Dodd-Frank Act making compliance tough for some international banks

Citibank has increased hours at its London office for those non-compliant with ISDA rules

The Dodd-Frank Wall Street and Consumer Protection Act has provided headaches for employers through its whistleblower and stress test provisions. But does the Act make it impossible for some U.S.-based banks to adequately serve their customers as well?

According to Bloomberg, London-based Citibank staff members have been forced into long hours thanks to one Dodd-Frank provision that prevents some clients from dealing with U.S.-based brokers. The Act prohibits U.S. traders from conducting business with those who have not agreed to International Swaps & Derivatives Association (ISDA) rules.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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