News, Oversight, Regulation

Regulators miss 70.1 percent of 398 Dodd-Frank rules

160px-US-CFTC-Seal.svgA May report by Davis Polk showed that, as of June 3, 175 of 279 passed Dodd-Frank deadlines have been missed, while only 104 deadlines have been met with finalized rules.

Though no new rulemaking requirements were due in May, the Federal Housing Finance Administration released a proposal to remove references to credit ratings in certain rules governing the Federal Home Loan Banks, 12 government-sponsored institutions that provide low-cost mortgage, small business and rural funding to U.S. financial institutions.

The CFTC also released rules governing the registration and regulation of swap execution facilities, though the rules have already been counted.

Of the 398 total Dodd-Frank rulemaking requirements, regulators have missed 70.1 percent of rulemaking deadlines and 99.6 percent of 280 rules with specified deadlines. Regulators have yet to release proposals for 64 of the 175 missed rules.

Only 38.4 percent of the 398 total rulemaking requirements have been met with finalized rules, while regulators have proposed rules to meet another 29.4 percent of the rulemakings. Rules have not yet been proposed to meet 128 rulemaking requirements.

The CFTC leads among regulators in terms of finalized rules. Of the CFTC’s 60 required rulemakings, 41 have been met with finalized rules. The SEC has only finalized 35.8 percent of its total 95 required rulemakings, with 51.6 percent of deadlines missed.

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