A December 18 report by the U.S. Government Accountability Office (“GAO”) concluded that the federal banking agencies did not consistently follow key elements of Office of Management and Budget (“OMB”) guidance on cost-benefit analysis when issuing regulations that implement the Dodd-Frank Act. While most financial regulators are not required to follow the OMB guidance, the GAO concluded that the agencies have missed opportunities to improve their cost-benefit analyses of Dodd-Frank Act rules by not more closely following the OMB guidance.

Nutter Notes: The GAO report on implementation of the Dodd-Frank Act also reviewed coordination by the banking agencies and other financial regulators on the Dodd-Frank Act rulemaking process and found that the differences between related rules remain even when coordination occurs.