary………………………………………………………………………………………………………………… 2 Introduction …………………………………………………………………………………………………………………………… 3 About Cooperatives ……………………………………………………………………………………………………………….. 3 Loyalty Program Overview ……….................................................................................................. 4 Loyalty Program Landscape ……………………………………………………………………………………………………. 5 What Works (What Doesn’t) ………………………………………………………………………………………………….. 7 Loyalty Program Mutual Database and Technological Media …………………………………………………. 7 Challenges ……………………………………………………………………………………………………………………………..10 Conclusion ……………………………………………………………………………………………………………………………..12 Appendix ………………………………………………………………………………………………………………………………..13 References ……………………………………………………………………………………………………………………………..14 THE SIXTH PRINCIPLE 1 | P a g e EXECUTIVE SUMMARY This paper explores ways for Albertan cooperatives to further work together, and to benefit from each cooperatives position in their respective industries. We are facing a competitive landscape that is continually being disrupted by technological and entrepreneurial advances. As cooperatives we need to continue to use our fundamental principles to differentiate ourselves in our respective marketplaces. We have found that cooperatives are more prominent and well known in rural markets, and would benefit from a targeted approach
    [Show full text]
  • 2021 Key Federal Issues
    2021 KEY FEDERAL ISSUES 2021 CUNA GAC Update Credit Union Difference • Established by Congress over 80 years ago, credit • We anticipate credit union opponents will unions have a strong, positive reputation as seek, as they did in the 116th Congress, to have member-owned, community-centered financial legislation introduced that would eliminate the cooperatives. income tax exemption for credit unions, either across the board or focused on large asset • Congress designated credit unions as not-for- profit credit unions and subject credit unions to the organizations because of their unique structure Community Reinvestment Act (CRA). and mission within the financial service industry. • Michigan credit unions are adamantly opposed • Banks were created and operate under their own to any such legislation and ask for support in distinct structure with a mission different from defeating this or similar legislation. credit unions. • Credit unions are not subject to the CRA for • Congress has long recognized that different many reasons, among them: structures necessitate different tax treatments, not only in the financial service sector but ° At no time in our 100-plus year history have throughout other areas of our economy. credit unions engaged in “redlining”, we are member owned financial institutions that • Banks can raise capital for the equity and bond serve the needs of our members, markets. Credit unions can only raise capital ° We are committed to serving diverse and through retained earnings. historically underserved communities, • Credit union boards are drawn from members, ° 75% of credit union branches are in middle, elected by the members and serve as unpaid moderate and low-income communities, and volunteers.
    [Show full text]
  • The Dodd-Frank Wall Street Reform and Consumer Protection Act July 2010 the DODD-FRANK WALL STREET REFORM and CONSUMER PROTECTION ACT
    Understanding the New Financial Reform Legislation: The Dodd-Frank Wall Street Reform and Consumer Protection Act July 2010 THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT For more information about the matters raised in this Legal Update, please contact your regular Mayer Brown contact or one of the following: Scott A. Anenberg Charles M. Horn +1 202 263 3303 +1 202 263 3219 [email protected] [email protected] Michael R. Butowsky Jerome J. Roche +1 212 506 2512 +1 202 263 3773 [email protected] [email protected] Joshua Cohn David R. Sahr +1 212 506 2539 +1 212 506 2540 [email protected] [email protected] Thomas J. Delaney Jeffrey P. Taft +1 202 263 3216 +1 202 263 3293 [email protected] [email protected] Table of Contents Index of Acronyms / Abbreviations .................................................................................................xv The Dodd-Frank Wall Street Reform and Consumer Protection Act ................................................ 1 A. Summary ................................................................................................................... 1 B. A Very Brief History of the Legislation ...................................................................... 1 C. Overview of the Legislation ...................................................................................... 2 1. Framework for Financial Stability ................................................................. 2 2. Orderly Liquidation Regimen .......................................................................
    [Show full text]