In the summer of 2010, the Congress passed and the President signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act of 20101 (''the Dodd-Frank Act'') in response to perceived abuses in the financial sector. Among other things, the Dodd-Frank Act created a new financial regulatory agency, the Consumer Financial Protection Bureau (''CFPB'' or ''the Bureau''), and endowed it with broad rule-making and enforcement powers over companies offering consumer financial products and services.2 In creating the CFPB, Congress transferred authority to the Bureau with regard to several statutes that were previously administered by other federal agencies.3
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Originally published by BNA's Banking Report, 10/28/2014.
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