The Dodd-Frank Act, effective July 21, 2011, eliminated the Office of Thrift Supervision (“OTS”) and transferred its regulatory authority to the Office of the Comptroller of the Currency, the Federal Reserve Board (“FRB”), and the Federal Deposit Insurance Corporation. Regulatory authority over 430 thrift holding companies (“Thrift HCs”) shifted from the OTS to the FRB. All OTS regulations, guidelines, and other advisories dealing with Thrift HCs remain in effect; those regulations are re-codified in new Federal Reserve Regulation LL and MM. [Read more!]

Consumer use of bank overdraft protection has risen rapidly over the past decade. In 2010, 13 million consumers used overdraft protection, and banks generated $35 billion in revenue, an important and growing part of total bank revenue. Bank regulators have raised concerns about the increased use of overdraft protection by consumers and have issued regulatory guidance regarding the product under a safety and soundness rationale. In 2009, the Federal Reserve imposed new limits on overdraft protection that made it more difficult for banks to provide the service to consumers. The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency have also issued guidance on overdraft protection and pricing. [Read more!]

When President Obama, with former Federal Reserve Board Chairman Paul Volcker at his side, announced his intention to seek legislation implementing the “Volcker Rule” he described it as necessary to reduce excessive risk taking by banks. Easier to describe than implement, the Volcker Rule, as incorporated in the Dodd-Frank Act, was envisioned to prohibit the use of insured deposits by commercial banks in their own trading in the markets (so-called “proprietary trading”) or to support various types of investment funds. In practice, the proposed regulation is an incomplete first attempt to give life to the new rule, seeking public input on some 1,400 questions from the public in addition to input on the details of the proposed regulation. Advocates and critics of the rule will discuss the value of the rule itself as well as regulatory efforts to address the details of implementation. Proponents claim that it is necessary for future stability of the banking industry, while critics assert that it will not only harm the industry but industry customers as well. Featuring Mr. Randall D. Guynn of Davis Polk & Wardwell LLP; Ms. Sarah "Sally" Miller of the Institute of International Bankers; Ms. Coryann Stefansson of PricewaterhouseCoopers LLP; Mr. Mark E. Van Der Weide of the Division of the Board of Governors of the Federal Reserve System; and Ms. Hester Pierce of the Mercatus Center as the moderator.

With a recently appointed director, the new Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act, will swing into action. Among other issues, the speakers will discuss the structure, authority and potential effectiveness of the new bureau and will take questions from callers. How might the CFPB fulfill its goals of preventing the next financial crisis and protecting consumers? Will consumers and a struggling economic recovery benefit from its actions? Featuring Hon. Wayne Abernathy of the American Bankers Association; Ms. Jo Ann Barefoot of Treliant Risk Advisors; Prof. Arthur Wilmarth of The George Washington University Law School; Prof. Todd Zywicki of George Mason University School of Law; and Mr. Dean A. Reuter, Vice President & Director of Practice Groups at The Federalist Society, as the moderator.