On December 23, the SEC circulated its yearly staff report from the findings of exams of credit history agencies registered as nationally recognized analytical score businesses (NRSROs). As needed because of the Dodd-Frank Act, the SEC must examine each NRSRO at least one time each year and supply a written report summarizing its findings. The staff recommended NRSROs improve a number of areas, including (i) the use of affiliates or third-party contractors in the credit rating process, (ii) management of conflicts of interest related to the rating business operations, and (iii) adherence to policies and procedures for determining or reviewing credit ratings as a result of the examinations. In addition, the agency issued a report that is separate Congress from the state of competition, transparency, and disputes of great interest among NRSROs.
Fed Appoints Brand Brand New Director of Monetary Affairs Division
On 6, the Federal Reserve appointed Thomas Laubach as director of the Division of Monetary Affairs january. Mr. Laubach will advise the board in addition to Federal Open Market Committee on the conduct of financial policy. Mr. Laubach first joined up with the Board’s staff officially in 2001, and contains additionally offered as a visiting senior economist at both the financial institution for International Settlements and also the President’s Council of Economic Advisers. Mr. Laubach succeeds William B. English, who was simply appointed senior adviser that is special the Board.