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Study Assesses Dodd-Frank on its 5th Anniversary
Tuesday, July 21, 2015 6:50 AM

This week marks the 5th anniversary of the Dodd-Frank Act.  A new study from the American Action Forum analyzes the impact on financial institutions. Some of the findings include:

  • $24 billion in compliance costs.
  • 61 million paperwork hours.
  • Financial regulators have passed 456 final rules thus far. 
  • 60.3 percent of Dodd-Frank has been finalized, with another 21.5 percent that remains to be proposed. This means that roughly 18 percent of the law is still in proposed form. Five years after implementation, two-fifths of the law is pending.
  • Since enactment, there has been significant growth in employment in financial regulatory agencies, and lack of growth in banking and finance.

The report also said, “As time passes, the law becomes more expensive as regulatory agencies like CFPB and FHFA grow with the mission to implement burdensome rules. Meanwhile, small financial services firms continue to struggle as the law restricts the availability of financial products.”