In a congressional report released Wednesday, the GovernmentAccountability Office said as of December 2012, financialregulators had issued only 48% of final rules mandated by the Dodd-Frank Act of 2010, and havemissed deadlines for implementing 89% of the act's provisions.

Regulators told the GAO the delay is due to the number,complexity and interconnectivity of Dodd-Frank's rules.

The report cited a required ban on proprietary trading whichspurred more than 750 questions for public input that produced morethan 19,000 comment letters. That rule, which was supposed to havebeen finalized by July 2012, is expected during the first quarterof 2013.

Regulators also said in the report that they “have prioritizeddeveloping responsive, appropriate rules over meeting tightstatutory deadlines.”

The report was critical of the Financial Stability Oversight Council, which was created byDodd-Frank and counts NCUA Chairman Debbie Matz as a member. Thoughthe report did credit the FSOC for taking some action, it also saideffectiveness of the group is limited by a lack of transparency,which could lead to duplicative monitoring and analysis of systemthreats to the financial system.

Additionally, the report said the efficiency of the regulatorysystem remains unchanged since before the financial crisis, callingit a “large, fragmented structure with numerous regulators.”

Although the report suggested consolidation in overlap areas, itstopped short of suggesting a consolidation of agencies.

Other areas of risk to the financial system include thecontinued conservatorships of Fannie Mae and Freddie Mac, moneymarket mutual funds and credit risk concentrations. However,despite the report's criticisms, the GAO made no specificrecommendations.

The report can be viewed on the GAO's website.