OCC seeking change to rating ban in Dodd-Frank, reveals Walsh
Banking regulator talking to Congress about altering the Dodd-Frank Act to allow a limited use of credit ratings
The Office of the Comptroller of the Currency (OCC) is speaking to legislators in the US Congress about changing a clause in the Dodd-Frank Act that requires regulators to remove all references to credit ratings from financial rules, according to John Walsh, acting head of the OCC in Washington, DC.
The clause – section 939A of the Dodd-Frank Act – was included as part of a response to the failure of rating agencies to accurately measure the risks posed by structured credit products before the
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