WASHINGTON (1/25/13)--Regulators have made progress in implementing some key reforms required by the Dodd-Frank Wall Street Reform Act, but others remain incomplete, and the effectiveness of some implemented reforms remains to be seen, a new Government Accountability Office (GAO) report notes.
The report examines:
- The overall status of U.S. financial regulatory reforms arising from Dodd-Frank;
- Challenges affecting the implementation of these reforms; and
- Areas that pose continued risk.
While the report does not specifically address the efforts of the National Credit Union Administration, does touch on the progress of the Financial Stability Oversight Council (FSOC), of which NCUA is a member.
The FSOC was established to identify systemic threats, and as noted in the report, has taken steps to carry out its responsibilities. The GAO notes that FSOC members have taken actions to implement some key reforms intended to reduce systemic risk. "For example, FSOC developed--and is currently implementing--a process and criteria to determine whether certain nonbank financial institutions should be designated for supervision. But, to date, no such designations have been made," the GAO said.
Overall, the GAO identified 236 provisions of the Dodd-Frank Act that require regulators to issue rulemakings across nine key areas. As of December 2012, regulators had issued final rules for 48% of these provisions, proposed rules for 29% of these provisions, and not begun the rulemaking process for 23% of these provisions, the GAO noted.
The GAO did not make any new recommendations in the report.
For the full report, use the resource link.