The Consumer Financial Protection Act of 2010 - An Annotated Guide
CFPAGuide.com is the companion website to The Consumer Financial Protection Act of 2010 - An Annotated Guide by Knox Dobbins and Jason Stone.
From the Introduction to the Guide:
Upon its signing by the President on July 21 of last year, the Consumer Financial Protection Act of 2010 was recognized immediately as a signal legislative development, not just in the larger Dodd-Frank Wall Street Reform and Consumer Protection Act, of which it is Title X of sixteen disparate titles and regulatory subjects, but for its fundamental reshaping of federal consumer law. The Act both consolidates (some would say rationalizes) the regulation of consumer financial services and, just as importantly, redefines its purposes.
For, unlike the seven federal agencies previously administering eighteen different statutes, such as the Truth in Lending Act, the Real Estate Settlement Procedures Act and the Fair Debt Collection Practices Act, the new Bureau of Consumer Financial Protection will, as of July 21, 2011, have (almost) sole responsibility for all federal consumer financial law matters. And, unlike its predecessor regulators, the Bureau has as its primary mission the protection of consumers.
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In this Guide, we work seriatim through each section of the Act, anticipating the functioning of the Act and Bureau both before and after a Senate-confirmed individual assumes the Director position. We provide commentary and cross-references on the text of the Act, as well as legislative history appendices, a chart of CFPB jurisdiction, a discussion of the mortgage provisions of Title XIV of Dodd-Frank, and a selected bibliography. Throughout the commentary, we will compare and contrast final law to earlier proposals as submitted by the Obama Administration into the House; as introduced by Senator Dodd into the Senate; and as passed before the final Conference Committee by the House Financial Services Committee, the Senate Banking Committee and the full House and Senate.
For the full Introduction to the Guide by the authors, click here.
The Guide is published by North Law Publishers, Inc. and can be purchased in hard copy or as a searchable PDF download. Please click here to order the Guide.
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CFPB Proposes Initial Nonbank "Larger Participant" Rules
On February 23, 2012, the Bureau issued a proposed rule setting forth the criteria for debt collectors and consumer reporting agencies to be deemed "larger participant[s] of a market for other consumer financial products or services" subject to Bureau supervision pursuant to Section 1024 of the Consumer Financial Protection Act of 2010. A copy of the proposed rule, the first of what is to be a series of rules by the Bureau, is available here.
Electronic Pocket Part
The Electronic Pocket Part is an online supplement to the Guide that is updated regularly to reflect significant legislative, administrative and judicial developments affecting provisions of the Consumer Financial Protection Act of 2010. The Electronic Pocket Part is presented as a series of Supplements to the Guide.
To view the February 2012 Supplement, please click here.
Regulatory Guidance and Proposed Rulemaking
Please click here for recent guidance and rulemaking by the following agencies:
Bureau of Consumer
Financial Protection
Consumer Financial
Protection Bureau
Implementation Team
1801 L Street, NW
Washington, DC 20036
(202) 435-7220
Federal Reserve Board
Board of Governors of the
Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC 20551
(202) 452-3000
regs.comments@federalreserve.gov
Office of the Comptroller
of the Currency
250 E Street, SW
Mail Stop 2-3
Washington, DC 20219
(202) 874-5000
regs.comments@occ.gov
Federal Deposit
Insurance Corporation
Comments
550 17th Street, NW
Washington, DC 20429
(877) 275-3342
comments@fdic.gov
Federal Trade Commission
600 Pennsylvania
Avenue, NW
Washington, DC 20580
(202) 326-2222
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