The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 affects almost every facet of the U.S. financial services industry. Our Financial Services Reform Resource Center provides timely and informative resources for financial institutions, financial professionals, and others affected by Dodd-Frank.
This legislative behemoth, intended to restore public confidence in the financial services industry, prevent future financial meltdowns, improve market transparency and manage institutional and systemic risk, has restructured existing regulatory agencies and responsibilities, enhanced the powers of federal regulators, and created advisory bodies that touch upon a broad spectrum of financial services activities, institutions, and professionals. Despite the comprehensive nature of Dodd-Frank, the legislation left an extraordinary number of matters to be addressed through agency rulemaking and other regulatory action and established broad discretion for federal regulators.
To prepare for the numerous groundbreaking regulations resulting from Dodd-Frank, financial institutions, financial professionals and their clients must allocate sufficient resources to fully understanding the impact of Dodd-Frank on their existing businesses, prepare, modify and some cases, build comprehensive systems to comply with new rules – now and going forward, and foster a culture of Dodd-Frank awareness and readiness. Financial institutions and their clients will need to assess how to best achieve their business objectives in light of – or in spite of – this new financial regulatory paradigm.