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What Every Banker Needs to Know About Dodd-Frank (in Less Than 40 Pages)
The most significant piece of banking and financial services legislation since the passage of the Gramm-Leach-Bliley Act in 1999, the new Dodd-Frank Wall Street Reform and Consumer Protection Act has the potential to affect nearly every core banking activity. And every banker needs to be aware of the potential changes.
At nearly 1,000 pages long, Dodd-Frank includes new rules for mortgage lending, risk management, product development, investment management and customer service/communications. It also addresses the still-contentious "Too Big to Fail" debate.
Although there are likely to be many changes in Dodd-Frank's provisions -- which have been set forth in 16 "Titles" covering everything from Payment Clearing and Settlement Supervision to the creation of the Consumer Financial Protection Bureau and Mortgage Reform & Anti-Predatory Lending -- it is clear that banks and other financial institutions are going to have to respond to more stringent requirements for transaction transparency, reporting and accountability. This has tremendous implications for bank IT organizations, which will be charged with enhancing capabilities in data management and analysis, risk management, reporting, and compliance, regardless of the long-term prospects for Dodd-Frank.
The Dodd-Frank Cheat Sheet, prepared by the Bank Systems & Technology editorial team in partnership with editors across the InformationWeek Financial Services group, is a synthesis of the legislation's most important provisions, highlighting the Act's key requirements, deliverables and IT implications. While the Cheat Sheet isn't a substitute for reading the entire legislation, the interactive tool will help you make sense of this historic piece of regulation -- in less than 40 pages.
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