Agencies tasked with the responsibility of writing rules under the Dodd-Frank Act ended 2011 with a total of 149 missed deadlines out of 400 rulemaking requirements slated for last year.

As of Dec. 31, 2011, a total of 200 of the 400 total rulemaking requirement deadlines under Dodd-Frank have passed. Of these 200 deadlines, 149 or 74.5 percent were missed, while 51 or 25.5 percent have been met with finalized rules. Of the 149 missed rules, 25 of them have not been proposed, according to the January 2012 issue of the Dodd-Frank Progress Report compiled by law firm Davis Polk. 

Of the total 400 rulemaking requirements prescribed by the Act, 86 (21.5 percent) have been finalized, and 155 (approximately 39 percent) have been proposed. The remainder 159 (near 40 percent) have not yet been proposed.

The latest statistics, as of Jan. 3, 2012, show that bank regulators, including the Federal Deposit Insurance Corporation and the Federal Reserve, have only managed to finalize 22 of 141 rulemaking requirements, missed a total of 42 deadlines (proposed 39 of them), and have another 77 future rulemaking deadlines in the horizon. Of the 77 future deadlines, they have managed to release 25 of the rulemaking proposals. The Commodity Futures Trading Commission completed 26 of its 64 rulemaking requirements, missed a total of 31 deadlines, and has seven other future rulemaking deadlines.

 

Meanwhile, the Securities and Exchange Commission has finalized 18 of its 98 Dodd-Frank rulemaking requirements, missed 59 of the deadlines, and has 21 future rulemaking deadlines to meet. Of the 59 missed deadlines, the SEC has released 53 of the proposed rules. Other agencies involved in the rulemaking have only managed to finalize 20 of their 97 total requirements, missed 17 of the deadlines, and have 60 future rulemaking deadlines to complete.

In the report, the law firm said most of the finalized rules last year were related to derivatives reform, as most of the CFTC's and SEC's derivatives rulemaking requirements fell in July 2011. “The recently proposed Volcker Rule regulations and the Federal Reserve's release on prudential standards begin a move toward bank regulator rulemaking, with many rulemaking deadlines falling in 2012,” the report said.

The law firm also noted that public input on the Act's rulemakings remained vigorous in 2011. The CFTC, the FDIC, the Federal Reserve, and the SEC held 1,720 meetings with the public on various topics. Popular topics of discussions include issues related to swap and security-based swaps, asset-backed securities and credit risk retention, the Volcker Rule, the Conflict Minerals Rule, and the orderly liquidation authority.