Title X of the Dodd-Frank Act creates the Consumer Financial Protection Bureau (the “CFPB”) as a new independent federal regulatory body responsible for consumer protection. It also significantly restricts the availability of preemption for federally chartered depository institutions.
The CFPB will issue rules for most federal consumer financial protection laws for a wide range of providers of consumer financial products and services. It will also have broad authority to curb practices it finds to be unfair, deceptive or abusive. In addition, the CFPB will have the authority to supervise, examine and take enforcement action with respect to depository institutions with more than $10 billion in assets, mortgage industry participants and certain nondepository covered persons.
The U.S. Treasury Department has announced that the designated transfer date on which the CFPB will assume its responsibilities under Title X will be July 21, 2011. Elizabeth Warren has been named as a special assistant to President Obama and a special advisor to U.S. Treasury Secretary Timothy Geithner to assist in the establishment of the CFPB.
Dechert attorneys are focused on helping clients chart their course through the new and evolving regulatory structure created by the Dodd-Frank Act. This site will track developments relating to the CFPB and preemption.