I listened in on a recent Web seminar from Wolters Kluwer Financial Services that promised an overview of the provisions of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act that would have the most impact on retail banks. I was struck by two things: more than 900 people registered for the call, and by the time it ended an hour later there wasn't much detail laid out on what would be expected of banks.
That's not to fault the experts running the call, but the reality is that while the industry is clamoring for knowledge the specifics will be unknown for another year or more in some cases. But some of the areas in which process changes will be demanded, and current technology likely falls short, are already easy to spot: mortgages, risk management, and core systems.
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