The American Bankers Association launched a new online resource designed to help its members and the public track the progress of implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).
The Dodd-Frank Tracker takes both a big-picture and a piece-by-piece approach to the Dodd-Frank Act, including breaking implementation down into its numerous components and allowing bankers to follow specific Dodd-Frank issues says the ABA.
Wayne Abernathy, ABA’s executive vice president for financial institutions policy and regulatory affairs, said the Dodd-Frank Tracker is meant to be a dynamic tool for communicating to members and keeping them informed.
“When it comes to Dodd-Frank Act implementation, bankers want to know what is going on now, in the near future, and what has recently happened,” said Abernathy. “And they want to know the latest every day. This new online resource will communicate all the things that ABA knows and is doing related to the implementation of the Dodd-Frank Act.”
As implementation of the legislation progresses, the Dodd-Frank Tracker is updated to reflect the most recent developments in each particular area.
The industry is watching the progress closely as the Consumer Protection Bureau is required to conduct a study on reverse mortgages to determine any deceptive practices and see whether suitability standards are necessary.