A recent report from the Government Accountability Office revealed that while regulators have made progress in implementing some of the reforms mandated by Dodd-Frank, other rules remain incomplete.
As of December, regulators had issued final rules for approximately 48 percent of the 236 provisions of Dodd-Frank. In some cases, however, the compliance period has yet to be determined. While regulators have proposed rules for approximately 29 percent of the remaining provisions, 23 percent of the provisions have yet to be met with rule proposals.
“Although the act addressed a number of weaknesses of the regulatory system that were exposed by the recent financial crisis, some risks remain and others have emerged,” the GAO said in the report.
While a number of agencies were created under the act, including the Financial Stability Oversight Council and CFPB, the GAO report found that “the efficiency of the regulatory system was not materially changed…this requires regulators to coordinate actions and try to reconcile or balance differing approaches to ensure that regulated entities are subject to appropriate scrutiny.”
The GAO report also found that Fannie Mae and Freddie Mac “continue to represent financial exposures for the federal government, a risk to taxpayers and an impediment to the transition of a housing market that functions effectively without the current level of substantial federal support.