Dodd-Frank Progress Report

DAVIS POLK HAS DEVELOPED A SERIES OF MONTHLY REPORTS WITH STATISTICAL DATA AND GRAPHICAL ILLUSTRATIONS OF THE DODD-FRANK RULEMAKING PROCESS. THE ANALYSIS IN THE PROGRESS REPORT IS LARGELY DERIVED FROM OUR DAVIS POLK REGULATORY TRACKER, AN ONLINE SUBSCRIPTION SERVICE DESIGNED TO HELP MARKET PARTICIPANTS, PARTICULARLY THEIR IN-HOUSE LEGAL AND COMPLIANCE DEPARTMENTS, EFFECTIVELY NAVIGATE THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT AND THE REGULATORY PHASE OF FINANCIAL REFORM. 

If you have questions, please contact davis.polk.progress.report@davispolk.com.

DECEMBER 1, 2014 REPORT >

  • In the past month, no rulemaking requirement deadlines passed, one rulemaking requirement was finalized and no rulemaking requirements were proposed.
  • As of December 1, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. 104 (37.1%) have been missed and 176 (62.9%) have been met with finalized rules.
  • In addition, 231 (58.04%) of the 398 total required rulemakings have been finalized, while 94 (23.62%) rulemaking requirements have not yet been proposed.

NOVEMBER 3, 2014 REPORT >

  • In the past month, no rulemaking requirement deadlines passed, ten rulemaking requirements were finalized, and one rule was proposed that would meet one rulemaking requirement.
  • As of November 3, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 105 (37.5%) have been missed and 175 (62.5%) have been met with finalized rules.
  • In addition, 230 (57.8%) of the 398 total required rulemakings have been finalized, while 94 (23.6%) rulemaking requirements have not yet been proposed.

OCTOBER 1, 2014 REPORT >

  • In the past month, no rulemaking requirement deadlines passed or were met with finalized rules, and no new rules were proposed that would meet rulemaking requirements.
  • As of October 1, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 115 (41.1%) have been missed and 165 (58.9%) have been met with finalized rules.
  • In addition, 220 (55.3%) of the 398 total required rulemakings have been finalized, while 95 (23.9%) rulemaking requirements have not yet been proposed.

SEPTEMBER 2, 2014 REPORT >

  • Since July 18, 2014, two rules have been finalized that meet twelve rulemaking requirements, and one rule has been proposed that would meet one rulemaking requirement.
  • As of September 2, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 115 (41.1%) have been missed and 165 (58.9%) have been met with finalized rules.
  • In addition, 220 (55.3%) of the 398 total required rulemakings have been finalized, while 95 (23.9%) rulemaking requirements have not yet been proposed.

DODD-FRANK FOUR-YEAR ANNIVERSARY PROGRESS REPORT >

This special Progress Report marks the four-year anniversary of Dodd-Frank.

As of July 18, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 127 (45.4%) have been missed and 153 (54.6%) have been met with finalized rules. In addition, 208 (52.3%) of the 398 total required rulemakings have been finalized, while 96 (24.1%) rulemaking requirements have not yet been proposed.

JULY 1, 2014 REPORT >

  • As of July 1, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 127 (45.4%) have been missed and 153 (54.6%) have been met with finalized rules.
  • In addition, 208 (52.3%) of the 398 total required rulemakings have been finalized, while 96 (24.1%) rulemaking requirements have not yet been proposed.

JUNE 2, 2014 REPORT >

  • In the past month, one rulemaking requirement was finalized and one rulemaking requirement was proposed.
  • As of June 2, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 127 (45.4%) have been missed and 153 (54.6%) have been met with finalized rules.
  • In addition, 208 (52.3%) of the 398 total required rulemakings have been finalized, while 96 (24.1%) rulemaking requirements have not yet been proposed.

MAY 1, 2014 REPORT >

  • In the past month, one rulemaking requirement was finalized and no rulemaking requirements were proposed.
  • As of May 1, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 128 (45.7%) have been missed and 152 (54.3%) have been met with finalized rules.
  • In addition, 207 (52.01%) of the 398 total required rulemakings have been finalized, while 98 (24.62%) rulemaking requirements have not yet been proposed.

APRIL 1, 2014 REPORT >

  • In the past month, no rulemaking requirement deadlines passed, one rulemaking requirement was finalized, and one rule was proposed that would meet twelve rulemaking requirements.
  • As of April 1, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 128 (45.7%) have been missed and 152 (54.3%) have been met with finalized rules.
  • In addition, 206 (51.8%) of the 398 total required rulemakings have been finalized, while 98 (24.6%) rulemaking requirements have not yet been proposed.

MARCH 3, 2014 REPORT >

  • In the past month, no rulemaking requirement deadlines passed, no rulemaking requirements were proposed, and one rule was finalized that meets four rulemaking requirements.
  • As of March 3, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 128 (45.7%) have been missed and 152 (54.3%) have been met with finalized rules.
  • In addition, 205 (51.5%) of the 398 total required rulemakings have been finalized, while 110 (27.6%) rulemaking requirements have not yet been proposed.
  • Davis Polk is pleased to announce the launch of an enhanced prudential standards resources website, available at USBasel3.com/EPS.

FEBRUARY 3, 2014 REPORT >

  • In the past month, no rulemaking requirement deadlines passed or were met with finalized rules, and no new rules were proposed that would meet rulemaking requirements.
  • As of February 3, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 132 (47.1%) have been missed and 148 (52.9%) have been met with finalized rules.
  • In addition, 201 (50.5%) of the 398 total required rulemakings have been finalized, while 110 (27.6%) rulemaking requirements have not yet been proposed.
JANUARY 2, 2014 REPORT >
  • In the past month, no rulemaking requirement deadlines passed, 36 rulemaking requirements were finalized and one rule was proposed that would meet a rulemaking requirement.
  • As of January 2, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 132 (47.1%) have been missed and 148 (52.9%) have been met with finalized rules.
  • In addition, 201 (50.5%) of the 398 total required rulemakings have been finalized, while 110 (27.6%) rulemaking requirements have not yet been proposed
More >

DECEMBER 2, 2013 REPORT >

  • In the past month, no rulemaking requirement deadlines passed, three rulemaking requirements were finalized and one rule was proposed that would meet four rulemaking requirements.
  • As of December 2, 2013, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 168 (60%) have been missed and 112 (40%) have been met with finalized rules.
  • In addition, 165 (41.5%) of the 398 total required rulemakings have been finalized, while 111 (27.9%) rulemaking requirements have not yet been proposed.

NOVEMBER 1, 2013 REPORT >

  • In the past month, no rulemaking requirement deadlines passed, six rulemaking requirements were proposed and one rule was finalized to meet a rulemaking requirement.
  • As of November 1, 2013, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 170 (60.7%) have been missed and 110 (39.3%) have been met with finalized rules.
  • In addition, 162 (40.7%) of the 398 total required rulemakings have been finalized, while 115 (28.9%) rulemaking requirements have not yet been proposed 

OCTOBER 1, 2013 REPORT >

  • In the past month, no rulemaking requirement deadlines passed, five rulemaking requirements were proposed and one rule was finalized to meet a rulemaking requirement.
  • As of October 1, 2013, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 171 (61.1%) have been missed and 109 (38.9%) have been met with finalized rules.
  • In addition, 161 (40.5%) of the 398 total required rulemakings have been finalized, while 121 (30.4%) rulemaking requirements have not yet been proposed. 

SEPTEMBER 3, 2013 REPORT >

  • Since July 15, 2013, one rulemaking requirement deadline passed, two rulemaking requirements were finalized and no new rules were proposed to meet rulemaking requirements.
  • As of September 3, 2013, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 172 (61.4%) have been missed and 108 (38.6%) have been met with finalized rules.
  • In addition, 160 (40.2%) of the 398 total required rulemakings have been finalized, while 126 (31.7%) rulemaking requirements have not yet been proposed.

DODD-FRANK THREE-YEAR ANNIVERSARY PROGRESS REPORT >

VIEW THE INFOGRAPHIC >

This special Progress Report marks the three-year anniversary of Dodd-Frank. To highlight the occasion, we have also developed a stats-driven infographic focused on the significant year-over-year progress in Dodd-Frank implementation.

As of July 15, 2013, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed. Of these 279 passed deadlines, 172 (61.6%) have been missed and 107 (38.4%) have been met with finalized rules. In addition, 158 (39.7%) of the 398 total required rulemakings have been finalized, while 127 (31.9%) rulemaking requirements have not yet been proposed.

JULY 1, 2013 REPORT >

  • In the past month, no rulemaking requirements were due, no new rules were proposed to meet rulemaking requirements and one rulemaking requirement was finalized.
  • As of July 1, 2013, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed. Of these 279 passed deadlines, 175 (62.7%) have been missed and 104 (37.3%) have been met with finalized rules.
  • In addition, 155 (38.9%) of the 398 total required rulemakings have been finalized, while 127 (31.9%) rulemaking requirements have not yet been proposed.

JUNE 3, 2013 REPORT >

  • In the past month, no rulemaking requirements were due, no unmet rulemaking requirements were finalized and one rulemaking requirement was proposed.
  • Although the CFTC released final rules governing the registration and regulation of swap execution facilities (SEFs) pursuant to required rulemaking authority, these rules have already been counted, as they were partially fulfilled due to previous CFTC rules incorporating SEFs into existing CFTC regulations and providing initial elements of the SEF core principle requirements.
  • As of June 3, 2013, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed. Of these 279 passed deadlines, 175 (62.7%) have been missed and 104 (37.3%) have been met with finalized rules.
  • In addition, 153 (38.4%) of the 398 total required rulemakings have been finalized, while 128 (32.2%) rulemaking requirements have not yet been proposed.

MAY 1, 2013 REPORT >

  • In the past month, no rulemaking requirements were due and 5 rulemaking requirements were met with finalized rules. No new rules that would meet rulemaking requirements were proposed.
  • As of May 1, 2013, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed. Of these 279 passed deadlines, 175 (62.7%) have been missed and 104 (37.3%) have been met with finalized rules.
  • In addition, 153 (38.4%) of the 398 total required rulemakings have been finalized, while 129 (32.4%) rulemaking requirements have not yet been proposed.

APRIL 1, 2013 REPORT >

  • In the past month, no Dodd-Frank rulemaking requirement deadlines passed or were met with finalized rules. No new rules that would meet rulemaking requirements were proposed.
  • As of April 1, 2013, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed. Of these 279 passed deadlines, 176 (63.1%) have been missed and 103 (36.9%) have been met with finalized rules.
  • In addition, 148 (37.2%) of the 398 total required rulemakings have been finalized, while 129 (32.4%) rulemaking requirements have not yet been proposed.

MARCH 1, 2013 REPORT >

  • In the past month, no Dodd-Frank rulemaking requirement deadlines passed or were met with finalized rules. No new rules that would meet rulemaking requirements were proposed.
  • As of March 1, 2013, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed. Of these 279 passed deadlines, 176 (63.1%) have been missed and 103 (36.9%) have been met with finalized rules.
  • In addition, 148 (37.2%) of the 398 total required rulemakings have been finalized, while 129 (32.4%) rulemaking requirements have not yet been proposed.

FEBRUARY 1, 2013 REPORT >

  • In the past month, a total of 42 Dodd-Frank rulemaking requirement deadlines passed and 12 rulemaking requirements were met with finalized rules. No new rules that would meet rulemaking requirements were proposed.
  • Rulemaking activity this month included the CFPB final rules on qualified mortgage standards, mortgage servicing and loan originator compensation. The CFPB, FDIC, Federal Reserve, FHFA, NCUA and OCC released a joint final rule that establishes new appraisal requirements for higher-priced mortgage loans.
  • As of February 1, 2013, a total of 279 Dodd-Frank rulemaking requirement deadlines have passed. Of these 279 passed deadlines, 176 (63.1%) have been missed and 103 (36.9%) have been met with finalized rules.
  • In addition, 148 (37.2%) of the 398 total required rulemakings have been finalized, while 129 (32.4%) rulemaking requirements have not yet been proposed.

JANUARY 2, 2013 REPORT >

  • As of January 2, 2013, a total of 237 Dodd-Frank rulemaking requirement deadlines have passed. Of these 237 passed deadlines, 142 (59.9%) have been missed and 95 (40.1%) have been met with finalized rules.
  • In addition, 136 (34.2%) of the 398 total required rulemakings have been finalized, while 129 (32.4%) rulemaking requirements have not yet been proposed.
  • Rulemaking activity this month included an SEC final rule on requirements to search for lost securityholders and notification requirements with respect to unresponsive payees. The Federal Reserve released a proposed rule on enhanced prudential standards and early remediation requirements for foreign banking organizations and foreign nonbank financial companies.

DECEMBER 3, 2012 REPORT >

  • As of December 3, 2012, a total of 237 Dodd-Frank rulemaking requirement deadlines have passed. Of these 237 passed deadlines, 144 (61%) have been missed and 93 (39%) have been met with finalized rules.
  • In addition, 133 (33.4%) of the 398 total required rulemakings have been finalized, while 132 (33.2%) rulemaking requirements have not yet been proposed.
  • Although no rulemaking requirements were met in November, there was a flurry of regulatory activity in the form of no-action relief and other guidance, particularly by the CFTC with regards to Title VII implementation.

NOVEMBER 1, 2012 REPORT >

  • As of November 1, 2012, a total of 237 Dodd-Frank rulemaking requirement deadlines have passed. Of these 237 passed deadlines, 144 (61%) have been missed and 93 (39%) have been met with finalized rules.
  • In addition, 133 (33.4%) of the 398 total required rulemakings have been finalized, while 132 (33.2%) rulemaking requirements have not yet been proposed.
  • Major rulemaking activity this month included the Federal Reserve, FDIC and OCC final rules on stress testing. Additionally, the SEC proposed a rule on capital, margin and segregation requirements for swap dealers and major swap participants.

OCTOBER 1, 2012 REPORT >

  • As of October 1, 2012, a total of 237 Dodd-Frank rulemaking requirement deadlines have passed. Of these 237 passed deadlines, 149 (62.9%) have been missed and 88 (37.1%) have been met with finalized rules.
  • In addition, 127 (31.9%) of the 398 total required rulemakings have been finalized, while 136 (34.2%) rulemaking requirements have not yet been proposed.
  • This month, the CFTC Final Rule on Position Limits was vacated in a decision of the U.S. District Court for the District of Columbia.

SEPTEMBER 4, 2012 REPORT >

  • As of September 4, 2012, a total of 237 Dodd-Frank rulemaking requirement deadlines have passed. Of these 237 passed deadlines, 145 (61.2%) have been missed and 92 (38.8%) have been met with finalized rules.
  • In addition, 131 (32.9%) of the 398 total required rulemakings have been finalized, while 132 (33.2%) rulemaking requirements have not yet been proposed.
  • Major rulemaking activity this month included the Federal Reserve final rule on risk management standards for financial market utilities and the SEC final rules on conflict minerals and the disclosure of payments by resource extraction issuers. Additionally, the OCC, Federal Reserve, NCUA, FHFA and CFPB released a proposed rule on appraisals for higher-risk mortgage loans.

DODD-FRANK TWO-YEAR ANNIVERSARY PROGRESS REPORT >

VIEW THE INFOGRAPHIC AND COMPLEXITY GRAPH >

This special Progress Report marks the two-year anniversary of Dodd-Frank. To highlight the occasion, we have developed several additional features that explore aspects of Dodd-Frank in new ways: a stats-driven infographic, a word map of the most common phrases in Volcker Rule comment letters and a Title VII complexity graph.

As of July 18, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. Of these 221 passed deadlines, 136 (61.5%) have been missed and 85 (38.5%) have been met with finalized rules. In addition, 123 (30.9%) of the 398 total required rulemakings have been finalized, while 141 (35.4%) rulemaking requirements have not yet been proposed.

 

JULY 2, 2012 REPORT >

  • As of July 2, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. Of these 221 passed deadlines, 140 (63%) have been missed and 81 (37%) have been met with finalized rules.
  • In addition, 119 (29.9%) of the 398 total required rulemakings have been finalized, while 142 (35.7%) rulemaking requirements have not yet been proposed.
  • Major rulemaking activity this month included the FDIC, Federal Reserve and OCC joint final rule on market risk capital standards and the FDIC proposed rule on the definition of "predominantly engaged in financial activities" for purposes of Orderly Liquidation Authority. Additionally, though not explicitly required by Dodd-Frank, the CFTC released proposed interpretive guidance and a proposed order related to the cross-border application of Title VII.  

JUNE 1, 2012 REPORT >

  • As of June 1, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. Of these 221 passed deadlines, 148 (67.0%) have been missed and 73 (33.0%) have been met with finalized rules.
  • In addition, 110 (27.6%) of the 398 total required rulemakings have been finalized, while 144 (36.2%) rulemaking requirements have not yet been proposed.  

MAY 1, 2012 REPORT >

  • As of May 1, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. Of these 221 passed deadlines, 148 (67%) have been missed and 73 (33%) have been met with finalized rules.
  • In addition, 108 (27.1%) of the 398 total required rulemakings have been finalized, while 144 (36.2%) rulemaking requirements have not yet been proposed.
  • Of particular note this month, the CFTC and SEC approved joint final rules further defining the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant" and "eligible contract participant."

APRIL 2, 2012 REPORT >

  • As of April 2, 2012, a total of 222 Dodd-Frank rulemaking requirement deadlines have passed. Of these 222 passed deadlines, 155 (69.8%) have been missed and 67 (30.2%) have been met with finalized rules.
  • In addition, 100 (25.5%) of 393 total required rulemakings have been met with finalized rules. Rules have not yet been proposed to meet 138 (35.1%) rulemaking requirements.

MARCH 1, 2012 REPORT >

  • As of March 1, 2012, a total of 225 Dodd-Frank rulemaking requirement deadlines have passed. Of these 225 passed deadlines, 158 (70.2%) have been missed and 67 (29.8%) have been met with finalized rules.
  • Major rulemaking activity this month included CFTC final rules relating to swap dealer internal business conduct, and a CFPB proposed a rule defining "larger participants" in certain consumer financial markets.
="http://www.davispolk.com/files/Publication/37a0b7ea-d818-4da0-b097-99031..." target="_blank">FEBRUARY 1, 2012 REPORT >

  • As of February 1, 2012, a total of 225 Dodd-Frank rulemaking requirement deadlines have passed. Of these 225 passed deadlines, 164 (72.9%) have been missed and 61 (27.1%) have been met with finalized rules.
  • Major rulemaking activity this month included CFTC final rules on business conduct standards and registration of swap dealers and major swap participants.
  • The GAO published seven studies in January 2012.

JANUARY 3, 2012 REPORT >

  • As of the end of 2011, deadlines for half of Dodd-Frank's rulemaking requirements have passed. 25.5% of the passed deadlines have been met with finalized rules.
  • Major rulemaking activity this month included a Federal Reserve proposal on enhanced prudential standards and CFTC final rules on swap data recordkeeping and reporting.
  • In 2011, the CFTC, FDIC, Federal Reserve and SEC held 1720 reported meetings with the public on Dodd-Frank. The Progress Report includes each regulator's top five topics of discussion at those meetings.
  • Davis Polk is pleased to announce the launch of the DavisPolkReg Twitter feed, which will provide real-time updates on key Dodd-Frank rulemaking activities and relevant Davis Polk publications.

DECEMBER 1, 2011 REPORT >

  • No New Deadlines. No new rulemaking requirements were due in November.
  • 3 Requirements Proposed. Rules satisfying three rulemaking requirements were proposed this month. Two of the proposed rules address deadlines that have already passed.

NOVEMBER 1, 2011 REPORT >

  • 37 New Deadlines. 37 rulemaking requirements were due in October.
  • 10 Requirements Met, 30 Proposed, 37 Missed. A number of rulemakings were proposed or finalized this month, including:


    • Proposed Volcker Rule Regulations – The FDIC, Federal Reserve, OCC and SEC released a
      coordinated proposed rule to implement the Volcker Rule. The CFTC has not yet released its
      proposed rule. View Davis Polk Memoranda.
    • FSOC Re-Proposal on SIFI Designation – The FSOC re-proposed a rule, along with
      guidance, on designation of nonbank financial companies as “systemically important.”
      View Davis Polk Memorandum.
    • SEC Proposed Rule on Registration – The SEC issued a proposed rule on registration of
      security-based swap dealers and major security-based swap participants.
      View Davis Polk Memorandum.
    • CFTC Proposal on Effective Date for Swap Regulation – The CFTC issued a proposed rule
      that would extend the latest date for its temporary Title VII relief until July 2012.
    • CFTC Final Rule on Position Limits – The CFTC approved a final rule on position limits.
    • CFTC Final Rule on DCOs – The CFTC approved a final rule on regulation of derivatives
      clearing organizations, combining several proposals into one 485-page final rule release.

    OCTOBER 3, 2011 REPORT >

    • No New Deadlines. No new rulemaking requirements were due in September.
    • 3 Requirements Met, 1 Proposed. Three rulemaking requirements were finalized this
      month, including the FDIC’s Joint Final Rule on Resolution Plans (also known as “living
      wills”). The Federal Reserve is expected to issue their version of the rule soon. One rule
      was proposed for which the deadline had already passed.
    • Volcker Rule Expected. A coordinated proposed rule on implementation of the Volcker
      Rule is expected in the coming weeks.
    • 2 Studies Issued. The GAO and the SEC each published one study in September.
      New Progress Report Feature. The Progress Report now divides missed deadlines into
    • those for which a proposed rule has been published and those for which no proposed
      rule has been published. As deadlines are missed, this will help readers gauge progress.

    SEPTEMBER 6, 2011 REPORT >

    • No New Deadlines. No new rulemaking requirements were due in August.
    • 9 Requirements Met, 3 Proposed. Four deadlines that had been previously missed were met, and five with future deadlines were finalized. Two of the proposed rules, one from the SEC and one from the Federal Reserve, appear as missed requirements as their deadlines have passed.
    • Bank Regulators. Although August was a quiet month for the Bank Regulators, they are expected to take action on several key items in the coming months, including issuing rules regarding resolution plans and implementation of the Volcker Rule.
    • CFPB Begins Rulemaking. The CFPB finalized its first 5 rules in late July. None had a statutory deadline.
    • 1 Study Issued. The GAO published one study in late July.

    JULY 22, 2011 REPORT >

      >
    • Rulemaking to Date. Regulators have completed 33, or 20%, of the 163 required rulemakings to date. Overall, regulators have completed 51, or 13%, of the 400 rulemaking requirements in Dodd-Frank.
    • July: 13 Requirements Newly Met, 104 Missed. Rules fulfilling 13 rulemaking requirements were finalized in July and 104 rulemaking deadlines were missed – 76 on July 16, 2011 and 28 on July 21, 2011.
    • New Features. To mark the one year anniversary of the Dodd-Frank Act, we’ve included a number of new graphics in this special Progress Report. These include:

      • New charts showing progress made on the 163 rulemaking requirements to date
      • A review of the more than 1,700 meetings regulators have had with members of the public on Dodd-Frank implementation, as disclosed by the FDIC, Federal Reserve, CFTC and SEC on their public websites
      • A visual representation of the costs of Dodd-Frank implementation, as compiled by a recent GAO report, totaling to more than $1.25 billion in regulatory resources over the next two years
      • Updated CFTC and SEC comment mountains
      • A new online interactive timeline of upcoming regulatory events, based on plans released by the FDIC, Federal Reserve and SEC

      JULY 1, 2011 REPORT >

      • No New Deadlines. No new rulemaking requirements were due in June. The next Dodd-Frank rulemaking deadlines will be in July, near the one-year anniversary of Dodd-Frank.
      • 14 Requirements Met, 6 Proposed. Rules fulfilling 14 rulemaking requirements were finalized in June. Rules to satisfy six 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.
      • CFTC and SEC Defer Swaps Requirements. The CFTC and SEC acted this month to issue temporary relief and defer many Title VII requirements that otherwise would have gone into effect on July 16. Most importantly, both Commissions indicated they will defer provisions that rely on key definitions until they complete further rulemaking. The CFTC has indicated its relief will last no later than December 31, 2011, making this the new focal point for rulemaking. Market participants are in the process of determining how this shift will affect their Title VII implementation plans. A Davis Polk memorandum on these developments is available here.

      JUNE 1, 2011 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.

      MAY 2, 2011 REPORT >

      • April Deadlines: All Missed. Backlog Increases. April saw the nine-month anniversary of Dodd-Frank and, with that, the deadlines for all 26 rulemaking requirements in the second quarter of 2011. All were missed. The backlog of missed rulemaking requirements now stands at 30.
      • Enormous Demands on Regulators. It has been clear since the passage of Dodd-Frank that the demands on the regulators are enormous and unprecedented. Pages 12 and 13 of this Progress Report quantify this burden by showing the number of proposed rules, interim final rules and concept releases the CFTC and SEC have released for public comment each day since January 1, 2009. While this measure admittedly does not distinguish between more and less important proposals, the increase over pre-Dodd-Frank work is clear.
      • Dramatic Increase in CFTC Open Comment Periods. The number of open comment periods for CFTC rules, found on page 12, is particularly striking. From the beginning of 2009 until the passage of Dodd-Frank, the CFTC never had more than four rule proposals or concept releases out for public comment on any given day. In late December 2010, the CFTC had 31 rule proposals or concept releases out for public comment. Many of these comment periods have since closed, and CFTC staffers are undoubtedly busy reading through the resulting comments before finalizing rules. More missed deadlines are sure to result. As discussed on the following pages, we expect to see similar patterns for the SEC and banking regulators as the deadlines for their rulemakings approach.

      APRIL 4, 2011 REPORT >

      • CFTC and SEC Deadlines Approaching. Banking Regulators to Follow. A large percentage of required rulemakings are due in the third quarter of 2011 (27.5%), most of which relate to OTC derivatives regulation. The Act backloads the required rulemaking by the Banking Agencies – the FDIC, OCC and Fed – and the CFPB.
      • Few Rules Finalized. While regulators have made significant progress, there is much left to do. To this point, very few rules (only 5.4%) have been finalized. As statutory deadlines approach, some are starting to be missed. An enormous number of rules will need to be finalized within the next two quarters, many of which have not yet been proposed.
      • Many Rulemakings with No Deadline. Many rulemakings (29.0%), including many for the to-be-formed Consumer Financial Protection Bureau, have no specific deadline.
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