Dodd-Frank is a massive set of rules that prevent banks from engaging in certain speculative investments with their own money and requires them to have higher capital levels.
Dodd-Frank also established the Consumer Financial Protection Bureau that protects consumers against risky practices by banks.
Critics of Dodd-Frank said the stringent rules discouraged lending and burdened smaller banks unnecessarily.
Frank agreed in part with the latter criticism, but insisted the bulk of the regulation was against negative practices carried out by financial institutions — such as making loans to mortgage holders without checking their ability to pay back. It was not about lending, he said, adding there was little economic evidence that loans were withheld.
"This was not a decision by a group of politicians to make it harder to run the banks. ... This was a response to a pattern of irresponsibility and error," said Frank.
Details of the changes are not yet known, but experts speculate they could involve ways to get banks to lend more to consumers. It is likely that any sweeping changes would need approval from the Senate.
— CNBC's Jeff Cox contributed to this report.
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Correction: This story was revised to correct that the fiduciary rule to ensure that financial advisors act in their customers' best interest was separate from the 2010 Dodd-Frank Act.