If the Dodd-Frank Act had been in place years ago, regulators probably still would not have intervened to stop problems at American International Group's Financial Products unit, three former U.S. financial regulators said earlier this month.
The three men—Brian McCormally, a 20-year veteran of the Office of the Comptroller of the Currency and the Office of Thrift Supervision; Simon Lorne, who formerly served as legal counsel to the Securities and Exchange Commission; and George Curtis, who served as SEC deputy director of enforcement in 2008 and 2009—spoke in New York at a session of the D&O Symposium of Minneapolis-based Professional Liability Underwriting Society.
The Dodd-Frank Wall Street Reform and Consumer Protection Act became law in July 2010. Congress developed the Act with the intent of preventing the types of situations that ultimately prompted a U.S. government bailout of the parent company of AIGFP and other significant financial services firms as one of its goals.
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