The Dodd-Frank Wall Street Reform and Consumer Protection Act
(the "Bill"), while formulated to reign in the perceived
excesses on Wall Street, has dramatic implications for community
banks on Main Street and will undoubtedly impact the way business
in West Virginia is done.
This mammoth legislation of more than 2,300 pages contemplates that
10 federal agencies will create some 243 new regulations each of
which could run into hundreds of pages and, while smaller banks
were exempted from many of the provisions of the Bill, they will be
impacted by sweeping new reporting and regulatory
requirements. Simply determining how to comply with the
impending regulatory framework will tax the limited resources of
these institutions as the details take shape over the next 6 to 18
months.
West Virginia businesses will, without question, be impacted as the
banks with whom they work, both large and small, adapt to the
changes to our financial system. A general overview of the
major provisions of the Bill as passed by Congress is available
HERE.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.