If you read only the headlines or talk only with big-bank CEOs, you might think that the Dodd-Frank act signals Armageddon for banks. Words like overregulation, high-capital requirements and lower profitability were being used even before the legislation was passed.
The sweeping Dodd-Frank Wall Street Reform and Consumer Protection Act includes some 400 rules that were supposed to be in place by this summer. But regulators are far behind on their deadline. (Less than half those rules have been finalized.) No statutory penalties exist for unmet deadlines and even Rep. Barney Frank (D-Mass.), an architect of the legislation, understands that governing agencies are working as hard as they can on the rules.
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