Articles Tagged with big banks

Amid the fallout of 2008, when the nation’s banking giants toppled and our economy was sent reeling, Federal legislators and regulators decided that changes were needed. Most of these changes took shape as the Dodd-Frank Act, which provide the framework for much of our current banking regulation and oversight.

You’re probably familiar with Dodd-Frank, at least in part. It’s been a near constant topic of discussion on both Wall Street and Capitol Hill since it took effect. And this conversation has only increased during the Trump Administration.

However, did you know that part of Dodd-Frank requires banks to submit a financial doomsday plan outlining how they will dissolve in the event of a catastrophic collapse?

Uncertain Future for Dodd-Frank

Last week, President Trump ordered a review of major banking regulations put in place following the 2008 financial crisis, largely comprising Dodd-Frank regulations. President Trump has made clear that rollbacks are a main objective for these reviews.

Though the executive order only calls for a review, the Trump administration aims to make major cuts to banking regulations, largely affecting Dodd-Frank’s enforcement measures: Volcker Rule and the Consumer Financial Protection Bureau (CFPB).

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