Corporate Governance

Changing the Dodd Frank Rules of the Financial Road

In 2010, the Dodd-Frank Act instituted a set of financial reforms. In 2018, the law was amended. Like most events in Washington, D.C., interpreting the changes as good or bad depends on whether a person supported or decried the bill in the first place.
— By Royston Arch

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was passed in response to the financial collapse that triggered the Great Recession. Banks and other financial institutions indulged in risky behavior, and consumers paid the price when those risks dissolved trillions in assets and caused massive numbers of home foreclosures.

The Act came too late for many people, but it was still viewed as a reining in of financial institution risky behavior. The Act established a whistleblower program for the SEC and created the Consumer Financial Protection Bureau (CFPB), intended to give consumers a voice in Washington, D.C., and a source of help when encountering un...

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