In FedFin’s Client Report 2013-3, we analyzed the FRB’s emerging “Reg 2.0” framework for systemic rules governing the largest financial firms. Of course, the Fed isn’t the only critical regulatory agency for financial-services firms doing business in the U.S. Here, we assess other strategic regulations, focusing on those from the FDIC, OCC, SEC, CFTC and CFPB, as well as the inter-agency ones Congress assigned to some or all of these agencies in the still-incomplete Dodd-Frank framework. Today, the CFPB issued the long-awaited qualified-mortgage (QM) rules that define prudent mortgages protected from some legal risk (see Client Report MORTGAGE110), but this still leaves undone much of the U.S. residential-finance framework.
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