Morrison & Foerster leverages HighQ technology to create FrankNDoddTM – a continuously updated web-based resource providing comprehensive information about the Dodd-Frank Act.
Morrison & Foerster LLP (MoFo) is a global law firm serving many Fortune 100 companies, including financial services organizations such as banks, insurance institutions and credit card companies. The firm recently worked with HighQ to create FrankNDodd, a continuously updated proprietary online portal and database providing comprehensive up-to-date information about the Dodd-Frank Wall Street Reform and Consumer Protection Act and related rulemaking. FrankNDodd is a free password- protected resource for MoFo clients, helping them to stay apprised of regulatory and compliance requirements. In 2011, FrankNDodd was a runner-up for the Document Manager Awards Website of the Year and also was short-listed for the Thomson Reuters Compliance Award.
Addressing the Dodd-Frank challenge: Focusing on a moving target
Enacted in July 2010, the Dodd-Frank Act has been called the most important piece of legislation since the Great Depression. The legislation is contained in a 3,000+ page document requiring the writing of more than 500 new sets of rules to regulate the business and activities of financial companies, such as banks, insurance companies and investment firms. The Dodd-Frank Act requires rule- making by the Federal Reserve, the FDIC, CFTC, SEC, and many other government agencies; its scope is vast and far-reaching.
In the past two years, regulators have been releasing proposed and final rules, as well as publishing required studies on a near-daily basis – and financial institutions must stay abreast of these new developments. Institutions have the dual challenge of understanding Dodd-Frank’s impact on their particular institution and keeping track of all of the regulations affecting them. This process is very difficult and onerous and the stakes are high.
Morrison & Foerster Partner Anna Pinedo explains, “In an effort to advise clients how to stay compliant, many law firms started using Excel spreadsheets to keep track of the massive legislation, but the inefficiency of such an approach quickly became apparent. MoFo envisioned a more efficient, centralized and modern approach that would become a useful resource for clients.”
Prompted by an urgent client need, MoFo lawyers began to examine how the firm could leverage web-based technology to help.