The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in July, 2010. Because of the United States' considerable influence on the world's economy, the country's financial reform plans have attracted the world's attention ever since discussions regarding the Act commenced. The Act is expected to be a rudder for financial reform that many countries will use to move forward. Therefore, an in-depth study on the Act can provide numerous insights and suggestions regarding the financial reform activities in Korea as well. It is, however, obvious that a country's financial system cannot be uniformly applied to other countries because each financial system reflects that particular country's political and economic characteristics. With that limitation in mind it is very useful, applicable, and essential to take Korean traits into consideration when applying the Act to the financial system in Korea. While some aspects of the Act have direct implications for the Korean financial system, other aspects do not. For example, the Act established the Financial Stability Oversight Council, but such a collective decision-maker is not appropriate for Korea because the central banking and financial supervisory system of Korea differs from that of the United States. Particularly, the Bank of Korea, Korea's central bank, does not have financial supervisory powers as of now. Examples of direct applications of the Act, however, would be the orderly liquidation authority and payment/settlement supervision as those and other provisions furnish Korea with useful information. Establishing an organization taking exclusive charge of consumer financial protection is not urgent in Korea because the integrated financial supervisory authority has just begun taking new measures for strengthening consumer financial protection. Additional provisions related to the Federal Reserve System, such as the publication of more information, also can be directly applied to Korea's central bank.