Dodd-Frank’s Slow Going Is Hurting Compliance

By  |  July 19, 2012
 | 

The Dodd-Frank Act has added a significant number of new regulatory requirements to the U.S. financial system, driving the development of new compliance software for banking IT departments. But with so many of the proposed rules set out by the law still unwritten, those IT specialists say it’s impossible to design software that they can be sure will do everything it needs to once rulemaking is complete, reports American Banker.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    In fact, many banks are holding off on investing significant resources into software development until more about the law’s eventual rules is known, the report says.

    “What we see out of Dodd-Frank is that there will be a never-ending stream of new regulations and descriptions of old regulations we’ll have to relearn,” says Ray Altmix, CEO at Bank of Mario in Illinois. “It’s a little scary.”

    Read the full story here.


    See More In: