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Two-thirds of Dodd-Frank deadlines missed as of June 1

A recent progress report by law firm Davis Polk & Wardwell LLP on the implementation of the 2010 Dodd-Frank Act revealed that two-thirds of rule deadlines have been missed as of June 1.

Regulators have been under fire for their sluggish implementation of rules required by the financial overhaul. Additionally, financial firms and institutions are using aggressive tactics to water down or roll back several Dodd-Frank rules.

“The regulatory framework has changed, but the attitude of financial services companies hasn’t,” Travis Plunkett, the director of regulatory affairs at the Consumer Federation of America, said, Press of Atlantic City reports. “In some cases the securities and financial services industries have won rollbacks that pushed back to well before the financial crisis.”

Of the 398 total rule-makings mandated under Dodd-Frank, 221 rules, or approximately 55.5 percent, have been completed. Some rules, however, have specified deadlines, 78.9 percent of which have been completed, according to the Davis Polk & Wardell progress report.

The Commodity Futures Trading Commission is furthest ahead at approximately 65 percent complete in the finalization of rules given to the commission under the reform law. The Securities and Exchange Commission has also been sluggish, with only 22 percent of rules completed. Bank regulators, however, lag furthest behind, with only approximately 18 percent of rules finalized.

Approximately 86 percent of rules with missed deadlines were proposed, while 14 percent of those rules with missed deadlines have not yet been proposed. In the third quarter of 2011, more than half of all Dodd-Frank rule deadlines were missed.

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