WASHINGTON—The Government Accountability Office has issued a report detailing the progress made by financial regulators in fulfilling the GAO’s previous recommendations on implementing the Dodd-Frank Act, particularly with regard to cost-benefit analysis.
The GAO said that because not all regulators had implemented its previous recommendations on instituting cost-benefit analysis for Dodd-Frank rules, the agency will continue to monitor regulators’ progress, explained NAFCU in its analysis. The GAO said it would make no new recommendations.
This is the GAO’s sixth annual report on Dodd-Frank; the agency made recommendations relating to the cost-benefit analysis of Dodd-Frank rules in December 2013. The GAO also said it would continue to monitor regulators’ progress on interagency coordination and impact analysis associated with the law, reported NAFCU.
NAFCU noted it has repeatedly suggested that Congress implement a mandatory cost-benefit look-back analysis of regulations in order to gauge the accuracy of regulators’ cost estimates. NAFCU said it continues to push for effective regulatory relief for credit unions that recognizes their unique structure as member-owned, not-for-profit institutions.