Final regulations - Replacing terms "credit ratings" and “credit agencies” in Treasury regulations under Dodd-Frank 

September 5: The Treasury Department and IRS today released for publication in the Federal Register final regulations (T.D. 9637) that remove references to “credit ratings” and “credit agencies” (or functionally similar terms) in existing Treasury regulations and provide substitute standards of credit-worthiness in those places, when appropriate.

The final regulations [PDF 228 KB] adopt “with no substantive changes” regulations that were proposed in 2011 and remove corresponding temporary regulations.


A provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) required federal agencies to remove and/or replace certain terms—“credit ratings” and “credit agencies”—in existing regulations.

As noted in the preamble of today’s final regulations, some of the changes to existing Treasury regulations involve simple word deletions or substitutions, whereas other changes reflect that a sentence has been amended to remove the credit-rating references.

When appropriate, the regulations substitute standards of credit-worthiness and replace prior references to the terms “credit ratings,” “credit agencies” or functionally similar terms.

The final regulations are scheduled to be published in the Federal Register, Friday, September 6, 2013.

©2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Share this

Share this


Current and future KPMG clients may subscribe to TaxNewsFlash email alerts.

Email your contact information.

TaxNewsFlash-United States by year