The Hill has details of the progress being made by bureaucrats to flesh out the financial reform bill Dodd-Frank into the regulatory nightmare everyone said it was going to be:

Rules implementing the Dodd-Frank financial reform law could fill 28 copies of Leo Tolstoy's War and Peace, according to a new analysis of the Wall Street overhaul.

The law firm Davis Polk, which closely tracks the Dodd-Frank rule-making process, released a graphic Friday that highlights the gargantuan size of the financial reform bill's overhaul of regulations. 

 

All told, regulators have written 13,789 pages and more than 15 million words to put the law in place, which is equal to 42 words of regulations for every single word of the already hefty law, spanning 848 pages itself.

And if that seems like a lot, keep in mind that by Davis Polk's estimate, the work implementing the law is just 39 percent complete.

The study also paints a picture of just how much work has gone into implementing the law, which turns three years old on Sunday.

As if filling more than two dozen copies of the epic Russian novel were not enough proof the new law was keeping regulators busy, the firm also determined that regulators have held more than 4,000 public meetings with stakeholders as they try to turn legislative ideas into a reality. 

I'm glad I got my mortgage already because once the regulators are through, filling out a loan application is going to be a nightmare. The same holds true for anyone who wishes to purchase any kind of financial product.

And waiting in the wings if a customer loses money will be the Consumer Financial Protection Bureau who will respond to any complaint against a mortgage officer or broker. It won't matter that the customer didn't understand the complexity of the financial product they were buying - didn't understand the risk/reward formula. It will be the fault of the financial services employee thus criminalizing a customer's stupidity.

What the CFPB is bound to do is force brokerage houses and financial firms to refuse to sell to many people. It will put a damper on mortgages too since banks and mortgage firms will reject borderline customers rather than try and sell them a more complex mortgage.

Another regulatory nightmare courtesy of Obama.