July 21 marked the one-year anniversary of the passage of the Dodd-Frank Act. Since enactment, several key rules have been finalized. However, the majority remain to be written. Some accounts suggest that 122 rules will be released across federal banking and other agencies in the third quarter of this year.
What have we seen over the past 12 months? The following are some of the rules and other provisions of Dodd-Frank now in place:
Over the next year, I anticipate that the impact and costs of Dodd-Frank to community banks will become more evident. I also expect we will see changes in products and services offered by community banks as they inevitably work to offset those costs. We will continue to follow these developments and update you on changes. Track the status of the Dodd-Frank rulemakings at the St. Louis Fed's Regulatory Reform Rules web site.
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