FDIC Establishes Open Door Policy for Dodd-Frank Implementation

As the reverse mortgage industry waits to see how the Dodd-Frank Wall Street Reform and Consumer Protection Act will impact business, the Federal Deposit Insurance Corporation (FDIC) says it’s making it easier for the public to give input and track the rulemaking process as the agency implements the bill.

Under the new policy, the public will be able to participate even before regulatory reform rules are drafted and proposed.  There will be a public disclosure of meetings between senior FDIC officials and private sector individuals will enhance openness and accountability of the process.  This voluntary public disclosure policy will apply to meetings discussing how the FDIC should interpret or implement provisions of the Dodd-Frank Act that are subject to independent or joint rulemaking by the FDIC.

“Now that Congress has acted and the President has signed the bill into law, it is in the regulators’ ballpark to implement the new reforms as quickly and openly as possible,” said Sheila C. Bair, FDIC Chairman.  “I think transparency is a significant issue for each step along the way. We owe it to the public to have an open door policy so that people can see for themselves how financial services reform is going to be implemented.”

The FDIC said it will hold a series of roundtable discussions with external parties on implementation issues that will be available for public viewing via webcast.  In addition, any interested party can request a meeting with FDIC officials or staff by submitting a form on the FDIC’s webpage.

The FDIC has also crafted bill summaries and added a fact sheet that will be regularly updated to reflect policy decisions during the implementation process. This can all be accessed at the dedicated financial reform webpage.

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