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The Dodd–Frank Act: Its implications for change in the banking industry
Journal of Payments Strategy & Systems,
5
(2),
125-133
(2011)
Abstract
As the most wide-sweeping overhaul of the US financial industry seen in decades, Dodd–Frank dramatically changes the existing regulatory environment, amends the Federal Reserve Act as well as numerous other federal laws, and establishes tighter supervision standards to protect the US economy. It will profoundly affect all: consumers, businesses, financial institutions and the regulatory infrastructures themselves. At over 2,200 pages, this legislation is just the beginning. Existing and newly minted regulatory bodies must now write the rules that will implement the provisions of Dodd–Frank. Comments on proposed rulemaking will certainly influence outcomes. Several of these rulemaking deadlines will fall due between the time of this writing and the actual publication date, so clarity and specific details around many of the components of the Act are not complete at this time. Given the complexity of Dodd–Frank and its sprawling scope, this paper focuses on just a few of those key components of Dodd–Frank that most directly affect the payments environment.
Keywords: Dodd–Frank; payments; financial stability; financial reform; regulatory reform; interchange; debit card; systemically important
The full article is available to subscribers to the journal.
Author's Biography
Ray Mulhern president of The M Consulting Group, LLC, specialises in the global payments space with particular focus on: (i) assisting banks and corporations with enterprise level payments strategy and payments systems infrastructure; and (ii) helping corporations improve the efficiency of their connectivity channels to banks and other corporates as well as strengthen STP in the back office. In his 30 years of experience in the operational, sales, marketing, strategic planning and product management aspects of the global payments industry, he has held a variety of positions at the Irving Trust Company, The Bank of New York, First Union, and Wachovia Bank. He is a published author of numerous articles on payments-related topics and a frequent speaker on industry issues at major global conferences such as SIBOS, International Payments, NACHA, BAI TransPay, IFSA and AFP. As a former member of Wachovia Bank’s Payment Strategies Group, he has hands-on experience with the development and execution of enterprise payments strategy. He is active in forward-looking industry forums: an officer and Board Member of the International Financial Services Association (IFSA), former Chairman of IFSA’s Payments Steering Committee, former member of US SWIFT community’s Cash & Treasury Committee, and former member of the Federal Reserve Bank’s Payment Risk Committee. He is skilled in the fundamentals of key non-credit services for banks and corporations, including Vendor Selection/Negotiation, Financial Analysis, Payments Regulatory Environment, Global Liquidity Management, Project Management, Product Management, Strategic Planning, Global Payments and Clearing Infrastructures (ACH, Fedwire, CHIPS, EBA, SWIFT, TARGET, etc.).
