Speaking in front of the Senate Banking Committee, Martin Gruenberg, the FDIC’s acting chairman, said progress has been made in implementing Dodd-Frank rules but there still considerably more work to do.
Many rules required by last year’s law have been delayed and have missed their, deadlines prompting the committee to conduct a hearing on Tuesday in order to receive progress reports from regulators on their rule writing and implementation strategies.
During his opening statement, the committee’s ranking member, Sen. Richard Shelby (R-Ala.), said that it was disappointing that more than a year has passed since the enactment of Dodd-Frank yet it seems only to have caused more problems.
Gruenberg said the FDIC has been successful in implementing provisions related to international efforts on systemic resolutions but that it is still working on the implementation of bank capital provisions of the law.
According to Gruenberg, one of the initiatives still in progress at the FDIC concerns an assessment on how the rules will affect the future of community banks.
“As the primary federal regulator for the majority of community banks, the FDIC has developed a set of community banking initiatives to further its dialogue with the industry and better its understanding of the challenges and opportunities for community banks,” Gruenberg said.
Rules such as the highly controversial Volcker rule and the Risk Retention rule, Gruenberg said, are also still in progress and still require adequate evaluation of their public comments.