Three years after the passage of the Dodd-Frank Act, regulators are quick to assent with one another on one thing: coming to an agreement over joint rules has become quite the obstacle.
"It's a frustrating process at times. It necessarily prolongs the work that is done. But it almost inevitably, if people work together, can make the work better, sounder, and stronger," Richard Cordray, director of the Consumer Financial Protection Bureau said at a recent Federal Deposit Insurance Corp. board meeting.
"Regulators are kind of coming out and saying more publicly this process has not been working in a lot of ways," said Marcus Stanley, a policy director with Americans for Financial Reform. "Not only have they had problems in finalizing rules, but there's also been an admission that the proposals are not really enough to do the job essentially."
"Federal Reserve Gov. Daniel Tarullo, the central bank's point person on drafting Dodd-Frank rules, recently called the process 'very long and frustrating' given the time it has taken to finish rules representing the biggest overhaul since the Depression," writes American Banker's Donna Borak.
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