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.
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.”
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