The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Bill”) represents the most ambitious and thorough regulatory reform of the laws governing the financial industry since the Great Depression. The Bill touches every domestic financial entity and affects most foreign financial entities. While most of the Bill’s provisions are aimed at large, complex financial institutions, smaller institutions are affected by many of the regulatory changes as well. As many of the Bill’s provisions give a basic structure of reform and leave the regulators to fill in the details over the next 6 to 18 months, the process of implementing the Bill’s provisions promises to be a dynamic one. Consequently, the final shape and practical impact of the Bill are still years from being understood.
The following is an overview of the Bill as passed by Congress. In the coming weeks, we plan to focus on specific areas of legislation that are of particular interest to our clients. Additionally, we will continue to update these legal summaries as the substance of financial reform emerges from the actions of regulators.
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