• The Dodd-Frank Act Establishes the Consumer Financial Protection Bureau as the Primary Regulator of Consumer Financial Products and Services
  • July 28, 2010 | Authors: Robert M. Clark; Beth S. DeSimone; Brian C. McCormally; Michael B. Mierzewski
  • Law Firm: Arnold & Porter LLP - Washington Office
  • The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act) will touch off a major reorganization in the federal regulation of consumer financial products and services. The Act establishes the Consumer Financial Protection Bureau (CFPB) to serve as the primary regulatory authority over consumer financial products, and nearly every federal consumer financial protection statute. The CFPB will police activities relating to financial products and services for unfair, deceptive, and abusive acts or practices, and routinely examine large depository institutions, and nondepository entities for compliance with federal consumer financial laws. Although the impact of the CFPB is not completely clear, its existence almost certainly will result in an increased focus on consumer protection in the financial services industry and likely will create some uniformity in supervision and enforcement between depository and nondepository participants. The identity of the first Director of the CFPB (Director) will help to define the direction and tone of the CFPB’s expressed powers. www.arnoldporter.com