Mon, Dec 11, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

American Bankers Association issues detailed analysis of financial regulatory reform bill

Thursday, July 15, 2010
Opalesque Industry Update - The American Bankers Association yesterday released a comprehensive analysis of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The exclusive study, prepared for ABA by Dechert LLP attorneys, is available at www.aba.com and www.dechert.com.

“This is a massive piece of legislation that will, for decades to come, redefine the delivery and regulation of financial services, as well as the resolution of systemically significant companies that find themselves in distress,” said Dechert partner Thomas P Vartanian, who leads the firm’s financial institutions team.

Vartanian, Robert H. Ledig, and David L. Ansell were the primary authors of the study with support from a group of Dechert attorneys from a variety of practice areas.

Vartanian’s sentiments were echoed by Edward L. Yingling, ABA president and chief executive officer, who noted that while the bill contains some key provisions that bankers supported, it also unnecessarily adds to the already crushing regulatory burden faced by traditional banks.

“The Dodd-Frank Wall Street Reform and Consumer Protection Act is unprecedented in scope and will usher in a new era of financial services regulation,” said Yingling. “Unfortunately, legislators took a ‘while-we’re-at-it’ approach during the bill’s journey, imposing unrelated new restrictions on traditional banks that were more victim than villain in the financial crisis.”

The analysis released today addresses the many areas of regulatory focus contained in the law. These include: systemic safety; orderly liquidation of large bank holding companies and non-bank financial companies; consumer protection; prudential supervisory enhancements; restrictions on proprietary trading and private equity/hedge fund investments; agency consolidation; derivatives and hedging activities; financial market utilities and payments, clearing, and settlement practices; mortgage reform; capital, liquidity, and risk retention; credit rating agencies; insurance industry oversight; and hedge fund advisors.

Dechert’s financial institutions practice advises leading companies in the financial services industry on a wide variety of sophisticated transactional and litigation matters, including mergers and acquisitions, private equity investments, securities offerings, proxy contests, bank regulatory issues, internal and government investigations, and securities class action litigation.

The Dodd-Frank conference report still has to be approved by the Senate, which is expected to happen this week, and be signed by the President before it becomes law.

- FG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. News Briefs - Italy's Carige to sell consumer credit arm to Chenavari, Less than a year after hedge fund coup, East Bay drug maker cuts jobs, looks to move HQ[more]

    Italy's Carige to sell consumer credit arm to Chenavari Italy's Banca Carige aims to sell its consumer credit unit to London-based hedge fund Chenavari by Dec. 6 when a vital 560 million euro ($664 million) cash call ends. Genoa-based Carige must comply by the end of the year with Europe

  2. Launches - Ex-BlueCrest team to open over $200m hedge fund, Greg Coffey, a hedge fund star who retired at 41, is eyeing a comeback, Brevan Howard plans Greek funds as bond rally signals revival[more]

    Ex-BlueCrest team to open over $200m hedge fund From Bloomberg.com: A team of traders who left BlueCrest Capital Management earlier this year raised more than $200 million for their own hedge fund focused on Asian stocks, according to a person familiar with the matter. Ovata Capital Manag

  3. North America - Miami could attract hedge funds if SALT deductions axed[more]

    From Law360.com: For years, inertia has been Nitin Motwani's greatest foe in his attempts to lure hedge fund owners in the northeast to Miami, which he has pitched as a tropical low-tax paradise. But with the Republican tax bill proposing to eliminate deductions for state and local taxes, he's sensi

  4. Northleaf Capital Partners closes debut private credit fund on $670M[more]

    Bailey McCann, Opalesque New York: Northleaf Capital Partners has closed its debut private credit fund - Northleaf Private Credit I - on $670 million. The vehicle will invest in private credit transactions in Europe and North America, with a primary focus on lending to private equity-backed compa

  5. Opalesque Exclusive: Credit Suisse Asset Management's NEXT Investors leads $6M Series A round for LUX Technology and Services[more]

    Bailey McCann, Opalesque New York: Credit Suisse Asset Management's NEXT Investors has led a $6 million Series A funding round for LUX Technology and Services, a business and technology solutions provider for the alternative assets industry. The investment will be used to fuel growth of Trans