The Dodd-Frank Act provides for unlimited FDIC insurance for noninterest-bearing transaction accounts until December 31, 2012. If Congress does not act to extend the unlimited insurance, coverage will revert to $250,000 on January 1, 2012. The FDIC recently issued a Financial Institution Letter advising banks on procedures for winding down the program should Congress not extend it. In a recent Financial Services Alert, Goodwin Proctor explains what institutions must do and should do by the end of the year, according to the Financial Institution Letter.
The Dodd-Frank Act contains 398 total rule-making requirements spread across various regulatory agencies. 133 rules have been finalized, and another 133 rules have been proposed, but not yet finalized. That leaves 132 rules outstanding. In its recent Dodd-Frank Progress Report, Davis Polk breaks down the regulatory implementation of the Act across time, agency, and regulated activity. The Report also provides an overview of recently proposed and approved rules.
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