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)