On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act became law. As with human 4-year-olds, the party parents throw may be a little duller than on the first birthday, but the toddler now appreciates the present in the box more than the box itself. Let's look at what's in the box.
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation that I voted for and was signed by President Obama in 2010. Was it perfect? Of course not. No massive piece of legislation is perfect -- and that's why we constantly work to improve the law.
After years of planning and discussion, many of the financial regulations that resulted from the 2008 financial crisis -- specifically, FATCA and elements of Dodd-Frank, such as the Volcker Rule -- are finally coming into effect. Here are some important dates that financial institutions need to keep in mind over the next few months