Global Custodian Summer 2018 | Page 20

[ N E W S A N A LY S I S | D O D D - F R A N K ] Global custodians provided capital relief by Dodd-Frank amendment An amendment to the Dodd-Frank Act was introduced to ease requirements for smaller banks. However, three unlikely banks have benefited too. I n May 2018, US President Donald Trump signed into law an amendment to post-financial crisis regulation, the Dodd-Frank Act, that would rollback certain parts of the legislation. 20 Global Custodian Summer 2018 The bill was aimed at providing relief to small- and medium-sized banks with less than $250 billion in assets, which were seen as being disproportionally affected by the tougher rules. However, the amendment has also provided relief to some of the largest US custodian banks - BNY Mellon, Northern Trust and State Street. This is because it included a provision