The Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203, H.R. 4173) was signed by President Obama on July 21, 2010. With the goals of promoting financial stability through improved accountability and transparency, attempting to end “too big to fail” and taxpayer-funded bailouts, and safeguarding consumers from abusive financial products, Dodd-Frank requires comprehensive reform to the U.S. financial system and the regulation of financial entities and services. The act touches upon a wide variety of areas, including banking, securities, derivatives, consumer protection and mortgages.
The Kentucky Department of Financial Institutions is closely monitoring all of the federal agencies’ activities and implementation of the act and will work with all federal agencies to provide consistent oversight and effective and efficient regulation.
For More Information