Top Regulators to Testify on Dodd-Frank Progress

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The nation’s top financial regulators will testify before the Senate Banking Committee on Thursday regarding the progress of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The hearing, titled “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections,” will include testimony from interim Securities and Exchange Commission Chairwoman Elisse Walter; Richard Cordray, director of the Consumer Financial Protection Bureau; Gary Gensler, chairman of the Commodity Futures Trading Commission; Tom Curry, comptroller of the Office of the Comptroller of the Currency, Marin Gruenberg, chairman of the Federal Deposit Insurance Corp.; Mary Miller, Treasury’s Under Secretary for Domestic Finance; and Daniel Tarullo, the Federal Reserve Board’s governor.

Walter (right) said in mid-January that rules mandated by Dodd-Frank and the JOBS Act would be at the “top" of the SEC's to-do list this year.

The law firm Davis Polk released its Dodd-Frank progress report in late January, finding that a total of 42 Dodd-Frank rulemaking requirement deadlines passed that month and 12 rulemaking requirements were met with finalized rules. No new rules that would meet rulemaking requirements were proposed.

Rulemaking activity in January included the CFPB final rules on qualified mortgage standards, mortgage servicing and loan originator compensation. The CFPB, FDIC, Federal Reserve, FHFA, NCUA and OCC released a joint final rule that established new appraisal requirements for higher-priced mortgage loans.

As of Feb. 1, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed, the law firm said. Of these passed deadlines, 176 (63.1%) have been missed and 103 (36.9%) have been met with finalized rules.

In addition, 148 (37.2%) of the 398 total required rulemakings have been finalized, while 129 (32.4%) rulemaking requirements have not yet been proposed, the law firm noted.