Sweeping Financial Overhaul Signed into Law by President Obama, Article by Eric Dyas
July 23, 2010
On Wednesday, July 21, President Obama signed into law a regulatory reform bill that is the most sweeping
piece of banking legislation in decades. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the
“Dodd-Frank Act”) will have far reaching effects on the financial services industry and the institutions
operating in it. Among other things, the Dodd-Frank Act attempts to more effectively monitor and regulate
systemically important institutions and limit the risk they pose to the broader economy; establishes the
Bureau of Consumer Financial Protection, a new federal agency that will be housed within the Federal
Reserve and charged with responsibility for supervising, examining and enforcing consumer protection laws;
imposes limits on the ability of banks and their affiliates to engage in proprietary trading subject to certain exceptions; and imposes significant new regulations on mortgage lenders and servicers.
The text of the Act can be accessed here and the Conference report here.
by: Eric J. Dyas