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    Issue of Interest: Dodd-Frank Act

    ABA Media Contact: Jeff Sigmund
    (202) 663-5439
    Email:jsigmund@aba.com                                                      Last updated: May 9, 2012

    ABA Dodd-Frank Tracker

    The ABA Dodd-Frank Tracker is a resource that provides current information on the implementation of the Dodd-Frank Act. Click here.

    The Dodd-Frank Wall Street Reform and Consumer Protection Act represents a dramatic rewrite of the rules governing financial service providers and products.  Unprecedented in scope, the bill will usher in a new era of regulation -- for good and ill.

    While its core provisions provide needed reform, it is overloaded with new rules and restrictions on traditional banks that did not cause the financial crisis.  The result will be over 5,000 pages of new regulations on traditional banks and years of uncertainty as to what the massive new rules will mean.

    Its impact will be felt not only by the banking industry itself, but by the millions of consumers and businesses that rely on financial services every day to meet their saving, borrowing and financing needs.  It will also, by extension, have a considerable impact on the broader economy and the capability of traditional banks to provide the credit needed to create jobs and drive economic growth.

    The Dodd-Frank Wall Street Reform and Consumer Protection Act does contain some key reform provisions that bankers have long supported, including creation of a new systemic regulatory body, a new process for ending the concept of too-big-to-fail, better consumer protections, and provisions designed to rein in the shadow banking system.

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