As most of our readers know, The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed by President Obama on July 21, 2010. This financial reform will introduce a myriad of changes to financial regulation, which raises the question: what are the implications of this act to You?
Many articles have been written, but the three following links provide what CFO Consulting Partners believes is a comprehensive examination by three organizations dedicated to the needs of financial and banking executives.
In the opinion of Allan Tepper, Chairman of the Banking Committee of the NYSSCPAs and co-founder of CFO Consulting Partners LLC, the Act should help avoid a similar banking crisis, and is thus a net plus to our financial system and, by extension, to our economy. However, regulations alone cannot replace the exercise of sound judgment on the part of bank officers whose vision may sometimes become clouded by the profit motive.