The February 2013 Dodd-Frank Progress Report by Davis Polk revealed that 42 new rule-making requirements were due in January, but regulators only finalized rules to meet 12 rule-making requirements, leaving nearly one-third of all Dodd-Frank rules unwritten.
In January, the CFPB released final rules related to mortgage servicing and loan originator compensation, as well as qualified mortgage standards. Additionally, the CFPB, the FDIC, the Federal Reserve, the National Credit Union Administration, the OCC and the Federal Housing Finance Agency released a joint rule that establishes new appraisal requirements for high-priced mortgage loans. The GAO also released a study in January that examined regulations governing the financial services sector.
As of Feb. 1, 279 Dodd-Frank deadlines have passed, accounting for 70.1 percent of the total 398 rule-making requirements, and 99.6 percent of the 280 requirements with deadlines. Of the 279 passed deadlines, 63.1 percent of the deadlines have been missed while 36.9 have been met with final rules. Regulators have not yet issued proposals for 64 of the 176 missed rules.
Of the 398 total Dodd-Frank requirements, 37.2 percent have been met with finalized rules, while rules have been proposed for 30.4 percent of the requirements. Regulators have not yet proposed rules to meet 32.4 percent of Dodd-Frank requirements.