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Regulatory Restructuring

Congress is considering sweeping legislation that would overhaul regulation of the financial services industry. The proposal originally put forth by President Obama was vast in scope and included some elements that ABA has been advocating for the past year.  It also included proposals, such as elimination of the thrift charter and creation of the Consumer Financial Protection Agency, that ABA found extremely troublesome. ABA believes the original CFPA proposal would have put too much burden on banks, which are already heavily regulated, rather than focusing on the nonbanks that primarily caused the recent financial crisis. 

ABA is advocating legislation that focuses on creating a systemic regulator, providing a strong mechanism for resolving troubled systemically important firms and filling gaps in the regulation of the shadow banking industry. Such significant legislation would address the principal causes of the financial crisis and constitute major reform.

ABA Resources

• ABA Detailed Analysis of Dodd Proposal  (11/17/09)
• ABA Daily Newsbytes: Special Edition on Dodd Regulatory Reform Proposal (11/10/09)
• ABA Timeline: For More Than a Year, ABA Has Called for Regulatory Improvements 
• Materials for Reporters Covering Reg Reform
• Partial List of Entities Subject to CFPA Jurisdiction (Last Updated: 9/15/09)
• Reg Restructuring Grassroots Lobbying Resources

White Papers

• ABA White Paper: Charter Shopping? Not Likely. November, 2009 NEW
• ABA White Paper: Funding and Staffing the New Consumer Financial Protection Agency, November, 2009 NEW
• The Impact of the Consumer Financial Protection Agency Act of 2009 on Effective Bank Supervision, October 2009 NEW
• A Response to Professor Levitin on the Effect of the Consumer Financial Protection Agency Act of 2009 on Consumer Credit, November 2009
• Journal of Business Law: The Economic Impact of Eliminating Preemption of State Consumer Protection Laws
• The Effect of the Consumer Financial Protection Agency Act of 2009 on Consumer Credit (10/7/09)
• A Preemption Primer (9/21/09)

Background Information:

• ABA Executive Summary of Dodd Proposal (11/17/09)
• Senate Banking Committee summary of the Dodd Regulatory Reform Proposal (11/10/09) 
• Senate Banking Committee Chairman Dodd's Draft Bill (11/10/09)
• ABA Overview of Proposed Systemic Risk Bill
• ABA Detailed Summary of Proposed Systemic Risk Bill (11/3/09)
• ABA Summary of House Passed Executive Compensation Bill (8/11/09)
• Interpretive analysis of H.R. 3126
• H.R. 3126, a bill to create a Consumer Financial Protection Agency
• Regulatory Reform Issues 
• Detailed Summary of Obama Regulatory Restructuring Proposal
• Overview of Obama Proposal on Financial Regulatory Reorganization

ABA Testimonies & Letters

• ABA Testifies on Ending Too-Big-To-Fail/Systemic Risk (10/29/09)
• Ed Yingling: Administration's CFPA Proposal Unnecessarily Imposes New Burdens on Banks  (9/30/09)
• Austin L. Roberts, ABA banker, testimony on regulatory restructuring and small business lending before the House Small Business Committee (9/23/09)
• Community Banker Letter to Treasury (8/18/09)  
• Ed Yingling testimony on the proposed Consumer Financial Protection Agency before the House Financial Services Committee (7/15/09)
• Ed Yingling testimony on the proposed Consumer Financial Protection Agency before the Senate Banking Committee (7/14/09)
• Ed Yingling testimony on Regulatory Restructuring before the House Financial Services Committee (7/24/09)

House Financial Services Legislative Proposals:

• Systemic Risk. Financial Services Committee/Treasury Department Draft Legislation to Address Systemic Risk, "Too Big to Fail" Institutions
• Consumer Financial Protection Agency. Committee Summary of CFPA Bill (H.R. 3126) as Passed by House Financial Services Committee
• Credit Rating Agencies. Summary of H.R. 3890, Accountability and Transparency in Rating Agencies Act, as adopted by House Financial Services Oct. 28 
• Private Investment Advisers. Summary of H.R. 3818, the Private Fund Investment Advisers Registration Act, as adopted by House Financial Services Oct. 27
• Derivatives. Over-the-Counter Derivatives Markets Act of 2009 Discussion Draft (10/2/2009)
• Office of Federal Insurance.  Summary of Draft Federal Insurance Office Act  (10/1/2009)
• Investor Protection. Summary of Investor Protection Act Discussion Draft (10/1/2009)
• Compensation. H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act as passed by the House 7/31/2009

For additional information or questions, please contact ABA's Charlotte Birch.