Indeed, President Trump said he wanted to repeal aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act. On the other hand, the President has advocated reinstatement of Glass-Steagall, a Depression-era law barring banks from engaging in investment activities. A change of control in Washington means new agency heads and a predicted slowdown in the pace of enforcement activities as the new administration finds its footing.
Nevertheless, financial institutions need to operate under the current rules and regulations until, and if, new regulations replace them. There have been several recent regulatory developments of note, summarized in this article. You’ll also find some key points we believe are essential to an effective internal audit performance in this dynamic regulatory environment.