As this week marks the one-year anniversary of the Dodd-Frank Act, it’s appropriate to review the implementation of these regulations.

The good news is that banks needed to revisit capital standards-the rules that tell banks how much money to put aside. Usually this process takes years, but regulators have rallied around new capital standards rather quickly. This is a tough problem, and it needed to be done. Whether they got it right, we probably won't know until the next financial crisis.

What has not gone so well is the implementation of the Consumer Financial Protection Bureau. Dodd-Frank created a new agency that is supposed to be up and running this week, but a director was just named a few days ago. The confirmation process could still take months.

They basically started a regulatory train running, and said a conductor will jump on board at some point.