New, from the people who brought you TARP (Troubled Asset Relief Program), TALF, P-PIP, et al, a whole new set of acronyms to replace a whole old set of acronyms. Courtesy of Bloomberg Businessweek (October 18 – October 24, 2010, including a road map of what they were intended for as well as what the new agencies are supposed to do:

What’s Out?

  • EESA: Emergency Economic Stabilization Act (the 2008 financial rescue law)
  • TARP: Troubled Asset Relief Program (the $700 bank bailout within ESSA)
  • PPIP: Public-Private Investment Program (Treasury program to buy and sell troubled assets jointly with private financiers)
  • CPP: Capital Purchase program (cash infusions for banks)
  • TIP: Targeted Investment Program (cash for extra-troubled firms such as Citigroup)
  • TLGP: Temporary Liquidity Guarantee Program (FDIC guarantee of banks’ debt)
  • TALF: Temporary Liquidity Guarantee Program (Federal Reserve program subsidizing investor purchases of consumer and business loans)
  • HAMP: Home Affordable Modification Program (Treasury program to help struggling homeowners)
  • SIGTARP: Special Inspector General for the Troubled Asset Relief Program (an independent monitor overseeing TARP)
  • FINSOB: Financial Stability Oversight Board (the panel of regulators monitoring the bailout)
  • COP: Congressional Oversight Panel (another bailout monitor, this one reporting to Congress)
  • OTS: Office of Thrift Supervision (the savings and loan regulatory agency that the new law eliminates)

Now for “What’s In”

  • DFA: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  • CFPB: Consumer Financial Protection Bureau (new agency to police consumer lending)
  • FSOC: Financial Stability Oversight Council (new council of regulators to monitor systemic risk)
  • OFR: Office of Financial research (new Treasury department office for collecting market data)
  • OMWI: Office of Minority and Women Inclusion (new units financial agencies must create to promote diversity)
  • SEF: Swap Execution Facility (a derivatives trading venue)
  • MSP: Major Swap Participant (large user of derivatives who will get special scrutiny)
  • FIO: Federal Insurance Office (new Treasury Department unit monitoring insurers)
  • CFI: Complex Financial Institutions Office (new Federal Deposit Insurance Corporation unit to liquidate troubled too-big-to-fail firms)
  • OCR: Office of Credit Ratings (new Securities and Exchange Commission office to oversee credit-rating companies)