Slow progress has been made in the past three years on instituting “critical” parts of the Dodd-Frank Act, according to recent comments by the Obama Administration. President Obama voiced his frustrations with the slow progress of financial overhaul regulations on Monday in a closed-door meeting with federal regulators and lawmakers. He particularly emphasized the need to avoid another financial collapse like 2008, when the market crashed, in part, from risky mortgage lending that created the “housing bubble” in 2006 and 2007.

Recently, the Securities and Exchange Commission (“SEC”) issued an Order Instituting Administrative Cease-and-Desist Proceedings against Ronald S. Rollins (“Rollins”) of Plainfield, New Jersey (Rel. 34-70058). Rollins is the former Chief Compliance Officer (“CCO”) of Comprehensive Capital Management, Inc. (“CCM”), a registered investment adviser firm. Some of the violations referred to in the Order include: Rollins’ failure to reasonably supervise, aiding and abetting, and failure to comply with CCM’s custody policy. For purposes of this blog posting, only the last violation will be discussed in greater detail.