Article
| April 15, 2011
An Analysis of the Bureau of Consumer Financial Protection Act
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is entitled the Consumer Financial Protection Act of 2010, establishes a Bureau of Consumer Financial Protection (the “Bureau”) and provides it with the authority to issue new regulations, supervise financial institutions, enforce consumer financial service laws and regulations, analyze data from financial institutions through what will undoubtedly be substantial new reporting requirements, and is intended to otherwise prevent abusive behavior by financial service firms. In addition, Title X expands state authority to regulate consumer financial services and enforce federal consumer financial service laws.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383