June 2011 Dodd-Frank Rulemaking Progress Report

Margaret E. Tahyar is a partner in the Financial Institutions Group at Davis Polk & Wardwell LLP. This post discusses a Davis Polk report which is available here. A post about the previous progress report is available here. Other posts about the Dodd-Frank Act are available here.

This posting, the Davis Polk Dodd-Frank Rulemaking Progress Report, is the third in a series of Davis Polk presentations that illustrate graphically the progress of the rulemaking work that has been done and is yet to occur under the Dodd-Frank Act. The Progress Report has been prepared using data from the Davis Polk Regulatory Tracker™, an online subscription service offered by Davis Polk to help market participants understand the Dodd-Frank Act and follow regulatory developments on a real-time basis.

In this report:

  • No New Deadlines. No new rulemaking requirements were due in May. The next Dodd-Frank rulemaking deadlines will be in July, near the one-year anniversary of Dodd-Frank. Deadlines for 109 rulemaking requirements fall in the third quarter of 2011.
  • 3 Missed Requirements Met, 18 Proposed. Rules meeting three rulemaking requirements related to new whistleblower provisions were finalized. Rules to satisfy 18 additional rulemaking requirements were proposed. While this represents progress, it remains clear that regulators will not be able to meet the large number of rulemaking deadlines in July. To this point, only 24 (6.2%) of Dodd-Frank’s rulemaking requirements have been met with finalized rules, while 28 rulemaking deadlines have been missed.
  • Dodd-Frank Required Studies. Dodd-Frank requires a number of studies in order to inform future legislation and rulemaking. Many of these studies, most notably the Volcker Rule study, will have significant implications for Dodd-Frank rulemaking and require extreme care by the government entities charged with their completion. This month’s Progress Report quantifies these required studies, and progress on them, for the first time. Eighty-seven studies are required by Dodd-Frank of which, to this point, 24 have been completed. Two study deadlines have been missed.
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