PROPOSED CHARTERS
Financial institutions, including CUs, would be offered one of three charter options.
Federal Insured Depository Institution
For all lenders with federal deposit insurance
Federal Insurance Institution
For all insures that offer any retail product where some type of federal guarantee is present
Federal Financial Services Provider
For all other types of financial services firms
PROPOSED FEDERAL AGENCIES
Proposed New Federal Agencies
Market Stability Regulator
The Fed would be charged with watching all threats to stability of U.S. financial system, regardless of origination, including banks, investment banks, insurance companies, hedge funds and other institutions. Fed would be empowered to require corrective action to take place to address current risks or future risk-taking, but only if overall financial stability is threatened.
Prudential Financial Regulatory Agency
A new agency to be charged with regulating financial institutions that have explicit government guarantees, such as federal deposit insurance. This is where regulation of credit unions would most likely fall. Agency would assume role also played by federal prudential regulators, such as OCC and OTS. Separately, a regulator would be charged with monitoring government-sponsored enterprises also perceived to have implicit federal backing, such as Fannie Mae and Freddie Mac.
Conduct of Business Regulatory Agency
A new agency that would be responsible for consumer protection at all types of financial companies. Agency would be responsible for monitoring disclosures, business practices, and certain types of licensing, and would incorporate much of the present SEC and CFTC, in addition to some functions now performed by Fed, FTC and state insurance regulators.
Federal Insurance Guarantee Corp. A new agency that would replace the FDIC and, most likely, the NCUSIF.
Corporate Finance Regulator
A new agency that would assume some SEC functions, such as monitoring corporate disclosures, governance, accounting and other related issues.
