Most financial execs believe Dodd-Frank will not increase transparency
As the mortgage industry approaches the one-year anniversary of the Dodd-Frank Act, more than half of industry professionals doubt the law's impact. According to a recent survey by Grant Thornton, 58% of financial industry executives do not think the Dodd-Frank Act will improve accountability and transparency in the financial system. "The financial services industry in particular is facing unprecedented change," said Nicole Jordan of Grant Thornton. "As we approach the one-year anniversary of Dodd-Frank, firms are still trying to get a handle on how they are going to meet the increased compliance burden while still executing their plans for growth." On the up side, Jordan said, many of the survey respondents have an optimistic outlook of the U.S. economy. About 61% of those who answered the survey believe the economy will improve, Grant Thornton found. That figure is down from 72% just three months earlier; however, just 8% believe the economy will get worse. Approximately 92% of survey respondents reported feeling "very or somewhat optimistic" about their own business over the next six months, up from 85% in February. Just 8% feel "very or somewhat pessimistic" about their business, down from 15%, Grant Thornton found. Chicago-based Grant Thornton conducts a business optimism survey every three months to ask senior executives at U.S. banking, investment banking, brokerage and securities firms where they see the economy headed over the next six months. The most recent survey was conducted between May 19 and June 3, and polled 377 executives. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.