America’s top financial regulators are expected to testify on Thursday before the Senate Banking Committee regarding progress in implementing the controversial Dodd-Frank Act.
SEC Chairwoman Elisse Walter, CFPB Director Richard Cordray, CFTC Chairman Gary Gensler, OCC Comptroller Tom Curry, FDIC Chairman Martin Gruenberg, U.S. Treasury Under Secretary for Domestic Finance Mary Miller and Federal Reserve Board Governor Daniel Tarullo are expected to testify before the committee, AdvisorOne reports.
In January, law firm Davis Polk released its Dodd-Frank progress report, revealing that 42 Dodd-Frank rule-making deadlines passed that month, 12 requirements were met with final rules and regulators proposed no new rules to satisfy rule-making requirements. The CFPB issued final rules on qualified mortgages, mortgage servicing and loan originator compensation. The CFPB, FDIC, Federal Reserve, Federal Housing Finance Administration, National Credit Union Administration and OCC released a joint final rule that set new appraisal requirements for high-priced mortgage products.
As of Feb. 1, 279 Dodd-Frank deadlines have passed, 63.1 percent of which were missed and 36.9 percent of which have been met with final rules. Approximately 37 percent of the total 398 required rule-makings have been finalized, while 32.4 percent of rule-making requirements have not yet been proposed by regulators, according to AdvisorOne.