Factoid: Learn a Foreign Language – FedSpeak

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.

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)
Stephen R. Blank joined ULI in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; organizing and participating in real estate capital markets programs at ULI events worldwide; and participating in industry meetings, seminars, and conferences. Prior to joining ULI, Blank served from December 1993 to November 1998 as Managing Director, Real Estate Investment Banking of Oppenheimer & Co., Inc. His responsibilities included: structuring, underwriting, and executing corporate financings including initial public offerings of common and preferred shares, unsecured debentures, and convertible bonds; property acquisitions, dispositions, and financing; and financial advisory services including mergers and acquisitions, corporate restructurings, and recapitalizations.
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