The Dodd-Frank Wall Street Reform and Consumer Protection Act on Monday marks its fourth anniversary since being signed into law. White & Case Banking partner Ernie Patrikis tells TheStreet's Joe Deaux that the sweeping financial reform represents good, bad and ugly changes to Wall Street and the too big to fail firms that nearly brought down the financial system. Patrikis says the Consumer Financial Protection Board is a good idea, but that it hasn't been run correctly. Patrikis says he thinks a lot of the rules written into Dodd-Frank could have been handled by the Federal Reserve.

More from Video

Video: nLight Shares Surge Following Nasdaq Debut

Video: nLight Shares Surge Following Nasdaq Debut

Too Bearish Too Soon? Your Reality Check from Real Money's Helene Meisler

Too Bearish Too Soon? Your Reality Check from Real Money's Helene Meisler

Jim Cramer: Visa Is a Technology Company That Masquerades as a Financial Company

Jim Cramer: Visa Is a Technology Company That Masquerades as a Financial Company

Jim Cramer: Chipotle Shares Are Probably Done Going Down

Jim Cramer: Chipotle Shares Are Probably Done Going Down

Jim Cramer: This Is a Sad Time for Southwest Airlines

Jim Cramer: This Is a Sad Time for Southwest Airlines