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Simple English definitions for legal terms

Dodd-Frank: Title I - Financial Stability

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A quick definition of Dodd-Frank: Title I - Financial Stability:

Dodd-Frank is a law that helps keep the United States' financial system stable and safe. It created two new government departments, the Financial Stability Oversight Council (FSOC) and the Office of Financial Research, to watch over big financial companies and make sure they don't cause problems. The FSOC can tell companies to follow rules to reduce risk, and even stop them from doing certain things if they could hurt the economy. The law also makes sure that foreign financial companies follow the same rules if they want to do business in the United States.

A more thorough explanation:

Definition: Title I of the Dodd-Frank Act is a law that expands federal research, evaluation, and oversight of large financial institutions to manage risks to the financial stability of the United States. It establishes two new government departments, the Financial Stability Oversight Council (FSOC), and the Office of Financial Research, an office within the Treasury. Title I also expands the authority of the Board of Governors of the Federal Reserve System to allow for supervision of certain nonbank financial companies and large bank holding companies that could have a substantial impact on the United States economy.

Example: Before the Dodd-Frank Act, some financial institutions were not under government supervision, despite their potential to impact the financial stability of the United States. Title I expands the supervision and regulation of these previously unsupervised financial companies.

Explanation: The establishment of new departments and offices to research and monitor will likely lead to stronger supervision of large companies. The Financial Stability Oversight Council (FSOC) has the authority to evaluate and identify nonbank financial companies that will be under heightened supervision by the FSOC and the Board of Governors of the Federal Reserve System. The Board of Governors has the authority to impose more stringent supervisory standards on those covered financial companies. These regulations are tied to the same risk factors considered by the Federal Stability Oversight Council (FSOC), including liquidity requirements, risk management processes, resolution plan reports, credit exposure reports, and limits on risk concentration.

Dodd-Frank: Definitions | Dodd-Frank: Title II - Orderly Liquidation Authority

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HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
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