A report issued this week by the Government Accountability Office said financial regulators have still not met all its recommendations for instituting cost-benefit analysis under the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act.
The U.S. GAO said it would continue to monitor regulators’ progress on recommendations it made previously because not all regulators have implemented them. The five recommendations are intended to improve financial regulators’ cost-benefit analysis, interagency coordination, and impact analysis associated with Dodd-Frank. The report also stated the GAO would not make any new recommendations.
“The full impact of the Dodd-Frank Act remains uncertain because some of its rules have not been finalized and insufficient time has passed to evaluate others,” states the report. “As of December 2016, regulators had issued final rules for about 75 percent of the 236 provisions of the act that GAO is monitoring.” This is the GAO’s sixth annual report on assessing progress on the Dodd-Frank Act.
On cost-benefit analysis, the National Association of Federally-Insured Credit Unions said Congress should implement a mandatory cost-benefit look-back analysis of regulations to determine the accuracy of regulators’ cost estimates.
NAFCU adds, “NAFCU continues to push for effective regulatory relief for credit unions that recognizes their unique structure as member-owned, not-for-profit institutions.”