Dodd-Frank Wall Street Reform and Consumer Protection Act

By: Craig D. Miller

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") on July 21, 2010 presents unique challenges for Boards of Directors of community banks. In particular, in the absence of regulations which have yet to be implemented, each community bank director must ask himself or herself (i) what should I be thinking about in light of the adoption of the Dodd-Frank Act and (ii) what should my institution be doing in order to ensure that it will fully comply with all applicable provisions of the Dodd-Frank Act. Suffice it to say that even in the absence of implementing regulations, the time is now for members of the board of directors of community banks to initially focus on two key areas of the law: capital requirements and executive compensation practices.

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