PayThink

As Dodd-Frank's two year anniversary approaches "scores of rules that the law had mandated to be completed at this point are still uncompleted," writes American Banker's Donna Borak, citing analysis by the law firm Davis Polk & Wardwell.

Let's wrap up the week of Dodd-Frank negativity with something a little more upbeat: an insurance executive who'd like to point out a positive in Dodd-Frank.

Due to ever-increasing compliance requirements, consumers have already lost free checking. Now, the Bureau's sights are set on general purpose reloadable prepaid cards.

"The Consumer Financial Protection Bureau has already proved to be one of the busiest regulators in Washington," writes American Banker's Rob Blackwell about the agency’s first year in operation.

"The Sarbanes-Oxley Act of 2002 included a provision protecting whistleblowers at publicly traded companies from retaliation. Dodd-Frank spelled out that the provision also protects employees of wholly owned subsidiaries of public companies. The question remained, however, whether that protection applies retroactively,” writes law.com.

The only beneficiary of this well-intended but misguided regulation appears to be a small group of lawyers bringing costly lawsuits.

When smaller financial institutions, such as credit unions, are inundated with regulations from multiple agencies simultaneously, their ability to meet the needs of members is hampered and services are curtailed.

How ironic to see banks complain about being victimized by nuisance lawsuits filed by consumers over missing warning notices at ATMs – notices that were required to stop banks from victimizing consumers with nuisance charges at ATMs.

The qualified mortgage definition was the topic of a House subcommittee hearing on Wednesday, part of a six-hearing campaign by Republicans challenging Dodd-Frank.

Gearing up for the two-year anniversary of Dodd-Frank House Republican's launched a campaign "to convince the electorate that Dodd-Frank's rules are hurting everyday Americans rather than just the financial sector,” writes American Banker’s Kevin Wack.