Think all the new Dodd-Frank rules have impacted us yet?
You and I as the “consumers-at-large” in this debacle have yet to write the check on this. It appears we haven’t even paid 1/4 of the bill yet.
Can you believe that regulators have missed roughly three-quarters of the deadlines for implementing the Dodd-Frank financial reform law through 2011, according to a new report?
So far, 200 deadlines for drafting rules to implement the Wall Street overhaul have come and gone, and regulators have met only 51 of them, according to the law firm of Davis Polk.
Another 200 rulemaking requirements stemming from the law still await regulatory action. Just 21.5% of the rulemaking requirements have resulted in finalized rules, while 38.75 percent currently have proposed rules. Another 39.75 percent of rules that ultimately will have to be implemented to make the law a reality have yet to be proposed.
This piece of work was bad legislation to begin with, and it’s still bad legislation. It will continue to cost consumers for years to come. It was formulated and implemented by legislators that do not understand the mortgage business and felt they needed to show the world they had the guts to stand up to Wall Street.
In the sad but true department, Wall Street played its role in all of this, but there’s plenty of room for finger-pointing. As I’ve said before, the best action now is to find the cheapest and most efficient way out of the housing and credit market messes.
This isn’t it.
Here's the report:
http://www.davispolk.com/files/Publication/0070db24-e562-4666-832c-03ad96defd42/Presentation/PublicationAttachment/b1836732-9b89-46be-a9e5-07c77a08d62a/Jan2012_Dodd.Frank.Progress.Report.pdf
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