Pub. 3 2013-2014 Issue 2

22 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE “Fed Chairman Ben Bernake also stated that several rules will be released by the agencies in the coming months.” What to Expect from the CFPB for the rest of 2013 J uly 21 marked the third year since the pas- sage of the Dodd-Frank Act (“DFA”). U.S. Treasury Secretary Jacob Lew was quoted as saying “the ‘core elements’ of DFA will be enacted by year-end” of 2013. Fed Chairman Ben Bernake also stated that several rules will be released by the agencies in the coming months. The banking industry is not the only industry affected by the reforms required by the DFA; this legislation has an impact on every aspect of our financial systems. For those of us who are tracking the progress of implementation of DFA and the rule making requirements, there is a general consensus that more than half of the rules required by DFA are yet to be finalized. Bernake commented on the delays in the rulemaking and implementation by pointing out that the provisions are complex and require a joint effort in rule writing, since five agencies must simultaneously “coordinate, cooperate and agree on language” for many of these rules. Although the regulatory agencies are mak- ing predictions about the finalization of many rules required by DFA, none are specifically stating which rules they predict to be final by Darlia Fogarty Director of Compliance Compliance Alliance