Factbox: Dodd-Corker agreements on financial reform

(Reuters) - Senate Banking Chairman Christopher Dodd will introduce his financial reform bill on Monday. For weeks Dodd had been negotiating a bipartisan bill with first-term Republican Bob Corker. But on Thursday, Dodd announced that time was running out and he had to move forward without Republican support.

According to Corker, Republicans and Democrats were near an agreement on the bulk of the financial reforms, including bank regulation and consumer protection. Below are details of their agreements, as Corker outlined at a briefing on Thursday.

BANK REGULATION

* The U.S. Federal Reserve would retain the authority to supervise the largest and medium-sized bank holding companies.

* The Office of the Comptroller of the Currency and the Office of Thrift Supervision would merge.

* There was still debate as to whether the Fed would retain powers to supervise the smallest banks.

CONSUMER PROTECTION

* The consumer financial protection office would be housed in the Fed and have the authority to write rules for a wide range of products, including mortgages.

* The head of the consumer office would be appointed by the U.S. president and confirmed by the Senate.

* Payday lenders, or providers of high-risk, short-term loans, would not be exempt from federal consumer rules.

* Federal rules would preempt state consumer protection laws.

* Four regulators and the Treasury Department would be able to veto consumer rules by a majority vote. Regulators with such powers are the Fed, the Federal Deposit Insurance Corp, the Securities and Exchange Commission and the Commodity Futures Trading Commission.

* The consumer office would not enforce the rules, rather prudential regulators would have the authority to do so.

* Consumer and prudential regulators would conduct joint examinations.

RESOLUTION FOR LARGE TROUBLED FIRMS

* Bankruptcy will be the preferred option for large troubled financial firms.

* A government process to help resolve the troubled firms would be painful for the firms, deterring their appetite for excess risk and ensuring taxpayer dollars would not be used to bail out firms.

CREDIT RATING AGENCIES

* Corker suggested that the credit rating agency rules had not changed from Dodd's original plan. Corker said there was a "pretty big liability burden" to be placed on the rating agencies.

* Under Dodd's original bill, credit rating agencies such as Moody's Corp, Standard & Poor's and Fitch Ratings would be exposed to greater liability. Investors would be able to sue rating agencies if they knowingly and recklessly failed to investigate or obtain analysis from an independent source.

(Reporting by Rachelle Younglai; Editing by Kenneth Barry)