The Dodd-Frank Act is currently being reviewed by the Trump administration in an effort to reduce regulation in the banking and financial industries. What exactly does this mean, and what are the anticipated outcomes? While a lot is uncertain at this point, we'll review where things stand and our recommendations for dealing with possible deregulation.
The Dodd-Frank Act of 2010
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama in 2010 in response to the financial crisis of 2007-2008. The president called the Act a sweeping overhaul of the United States financial system, a transformation on a scale not seen since the reforms that followed the Great Depression. The Act is named after former Senate Banking Committee Chairman Chris Dodd and former Financial Services Committee Chairman Barney Frank who worked together to introduce the bill.
The aim of the Dodd-Frank Act was to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end too big to fail , to protect the American taxpayer by ending bailouts, and to protect consumers from abusive financial services practices.
Trump's Executive Order
On February 3, President Trump signed an executive order to review the landmark Dodd-Frank Act, with a goal to revise, significantly scale back, or eliminate parts of the 2010 law. Trump has laid out his core principles for financial regulation including: preventing taxpayer-funded bailouts; fostering economic growth; enabling US companies to be competitive with foreign firms in domestic and foreign markets; and advancing American interests in international financial regulatory negotiations and meetings.
In addition to reviewing Dodd-Frank, the order also asks the Department of Labor to repeal the upcoming Fiduciary Rule, which was expected to begin implementation April 10. This rule would mandate that financial advisors put their clients' interests first when investing their money, rather than choosing investments that would result in higher commissions. Banks, asset managers and insurers have been fighting this rule since it was approved last year, saying the regulation could raise costs of providing advice.
Due to the complexity of the laws (with 11 separate parts and over 1,000 pages of legislative guidelines), some observers believe that instead of a broad repeal, the administration will take a more gradual or piecemeal approach to rolling back or amending provisions of the legislation. This is especially true of the Consumer Financial Protection Bureau (CFPB), which has already been completed and implemented. Amending certain portions of the rule, especially consumer protections, would require Congressional approval, and could face a fight from Democrats such as Senators Bernie Sanders and Elizabeth Warren, who helped create the CFPB.
What to expect
The intent of the review is to remove regulatory burdens and open up investor options according to the White House. In anticipation of loosened regulations, stock prices for banks and investment firms have seen an increase with the hope that less compliance regulation will translate into more productivity for banks.
However, Democrats charge that Trump will undo changes designed to protect both average investors and the global banking system. In addition, Europeans see financial deregulation as a threat to banking stability worldwide.
Meeting in the middle, there is generally bi-partisan support for regulatory relief on small and mid-sized banks, which is even supported by Barney Frank, who stated that any comprehensive legislation needs some changes. The argument is that fewer restrictions on small banks will free up money for small business loans.
The administration is looking for ways to make an immediate impact, and has directed the Treasury to submit recommendations within 120 days. The treasury secretary also has 120 days to consult with the Financial Stability Oversight Council, established by the Dodd-Frank Act, to look out for excessive risks to the U.S. financial system. The bottom line is that major financial industry changes will take time. Scrapping Dodd-Frank entirely is seen as being far too onerous for a $16 trillion industry that has already implemented many of the measures.
What should you be doing now?
In general, we believe accountability and transparency are necessary elements of doing business for the banking and financial services industries. The more complex question is: what is the right level of compliance, oversight, and auditing that will protect both consumers and the banking system itself, without stifling its effectiveness?
Some of the largest U.S. brokerages, such as Morgan Stanley, plan to move ahead with client-friendly changes designed to comply with federal rules as a best-interest standard, despite speculation about new standards. In fact, some observers have pointed out that banks and brokerages that adhere to the principles of the Fiduciary Rule can make it a point of differentiation and credibility. Its likely banks want to continue to be seen as customer first institutions, especially considering how competitive the banking industry has been since the financial crisis and the fallout from the recent fake account scandal at Wells Fargo.
At Iron Mountain, we're here as your trusted partner and will help our banking and financial services customers figure out new regulatory issues at every step. Trusted by more than 230,000 organizations around the world, and 48 of the top 50 banks, we're dedicated to protecting and preserving what matters most to you, including how to help you comply with regulations, and most effectively use and access your information.
Where can I learn more?
Iron Mountain will be exhibiting at the upcoming SIFMA Compliance & Le
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
29/08/2025
Australian Red Cross and SBS launch training to help workplaces in the fight aga...
29/08/2025
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
29/08/2025
L3Harris Technologies has concentrated decades of expertise across the entire enterprise to develop affordable and reliable best-of-breed solutions to rapidly c...
29/08/2025
BURBANK, Calif. The CW Network and the Pac-12 Conference have announced a new media rights deal that will extend their broadcast partnership beginning with the ...
29/08/2025
NEW YORK Gracenote has released a new analysis of its global video dataset showing that the number of FAST channels grew nearly 14% from Q1 2025 and 76% since 2...
29/08/2025
SAN JOSE, Calif. Harmonic has announced a series of improvements to its live sports streaming solution that the company said will improve fan engagement, protec...
29/08/2025
NEW YORK and LOS ANGELES Fox Corp. and YouTube TV last night announced a renewal of the full portfolio of Fox networks, including Fox News Channel, Fox Business...
29/08/2025
Budapest, Hungary, August 2025 - The integration of Microsoft Teams Rooms (MTR) with Lightware's Taurus universal matrix switchers delivers a new level of f...
29/08/2025
Frequency, the engine behind many of the world's best-known streaming television channels, today announced it will launch Studio Live, a next-generation uni...
29/08/2025
In an era when AI and cyber resilience are essential, Scality will mark the 10th anniversary of Scality Day on October 16, 2025 in Paris. This flagship global e...
29/08/2025
Disguise's In-House Creative and Technical Teams Pre-Visualised, Programmed and Delivered Content for the Experience, All Powered by EX 3+
Technology solu...
29/08/2025
Disguise will be demonstrating the latest workflows for TV, film and live events on a number of partner booths at the show
Disguise, the industry-leading tech...
29/08/2025
STOCKHOLM, Sweden Accedo will showcase Accedo Compose, its AI agent-powered modular orchestration layer that assists streaming providers in transitioning client...
29/08/2025
LOS ANGELES Cineverse has announced that it is working with Xperi to bring four of its streaming channels to automobiles for the first time as part of the DTS A...
29/08/2025
DALLAS & ATLANTA Gray Media has announced an agreement with the sports streaming service Victory+ to simulcast 17 Dallas Stars NHL games in 15 television market...
29/08/2025
NEW YORK AND CULVER CITY Comcast NBCUniversal and Amazon have announced new and extended distribution agreements that will expand the content available on their...
29/08/2025
FOOTHILL RANCH, Calif. RED Digital Cinema will feature its Cine-Broadcast Module supporting live broadcast workflows during IBC2025, Sept. 12-15, at the RAI Ams...
29/08/2025
29 Aug 2025
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and ...
29/08/2025
More than half of all NFL games live on Sky for the first timeFriday 29 August 2025
Sky Sports has announced a new three-year deal with the NFL, extending its ...
29/08/2025
Back to All News
RIV4LRIES: The Trailer of the New Series With Samuele Carrino ...
29/08/2025
Get ready for an inspiring and emotional insight into the world of competitive Irish dancing with My Story: Tomi Champion of the World airing on RT 2 this monda...
29/08/2025
RT has today announced that David McCullagh is to be the new presenter of RT Radio 1's flagship Today programme, which airs every weekday at 10am, replaci...
28/08/2025
By Kristin Feeley, Director, Documentary Film & Artist Programs
If you want to tell untold stories, if you want to give voice to the voiceless, you've got ...
28/08/2025
Directed by Steven Bognar and Julia Reichert, Sundance Institute-supported Amer...
28/08/2025
Corridos have been a cornerstone of M sica Mexicana for generations, telling stories rooted in everyday life. Now, a new chapter is taking shape: motivational c...
28/08/2025
Los corridos han sido un pilar de la M sica Mexicana durante generaciones, contando historias enraizadas en la vida cotidiana. Ahora, un nuevo cap tulo est tom...
28/08/2025
Earlier this month, we promised our Verano Forever party would bring the heat, a...
28/08/2025
L3Harris will provide the Polish F-16V fleet with the Viper Shield electronic warfare system as part of an upgrade program....
28/08/2025
Bilbao, August 26, 2025 - AgileTV, an international television and video technol...
28/08/2025
Ken Wilkinson is an Emmy Awards nominated New York audio engineer who specialises in production sound mixing for film, commercial, episodic and documentary work...
28/08/2025
NEW YORK FuboTV today announced that it will launch Fubo Sports, a skinny bundle that focuses on sports with a subscription price of $56 monthly....
28/08/2025
NEVADA City, Calif. At IBC2025, Sept. 12-15 at the RAI Amsterdam, Telestream will debut its new Global Ingest strategy, introducing a next-generation ingest arc...
28/08/2025
Dr. Rhoda Bernard Releases Groundbreaking Debut Book on Accessible Arts Educatio...
28/08/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, has named Oliver Gappa as Sales Di...
28/08/2025
AI-based voice enhancement will be among a series of innovations making their IBC 2025 debut on the DHD stand B46 in Hall 8 at the RAI Amsterdam Convention Cent...
28/08/2025
Telef nica Servicios Audiovisuales (TSA), the leading system integrator and service provider in the media sector in Spain, with the support of Appear, the globa...
28/08/2025
To fully immerse sailing fans in the world's biggest offshore yacht race, production company, Optical Media turned to LiveU's On-site Production solutio...
28/08/2025
Working with Calrec on its most recent overhaul, radio and television broadcaster, WNED has migrated to a fully IP infrastructure with multiple Type R consoles,...
28/08/2025
Cleeng, the Subscriber Retention Management (SRM ) inventor, has unveiled Cleeng Pro, the first-ever direct-to-consumer (D2C) subscription management platform t...
28/08/2025
Zixi, the industry leader in live broadcast-quality video over IP, today announced that French media distribution platform OKAST has selected Zixi to enable rel...
28/08/2025
Solution offers a streamlined, speaker-free architecture to optimize integration with premium external loudspeakers and advanced loudness metering
Nixer Pro Au...
28/08/2025
Cinegy, the premier provider of software-defined television technology, has announced a strategic partnership with Vision One Touch Film Production Services L.L...
28/08/2025
Telestream, a global leader in media workflow technologies, will debut its new Global Ingest strategy at IBC2025, introducing a next-generation ingest architect...
28/08/2025
Tier 1 operator selects Broadpeak to power high-performance, unified CDN solution across Norway, Sweden and Finland
Broadpeak, a leader in streaming and moneti...
28/08/2025
Leading video software provider, Synamedia, today announced that 24 Frames Digital, one of India's leading live event streaming service providers, has chose...
28/08/2025
Meet VisualOn at IBC2025: See What's Next in AI-Powered Video Streaming Join VisualOn at IBC2025 and discover how our AI-driven Optimizer and advanced media...
28/08/2025
IBC stand 5.F81
Wowza to Reveal Next-Gen Video Streaming Innovations at IBC 2025
Amsterdam, August 28, 2025 Wowza, a leader in video streaming infrastructur...
The Dodd-Frank Act is currently being reviewed by the Trump administration in an effort to reduce regulation in the banking and financial industries. What exactly does this mean, and what are the anticipated outcomes? While a lot is uncertain at this point, we'll review where things stand and our recommendations for dealing with possible deregulation.
