FDIC Approves Proposed Long-Range Plan for Deposit Insurance Fund Management

On Tuesday, October 19, 2010, the Board of Directors of the FDIC approved a proposed long-range plan for deposit insurance fund management.  The proposal was created in response to the FDIC's altered authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Under the fund management plan, the FDIC approved, among other things, a new Restoration Plan.

Read the FDIC press release

CFTC Proposes New Dodd-Frank Rules

On Tuesday, October 19, 2010, the CFTC proposed various new rules under the Dodd-Frank Wall Street Reform and Protection Act.  The rules, among other things, defined an agricultural commodity, require "position reports on economically equivalent swaps from clearing organizations, their members and swap dealers," and increase privacy protections for consumer financial information.

Read the speech given by Gary Gensler, Chairman of the CFTC

President's Working Group on Financial Markets Releases Money Market Fund Report

On Thursday, October 21, 2010, the President's Working Group on Financial Markets released a report outlining a number of reforms to the money market fund.  In addition to other proposals, the Working Group emphasized the following in order to mitigate systemic risk: floating net asset value, private emergency liquidity facility for money market funds, mandatory redemptions in kind, insurance for money market funds, a two tier system of money market funds, with enhanced protections for stable net asset values, and more.

© 2010 Perkins Coie LLP