The Dodd Frank Wall Street Reform and Consumer Protection Act (the “Act”) is the most dramatic financial services law since the Great Depression. This massive piece of legislation impacts banks, thrift institutions, insurance companies, hedge funds, rating agencies, nondepository financial service providers and the regulators who have, or will now, supervise these entities. Mortgage loans, securities, derivatives, insurance products, credit cards, commercial loans and consumer loans will all be delivered under a new set of rules. One notable point about this new law is that the exact nature and extent of these changes cannot be found within the more than 2,300 pages of this new law. Guidance as to the full detail of this financial reform bill will be ascertained only when countless rules, regulations, studies, reports and interpretations come into focus over the coming months and years.
Accordingly, the following overview provides a high level analysis of the 14 financial reform-related titles of the Act. For those who wish to delve into the Act itself, links to the titles are included. Be forewarned, despite the Act’s objective of increasing “transparency”, the Act is not written in “plain language”. We will be issuing periodic updates about the Act as the law evolves. Our attorneys are available at all times to help our clients understand, prepare for, and comply with the new legislation.Concluding Comment
For more information, please contact Norman H. Roos, chair of Robinson & Cole's Finance Practice Group, at (860) 275-8358. Mr. Roos has been advising banks, insurance companies, diversified financial service companies, and other publicly and privately held entities on a broad range of regulatory and transactional matters for over 30 years. Mr. Roos has served as the chair of the Financial Institutions and Consumer Law Sections of the Connecticut Bar Association and currently serves as general counsel to the Connecticut Mortgage Bankers Association, Inc., and as a member of the Board of Regents and the Connecticut state chair of the American College of Mortgage Attorneys.