Happy Birthday, Dodd-Frank

July 21, 2011

Authored by: Bryan Cave

A year ago today, the Dodd-Frank Act was signed into law.  Today the Consumer Financial Protection Bureau “stands up,” the Office of Thrift Supervision has 90 days to live, and the Comptroller General’s study on the independence of presidentially appointed inspectors general of certain federal entities was due to Congress (don’t worry if you missed that last one).  For many provisions of the Act, the legislation requires that implementing rules were to be finalized by today.  As few of the hundreds of required rules have actually been proposed yet alone finalized, there is an argument that those aspects of the law requiring rules by today are not yet effective.  Provisions of the law that are certainly effective today:

We will continue to follow rulemaking and enforcement of the Act and provide updates linked to our dedicated Dodd-Frank page.  Regulators (and Barney Frank) are celebrating the law’s milestone today by testifying before the U.S. Senate on how the Act has improved supervision.  Stay tuned.