So I got an interesting email today about the Dodd Frank Act and the impact it is having, and will have, on lenders. This is an eye opener, and worth sharing. The passage of the Dodd Frank Bill is ushering in a mountain of work for lending institutions to comply with the rules, and it is not even halfway to being fully written!

There is an online tracker put out by the Financial Services Committee, aimed at helping people keep track of the new regulations required by the Dodd Frank Act. An expert from the financial services webpage really highlights the ridiculousness of how far this act goes. According to the site:

Oversight and Investigations Subcommittee Chairman Randy Neugebauer noted that it will take businesses more time to comply with Dodd-Frank rules than it took to build the Panama Canal.

“It will take over 24 million man hours to comply with Dodd-Frank rules per year. It took only 20 million to build the Panama Canal,” said Rep. Neugebauer.

Again, according to the financial services website:

Dodd-Frank, passed by Congress in 2010, mandates that government regulators write over 400 new rules and requirements that will be imposed on the private sector. Since the law was signed by President Obama in July 2010, the Dodd-Frank Burden Tracker reveals:

• regulators have written 185 of the 400 rules;
• these 185 rules consume 5,320 pages;
• it will take private sector job-creators 24,035,801 hours every year to comply with these first 185 Dodd-Frank rules.

You can read the full article here and you can follow the Dodd-Frank burden tracker here.

So where are all these extra hours going to come from? What about the small community banks, are they going to be put out of business by this act once it is finally fully written?

I have concerns about what I’m reading, and this information is not coming from a random website, but from a government website and entity that is following the Dodd Frank Act and the impact it will have.

This is important information, please share this with your friends and business partners!