The Securities and Exchange Commission (SEC) released two reports on Monday showing that nationally-recognized credit rating agencies have continued to improve their rating policies and procedures that were implemented post financial crisis.

The failure of the CRAs and of the ratings they assigned has been widely cited as a major factor contributing to the financial crisis generally and the meltdown in residential mortgage-backeds.  Post financial crisis, the rating agencies initiated and implemented operational changes and enhanced process accountability, controls and governance.   

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