About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-20-114R 1 (2019-12-10)

handle is hein.gao/gaobaeahz0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 December 10, 2019 Congressional Addressees Financial Services Regulations: Status of GAO Recommendations to Enhance Regulatory Analyses and Interagency Coordination The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provided for federal agencies to issue hundreds of regulations to implement the act's requirements. The act responded to the 2007-2009 financial crisis that disrupted the U.S. financial system and threatened the solvency of some large financial institutions and the health of the U.S. economy. Section 1573(a) of the Department of Defense and Full-Year Continuing Appropriations Act, 2011, amended the Dodd-Frank Act and required us to conduct an annual study of financial services regulations.1 We have previously issued eight reports under this mandate and have made a total of 37 recommendations to seven of the financial regulators, the Financial Stability Oversight Council (FSOC), the Office of Financial Research (OFR), and the Office of Management and Budget (OMB).2 This report describes the status of these recommendations, including information about recommendations that have not yet been fully implemented. The seven financial regulators are the Board of Governors of the Federal Reserve System (Federal Reserve), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC). 1Pub. L. No. 112-10, § 1573(a), 125 Stat. 38, 138-39 (2011) (codified at 12 U.S.C. § 5496b). We are directed to analyze (1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant federal agencies are applying sound cost-benefit analysis in promulgating rules; (2) efforts to avoid duplicative or conflicting rulemakings, information requests, and examinations; and (3) other matters related to the operations of financial services regulations deemed appropriate by the Comptroller General. The focus of our reviews has been on the financial regulations promulgated pursuant to the Dodd-Frank Act. 2GAO, Dodd-Frank Regulations: Consumer Financial Protection Bureau Needs a Systematic Process to Prioritize Consumer Risks, GAO-1 9-158 (Washington, D.C.: Dec. 21, 2018); Financial Services Regulations: Procedures for Reviews under Regulatory Flexibility Act Need to Be Enhanced, GAO-18-256 (Washington, D.C.: Jan. 30, 2018); Dodd-Frank Regulations: Agencies' Efforts to Analyze and Coordinate Their Recent Final Rules, GAO-1 7-188 (Washington, D.C.: Dec. 29, 2016); Dodd-Frank Regulations: Impacts on Community Banks, Credit Unions and Systemically Important Institutions, GAO-1 6-169 (Washington, D.C.: Dec. 30, 2015); Dodd-Frank Regulations: Regulators'Analytical and Coordination Efforts, GAO-1 5-81 (Washington, D.C.: Dec. 18, 2014); Dodd-Frank Regulations: Agencies Conducted Regulatory Analyses and Coordinated but Could Benefit from Additional Guidance on Major Rules, GAO-1 4-67 (Washington, D.C.: Dec. 11, 2013); Dodd-Frank Act: Agencies' Efforts to Analyze and Coordinate Their Rules, GAO-13-101 (Washington, D.C.: Dec. 18, 2012); and Dodd-Frank Act Regulations: Implementation Could Benefit from Additional Analyses and Coordination, GAO-1 2-151 (Washington, D.C.: Nov. 10, 2011). GAO-20-114R Financial Services Regulations Page 1

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most