Looking for that comprehensive software package to handle Dodd-Frank compliance? Not finding it? "That stands to reason, given how few of the rules and regulations implementing the sweeping reform bill have been written," writes Bank Technology News editor Penny Crosman.
"Many software vendors use the phrase 'Dodd-Frank' in their marketing messages and websites, and software exists for specific aspects of the bill, such as trading compliance, but few traditional banks have invested extensive IT resources in Dodd-Frank compliance because so much of the regulation is still up in the air," she writes.
Bank of America is working on inhouse solutions for parts of Dodd-Frank. Bank of Marion in Illinois, is working with a vendor, Continuity Controls, to get advice on compliance. But for the most part "banks are in wait and see mode," says Lisa Fraga, a vice president at Wolters Kluwer.
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