Nearly three years after its passage by Congress, nearly two-thirds of the rulemaking requirements associated with the Dodd-Frank Act remain unfinished. These delays and the sporadic issuance of game-changing regulations has been the ire of financial institutions laboring to comply with the law and new rules. On Monday afternoon, President Obama hosted a meeting with the lead financial regulators, including the Director of the Consumer Financial Protection Bureau (CFPB), the Comptroller of the Currency, the Acting Director of the Federal Housing Finance Agency (FHFA), and the chairs of the Board of Governors of the Federal Reserve System (FRB), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Securities and Exchange Commission (SEC). Treasury Secretary Jack Lew also attended.
The White House press release conveyed that President Obama “stressed the need to expeditiously finish implementing the critical remaining portions of Wall Street Reform to ensure we are able to prevent the type of financial harm that led to the Great Recession from ever happening again.” The White House also discussed housing reform efforts with the agency leaders, as well as interagency cooperation.
As financial institutions continue to face new rules and changes to the lending and compliance environment, the ongoing delays and continuous revision of regulations have presented stumbling blocks. One can only hope that the President’s push for these regulators to work in earnest toward finalizing the Dodd-Frank Act requirements will result in a quickened pace toward the finish line.
If your financial institution has questions about the Dodd-Frank Act and the status of regulations impacting you, please contact Spilman or other knowledgeable counsel.