August 13, 2022

Volume XII, Number 225

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West Virginia and the Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Bill"), while formulated to reign in the perceived excesses on Wall Street, has dramatic implications for community banks on Main Street and will undoubtedly impact the way business in West Virginia is done.

This mammoth legislation of more than 2,300 pages contemplates that 10 federal agencies will create some 243 new regulations each of which could run into hundreds of pages and, while smaller banks were exempted from many of the provisions of the Bill, they will be impacted by sweeping new reporting and regulatory requirements.  Simply determining how to comply with the impending regulatory framework will tax the limited resources of these institutions as the details take shape over the next 6 to 18 months.

West Virginia businesses will, without question, be impacted as the banks with whom they work, both large and small, adapt to the changes to our financial system.  A general overview of the major provisions of the Bill as passed by Congress is available HERE.

© 2022 Dinsmore & Shohl LLP. All rights reserved.National Law Review, Volume , Number 219
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About this Author

David M. Thomas, Dinsmore Shohl, Banking Law, Commercial Litigation
Partner

David M. Thomas is a Partner in the Litigation Department. Dave's practice focuses on banking law, bankruptcy, commercial transactions and commercial litigation. He assists corporate clients and financial institutions in a variety of commercial matters including loan structuring, workouts, collections, bankruptcy, and regulatory compliance. He has significant experience representing creditors in bankruptcy, including Chapter 7, 11 and 13 cases. He speaks regularly on bankruptcy and banking topics.  Dave is a member of the firm's Professional Development Committee.
 

304-225-1422
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