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Since the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in 2010, federal regulators have achieved mixed results with respect to meeting deadlines to write and implement almost 400 sets of new rules governing banking and financial services.
As of June 1, a total of 221 rule-making requirement deadlines had passed, according to the Davis Polk Dodd-Frank Progress Report, a monthly summary compiled by the law firm, which has offices in New York, London, Paris, Hong Kong and Tokyo, among other cities. That figure represented 55 percent of the 398 requirements and 79 percent of the 280 requirements that had specified deadlines.
Of those 221 passed deadlines, 148, or 67 percent, had been missed, and only 73, or 33 percent, had been met with finalized rules. Regulators hadn't yet released proposals for 21 of the rules for which the deadlines had passed.
Of the total 398 rule-making requirements, 110, or 27 percent, of had been met with finalized rules. One hundred and forty-four, or 36 percent, had rules proposed. An additional 144, or 36 percent, had not yet had rules proposed.
In the spirit of transparency, several regulators released details of their meetings with outside participants related to Dodd-Frank issues, the report stated. Based on that information, regulators had held at least 2,800 such meetings since July 1, 2010. Joint meetings, of which there were more than 200, were counted separately for each regulator that participated.
Also in the report was a pie chart showing the Dodd-Frank regulatory deadlines met and missed by the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, collectively.
Together those agencies are responsible for 135 Dodd-Frank regulations. Of that total, 51 sets of rules had been proposed, but after the deadlines; 47 sets had not been proposed in advance of future deadlines; seven sets had been proposed in advance of future deadlines and six sets had not been proposed and had missed their deadlines. Only 24 sets of rules had been finalized.
Whether regulators faced any negative consequences for all those missed deadlines was not mentioned.
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