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.

Overview

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.





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