On December 11, the US House of Representative voted to approve The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173). The text of H.R. 4173 was just released by the House last week. While we wait for a bill to emerge from the Senate Banking Committee, this is an opportune time to take a close look at the final language of the House bill, and to begin to make comparisons with the anticipated approach in the Senate legislation.
Please join Mayer Brown partners David R. Sahr and Jeffrey P. Taft for our call on Thursday, January 21, to address certain key issues in the House-approved legislation, including:
- Enhanced regulatory requirements and operational restrictions to be imposed on banks, including their parent companies, and other entities deemed to pose systemic risk, including the impact on foreign entities.
- New procedures for resolving potential failures of large financial services firms aimed at eliminating "too big to fail"
- The proposed establishment of a new Consumer Financial Protection Agency to regulate certain consumer financial products and services
- New requirements for residential mortgage lending and tough anti-predatory lending legislation
Of Related Interest
Wall Street Reform and Consumer Protection Act of 2009
Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.