Comptroller of the Currency August 13, 2010 – Federal Register Recent Federal Regulation Documents

Alternatives to the Use of External Credit Ratings in the Regulations of the OCC
Document Number: 2010-20048
Type: Proposed Rule
Date: 2010-08-13
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of credit-worthiness of a security or money market instrument and any references to or requirements in regulations regarding credit ratings. The agencies are also required to remove references or requirements of reliance on credit ratings and to substitute an alternative standard of credit-worthiness.