Title III of the Dodd-Frank Act, which came into effect in 2011, ensures the safe and fair operation of banks. It replaces the Office of Thrift Supervision with other regulatory bodies such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System. Additionally, this law modifies the functioning of deposit insurance to make it more equitable and risk-based. It also mandates the establishment of an Office of Minority and Women Inclusion within each federal agency.
Title III of the Dodd-Frank Act was implemented to streamline the supervision of depository institutions and their holding companies. This was achieved by abolishing the Office of Thrift Supervision (OTS) and transferring its regulatory and rulemaking authority to the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System (Federal Reserve).
Before Title III, the OTS was responsible for regulating state and federal savings associations and their holding companies. However, after the transfer of powers, the OCC, FDIC, and Federal Reserve gained regulatory and rulemaking authority over these institutions.
In addition to this transfer of authority, Title III also reformed federal deposit insurance. It increased the maximum share insurance from $100,000 to $250,000 and required the FDIC and National Credit Union Administration to fully insure the net amount that any depositor at an insured deposit institution maintains in a noninterest-bearing transaction account.
These changes were made to ensure the safe and sound operation of the banking system, preserve and protect the dual banking system, ensure fair and appropriate supervision of depository institutions, and streamline their supervision and regulation.
Dodd-Frank Title III refers to a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act that transfers certain powers and responsibilities to the Comptroller of the Currency, the Corporation, and the Board of Governors.
Dodd-Frank Title III transfers powers related to the supervision and regulation of certain financial institutions, including national banks, federal savings associations, and state-chartered banks that are members of the Federal Reserve System.
The Comptroller of the Currency is a senior official in the U.S. Department of the Treasury who is responsible for regulating and supervising national banks and federal savings associations.
The Corporation mentioned in Dodd-Frank Title III refers to the Federal Deposit Insurance Corporation (FDIC), an independent agency that provides deposit insurance to depositors in U.S. banks and thrift institutions.
Dodd-Frank Title III transfers powers related to the supervision and regulation of state-chartered banks that are members of the Federal Reserve System to the Board of Governors of the Federal Reserve System.
Dodd-Frank Title III aims to enhance the supervision and regulation of financial institutions by consolidating certain powers and responsibilities under the Comptroller of the Currency, the Corporation, and the Board of Governors.
No, Dodd-Frank Title III primarily focuses on the transfer of powers to regulate and supervise banks and savings associations. Non-bank financial institutions are subject to other provisions of the Dodd-Frank Act.
Yes, Dodd-Frank Title III includes certain limitations and conditions on the exercise of the transferred powers to ensure accountability and compliance with applicable laws and regulations.
By consolidating and strengthening the regulatory powers of the Comptroller of the Currency, the Corporation, and the Board of Governors, Dodd-Frank Title III aims to enhance the stability and resilience of the financial system.
As with any legislation, Dodd-Frank Title III may undergo updates or amendments over time. It is important to stay informed about any changes through official sources and legal updates to ensure compliance with the latest requirements.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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