ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Last updated: July 20, 2012

The Dodd-Frank Wall Street Reform and Consumer Protection Act represents a dramatic rewrite of the rules governing financial service providers and products. Unprecedented in scope, the bill will usher in a new era of regulation -- for good and ill.

While its core provisions provide needed reform, it is overloaded with new rules and restrictions on traditional banks that did not cause the financial crisis. The result will be over 5,000 pages of new regulations on traditional banks and years of uncertainty as to what the massive new rules will mean.

Its impact will be felt not only by the banking industry itself, but by the millions of consumers and businesses that rely on financial services every day to meet their saving, borrowing and financing needs. It will also, by extension, have a considerable impact on the broader economy and the capability of traditional banks to provide the credit needed to create jobs and drive economic growth.

The Dodd-Frank Wall Street Reform and Consumer Protection Act does contain some key reform provisions that bankers have long supported, including creation of a new systemic regulatory body, a new process for ending the concept of too-big-to-fail, better consumer protections, and provisions designed to rein in the shadow banking system.

Press Releases

2012

• ABA Testifies on Flawed Municipal Advisors Proposal  (July 20, 2012)
• ABA Statement on Federal Reserve Report (May 1, 2012)
• ABA Testifies on Need to Increase Accountability at CFPB (Feb. 8, 2012)
• ABA Statement on CFPB Recess Appointment (Jan. 4, 2012)

2011

• ABA Statement on House Bill to Repeal Durbin Amendment (Oct. 13, 2011)
• ABA Statment on Proposed Volcker Rule (Oct. 11, 2011)
• ABA Statement on Changing Landscape for Debit Cards (Sept. 30, 3011)
• ABA Statement on OCC Final Rule on Preemption (July 20, 2011)
• ABA Calls for Increased Accountability at Consumer Financial Protection Bureau (July 19, 2011)
• ABA Urges Fed to Revise Rule on Debit Card Interchange (June 20, 2011)
• ABA Disappointed With Senate Vote On Interchange (June 8, 2011)
• ABA Statement On OCC Letter On Preemption (May 13, 2011)
• ABA Statement On 44 Senators Calling For CFPB Accountability (May 5, 2011)
• ABA Statement On Potential CFPB Nomination (May 3, 2011)
• ABA Testifies On Regulatory Challenges Facing Community Banks (April 6, 2011)
• ABA Testifies On Consumer Financial Protection Bureau (April 6, 2011)
• ABA Testifes on Impact of Dodd-Frank Act on Community Banks (Mar. 2, 2011)
• ABA Responds to Letter from Senator Durbin (Feb. 15, 2011)
• What Bank Executives Need To Know about Dodd-Frank (Feb. 2, 2011)
• ABA Statement on Visa's Plan for Two-Tiered Debit Interchange System (Jan. 11, 2011)

2010

ABA Correspondence and Testimony

2010

• Letter to Geithner on "crushing" regulatory burden for community banks (May 26, 2010
• Impact on community banks of reform bill - 30 new regulations
• 50 additional bank regulations in the past two years
• Letter to Senate on regulatory reform committee print (March 22, 2010)
• Joint association letter to Senate in support of Fed's supervisory role (Mar. 3, 2010)
• Letter to White House on proposed Small Business Lending Fund (Feb. 3, 2010)
• Regulatory Restructuring: Letter to Senate Banking Committee (Jan.5, 2010)

2009

• Letter to Treasury, ABA Proposal for Systemic Resolution Process (Oct. 13, 2009)
• Testimony of Edward L. Yingling regarding the proposed Consumer Financial Protection Agency before the House Committee on Financial Services (July 15, 2009)
• Testimony of Edward L. Yingling regarding the proposed Consumer Financial Protection Agency before the Senate Committee on Banking, Housing and Urban Affairs (July 14, 2009)
• Testimony of Edward L. Yingling regarding Regulatory Restructuring before the House Committee on Financial Services (June 24, 2009)
• Letter to Treasury outlining ABA positions on Regulatory Restructuring (May 28, 2009)
• Testimony of Gary G. Berner on behalf of the ABA regarding Mortgage Reform before the House Committee on Financial Services (April 23, 2009)
• Testimony of Aubrey B. Patterson on behalf of ABA regarding Regulatory Reform before the Senate Committee on Banking, Housing and Urban Affairs (March 24, 2009)
• Testimony of Edward L. Yingling regarding Financial Regulation before the House Committee on Financial Services (March 17, 2009)

2008

• Testimony of Edward L. Yingling regarding Financial Regulation before the Financial Services Committee, United States House of Representatives (October 21, 2008)

White Papers

• ABA White Paper: Charter Shopping? Not Likely. (Nov. 2009)
• ABA White Paper: Funding and Staffing the New Consumer Financial Protection Agency, (Nov. 2009)
• The Impact of the Consumer Financial Protection Agency Act of 2009 on Effective Bank Supervision, (Oct. 2009)
• A Response to Professor Levitin on the Effect of the Consumer Financial Protection Agency Act of 2009 on Consumer Credit, (Nov. 2009)
• Journal of Business Law: The Economic Impact of Eliminating Preemption of State Consumer Protection Laws
• The Effect of the Consumer Financial Protection Agency Act of 2009 on Consumer Credit (Oct. 7, 2009)
• A Preemption Primer (November 21, 2009)

More Resources

• Dodd-Frank Impact on Banks and their Communities (July 28, 2011)
• Dodd-Frank Comprehensive Summary (July 14, 2010)
• Dodd-Frank Impact on Community Banks (July 12, 2010)
• Bank Lending Fact Sheet (May 10, 2010)
• How community banks will be affected by Reg Reform bill (April 19, 2010)
• ABA op-ed in Politico: Reform Needs to be Done Right (April 14, 2010)
• Reg Reform and Community Banks: Huge New Burdens (April 14, 2010)
• CFPA Fact Sheet (Mar.18, 2010)
• ABA Position on Reg Reform (Mar. 15, 2010)
• GLBA Helped to Resolve the Credit Crisis (Jan. 25, 2010)
• TARP Facts (Jan 13. 2010)
• Fact Sheet: The Need for Regulatory Reform (Jan. 20, 2010)
• Fact Sheet: CFPA - The Wrong Approach to Stronger Consumer Protection (Jan. 20, 2010)
• ABA Timeline: Longterm Call for Regulatory Improvements (Nov. 2009)
• ABA's Position on Financial Regulatory Reform (Sept. 2009)
• Financial Regulatory Reform (U.S. Treasury)
• The CFPA is the Wrong Approach To Stronger Consumer Protection (July 2009)
• H.R.3126 Authorizes Government-Designed Loans, Restricts Consumer Choice (July 2009)
• H.R.3126 Curtails National Markets (July 2009)
• Impact of H.R.3126 on Bank Regulation (July 2009)
• Impact of H.R.3126 on Safety and Soundness (July 2009)
• Preserve the Federal Thrift Charter (July 2009)
• ABA op-ed for The Hill (June 24, 2009)