Originally published July 9, 2010

Keywords: Dodd Frank, Wall Street Reform, Consumer Protection Act

On June 30, the US House of Representatives voted 237 to 192 to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act. Upon enactment, the legislation will change the way financial services are delivered in the United States, and how US and non-US banks, bank holding companies, securities firms, insurance companies, and other providers of financial services are regulated. Although the US Senate has not yet approved the legislation and it must be signed into law by the President, it is expected that these steps will occur shortly. Understanding the potential impact of this legislation, particularly the new requirements it imposes on institutions (especially in the areas of proprietary trading, derivatives, capital, and consumer compliance), and the scope of enhanced regulatory authority granted by it will be critical prerequisites for formulating responsive business strategies, including identifying opportunities for shaping the multitude of agency rules that will be put in place as part of the implementation process.

Get the full report.

Learn more about our Financial Services Regulatory & Enforcement and Global Financial Market Initiative practices.

Visit us at www.mayerbrown.com.

Copyright 2010. Mayer Brown LLP, Mayer Brown International LLP, Mayer Brown JSM and/or Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved.

Mayer Brown is a global legal services organization comprising legal practices that are separate entities (the Mayer Brown Practices). The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales; Mayer Brown JSM, a Hong Kong partnership, and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.