The Dodd-Frank Act of 2012 will change the way financial institutions operate in the United States. It will change the way regulators oversee their responsibilities, and it will change the nature of legal claims and suits against financial institutions. Naturally, you have questions.
Who will be impacted by the “Volcker Rule”?
Primarily “banking entities,” although financial companies supervised by the Federal Reserve will also face additional requirements.
Can anyone become a whistleblower?
No. Those with specific duties to report fraud are generally prohibited from benefiting from the new whistleblower rules in addition an institution’s lawyers and many others are barred.
Will I have to make specific changes to my mortgage lending policies?
Borrowers must now demonstrate their ability to meet their loan commitments.
We’ve gone through the Act with our clients in mind and prepared an annotated version as a reference or starting point for your study of Dodd-Frank. If you would like to download the entire Willis Annotated Dodd-Frank Act in PDF form, free of charge, click this link.
The Willis Annotated Dodd-Frank Act is intended as a reference piece to better understand the Act and refer to when questions arise about a specific passage in the Act. Each of the 16 sections of the Act are tabbed for convenience and summarized with a single page explanation and a directory of important provisions are indexed. In addition, key elements critical to financial institutions like the Volcker Rule and the Durbin Amendment are identified with special tabs and summaries of their own.
If you would like to receive it in tabbed, spiral-bound book form, contact your client advocate.
This annotated version of the Dodd-Frank Act is provided for informational purposes only and does not constitute legal or tax advice. You should contact your legal or tax adviser to obtain advice with respect to any particular issue and you should not act or rely on any information contained in this publication without first seeking the advice of an attorney.