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Regulators scurry to get Dodd-Frank rules out the door

The Dodd-Frank Act became law a year and a half ago, yet only roughly one quarter of its rules have been finalized.

Amid criticisms of this slow pace, regulators are now working diligently and have been making progress on some major component of the bill, according to WashingtonPost.com.

The Federal Reserve recently released detailed provisions on capital requirements, risk management and measures to address financial weakness. These rules only apply to banks with $50 billion or more in assets.

Several other financial regulators also released their long-awaited rule on bank trading activity known as the Volcker Rule. The rule would ban large banks from trading for their own profit and owning hedge funds.

The proposals are still awaiting public comments and face potential amendments before going into effect.

The banking industry has complained that the delayed implementation progress makes it difficult for them to adequately prepare for compliance costs and new business practices, according to WashingtonPost.com. Regulators argue that they are working as fast as they can to issue more than 400 rules under constraints such as low staff and tight budgets.

More than half of the Dodd-Frank rules are not due until 2012 or later, but many of the rules that were due in 2011 did not meet that deadline.

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