The Dodd Frank legislation that was passed in 2010 was meant to protect consumers by introducing new regulations for lending institutions. Here we are in 2012 and we can begin to measure the potential impact this bill will have on the lending world.
This is important information to know, especially for those professionals who deal with financing on a regular basis. Not only that, but some of the numbers that the Financial Services Committee has come up with regarding the implementation of this bill are downright surprising.
There is an online tracker put out by the Financial Services Committee, aimed at helping people keep track of the new regulations required by the Dodd Frank legislation. An expert from the financial services webpage really highlights the ridiculousness of how far this act goes. According to the site:
Oversight and Investigations Subcommittee Chairman Randy Neugebauer noted that it will take businesses more time to comply with Dodd-Frank rules than it took to build the Panama Canal.
“It will take over 24 million man hours to comply with Dodd-Frank rules per year. It took only 20 million to build the Panama Canal,” said Rep. Neugebauer.
You can read the rest of this piece on my Dodd Frank Act blog post. I don’t work with banks, and don’t do many consumer loans. I specialize in hard money lending, but the ramifications and full extent of this bill definitely concerns me and should concern you as well!
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