While it is a daunting challenge to attempt to distill the provisions of the 2,300-page Dodd-Frank Act into simple terms, one theme pervades nearly every aspect of the legislation: the expected breadth, depth and frequency of reporting to be required and potentially requested by regulators either ad hoc or periodically.

The implications of these expanded reporting requirements are significant for institutions' underlying data and application architecture. Data will likely have to be presented in a prescribed format and a much more granular way than traditional reporting to support the aggregation and cross-industry analyses that are central to macroprudential supervision and regulation.

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