Federal regulators have taken a meet-some, miss-some approach to rule-making deadlines in their effort to write and implement almost 400 sets of new banking and financial services regulations required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010.
As of June 3, 279 rule-making requirement deadlines had passed, according to a monthly progress report from Davis Polk, a law firm with offices in Hong Kong, London, New York and other cities. That total represented 70 percent of the 398 total requirements and nearly all of the 280 requirements for which deadlines were specified.
Of the 279 deadlines that had passed, 175, or 63 percent, had been missed, and 104, or 37 percent, had been met with finalized rules. Proposals hadn't been released for 64 of the 175 rules for which the deadlines have passed.
Of the total 398 rule-making requirements, 153, or 38 percent, had been met with finalized rules. Another 117, or 29 percent, had rules proposed. Rules had not yet been proposed to meet an additional 128, or 32 percent, of the rule-making requirements.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency are collectively responsible for 135 of the total Dodd-Frank regulations.
Of that total, 47 sets of rules had been proposed, although after the deadlines, as of June 3, and 29 sets had not yet been proposed in advance of future deadlines. Two sets had been proposed in advance of future deadlines, 17 sets had not been proposed and had missed their deadlines, and 40 sets had been finalized.
What do you think? Are banking regulators moving fast enough to implement Dodd-Frank?
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