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ComplianceFebruary 07, 2023

Industry experts anticipate less legislation, more regulation for 2023

(As published by October Research, “State of the Industry 2023 Special Report”) 

By Logan Barno, editor, Dodd Frank Update

With 2023 underway, the 118th Congress has been gaveled into session and both chambers and their many committees are working to introduce an array of legislation. With Democrats maintaining control of the Senate, and Republicans gaining a narrow majority in the House of Representatives, it is unlikely that much of the legislation being worked up by one chamber will be welcomed in the other.

“Legislatively, I don’t think we’re going to see very much,” Wolters Kluwer Senior Advisor, Regulatory Strategy Tim Burniston said. “Some of it may depend on what Rep. McHenry does. But anything the House does is going to be hard to get through [the Democrat-controlled Senate].”

With gridlock expected to be the theme of this congressional term, the eyes of many experts are shifting to federal regulators for the major changes that are anticipated throughout the year.

Burniston and other experts offer insight into upcoming regulatory changes including:

  • Dodd-Frank Act Section 1071 – small business loan data collection rule
  • Community Reinvestment Act regulation modernization
  • Dodd-Frank Act Section 1033 – financial data access rule
  • Regulator enforcement activity

To read the full article, visit www.doddfrankupdate.com to download the full special report.

Timothy Burniston
Senior Advisor, Regulatory Strategy

Timothy R. Burniston joined Wolters Kluwer in December 2011 to lead the company’s Risk and Compliance consulting practice. Under his leadership, the practice grew significantly in scope and now enjoys a national reputation for excellence.

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