In a congressional report released Wednesday, the Government Accountability Office said as of December 2012, financial regulators had issued only 48% of final rules mandated by the Dodd-Frank Act of 2010, and have missed deadlines for implementing 89% of the act's provisions.

Regulators told the GAO the delay is due to the number, complexity and interconnectivity of Dodd-Frank's rules.

The report cited a required ban on proprietary trading which spurred more than 750 questions for public input that produced more than 19,000 comment letters. That rule, which was supposed to have been finalized by July 2012, is expected during the first quarter of 2013.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.