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Dodd-Frank Resource Center
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which passed on July 21, 2010, is unprecedented in magnitude and will impact every sector of the financial services industry. Among the act’s many provisions is the creation of the Consumer Financial Protection Act (CFPB).
 
To help its members keep track of the latest developments in the act’s implementation, AFSA has created a resource center with news articles, important dates, a bill overview, and rulemakings.
Latest Developments

House OKs Republican replacement for automatic cuts
Reuters 05/10/2012
The Republican plan also takes money away from financial regulatory reforms passed in 2010, eliminating the Federal Deposit Insurance Corp's powers to bail out the largest financial firms and cutting funding for the Consumer Financial Protection Bureau ...

Consumer bureau plans new rules on mortgage fees
Los Angeles Times 05/10/2012
Proposals from the Consumer Financial Protection Bureau include requiring flat origination fees so that consumers could more easily compare them. By Jim Puzzanghera, Los Angeles Times WASHINGTON — The Consumer Financial Protection Bureau is ...

U. prof joins federal consumer financial protection unit
Salt Lake Tribune 05/09/2012
By Matt Canham Washington • A University of Utah law professor known for his critical view of payday lending has taken a job with the new Consumer Financial Protection Bureau. Chris Peterson, will take a leave from the U. law school, ...

DOD, Financial Protection Bureau Underscore Partnership
Department of Defense 05/04/2012
By Lisa Daniel WASHINGTON, May 4, 2012 – Defense Department and Consumer Financial Protection Bureau officials attended a Pentagon ceremony here today where they signed a joint statement of shared principles that underscores their partnership to ...

Cordray: Regulators need a certain humility
MarketWatch 05/04/2012
Cordray is the new head of the Consumer Financial Protection Bureau, the agency founded as part of the Dodd-Frank Act of 2010. The CPFB, an advocate for consumers against financial institutions, was the most controversial and contentious part of the ...

Republicans demand details on consumer bureau budget
The Hill (blog) 05/03/2012
By Peter Schroeder - 05/03/12 02:08 PM ET Republicans on the House Financial Services Committee are keeping the pressure on the Consumer Financial Protection Bureau (CFPB), demanding a series of detailed budgetary documents from the new agency.

Consumer bureau appointee to promote financial industry diversity
Los Angeles Times 04/30/2012
Stuart Ishimaru, who served as acting EEOC chairman from 2009-2010, will lead the Office of Minority and Women Inclusion at the Consumer Financial Protection Bureau. The agency and other federal banking regulators were required to create such offices ...

Susan Tompor: Do the math before you borrow the money for college
Detroit Free Press 04/26/2012
The Consumer Financial Protection Bureau recently created a student debt calculator as part of its "Know Before You Owe" initiative. See www.consumerfinance.gov/payingforcollege. The new calculator is in the draft stage but can be a big help when ...

US Consumer Bureau Starts Examination of Mandatory Arbitration
Bloomberg 04/24/2012
The US Consumer Financial Protection Bureau is seeking comment on the use of clauses that require consumers to resolve disputes with companies through arbitration rather than through the court system. “We want to learn how arbitration clauses affect ...

Recent Events
February 16, 2012
Several AFSA board members and staff met with CFPB Director Richard Cordray and other senior officials to help familiarize them with the association’s membership.
 
February 8, 2012
AFSA President & CEO Chris Stinebert testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit’s on “Legislative Proposals to Promote Accountability and Transparency at the Consumer Financial Protection Bureau.”
 
January 19, 2012
AFSA staff attended the CFPB's field hearing in Birmingham, Ala. on payday lending
 
January 4, 2012
AFSA issued a statement regarding President Obama's recess appointment of Richard Cordray as CFPB Director.
 
December 13, 2011
AFSA staff attended the "Financial Fitness Forum" hosted by the CFPB's Office of Servicemember Affairs
 
November 3, 2011
AFSA submitted written testimony on Empowering and Protecting Servicemembers in the Consumer Financial Marketplace
 
July 18, 2011
AFSA issued a statement regarding President Obama's nomination of Richard Cordray for CFPB Director.
 
May 3, 2011
AFSA sent letters of support for three different CFPB-related bills being considered in the House.
 
HR 1121 would replace the single director with a bipartisan five-member commission.
 
HR 1667 would delay the transfer authority of the CFPB until it has a confirmed director.
 
HR 1315 would allow a simple majority vote of the Financial Stability Oversight Council to determine whether a regulation proposed by the CFPB would jeopardize the safety and soundness of the banking system or the stability of the financial system.
 
April 11, 2011
Thanks to efforts by AFSA and its members to bring the issue to the forefront, the CFPB posted a memorandum indicating that, until implementing regulations are issued, no financial institution shall be expected to comply with the data collection requirements related to small business lending that are contained in Sec. 1071 of the Dodd-Frank Act.
 
April 6, 2011
AFSA submitted written testimony for the House Subcommittee on Financial Institutions and Consumer Credit hearing on "Legislative Proposals to Improve the Structure of the Consumer Financial Protection Bureau."
 
March 2, 2011
AFSA President & CEO Chris Stinebert was invited by the House Subcommittee on Financial Institutions and Consumer Credit to testify on "The Effects of the Dodd-Frank Act on Small Financial Institutions" on behalf of the association's smaller non-bank finance company members.

 

Additional AFSA Resources

To help industry executives wade through the 2,300-page bill’s implications, AFSA put together a four-part webinar series in July 2010 addressing each of the association’s business segments: credit cards, mortgage, personal loans, and vehicle finance. Each of the hour-long webinars largely dealt with the new Consumer Financial Protection Bureau (CFPB).

 Credit Card PowerPoint Presentation

 Vehicle Finance PowerPoint Presentation

 Mortgage Webinar PowerPoint Presentation

 Personal Loans Webinar PowerPoint Presentation

AFSA has compiled two white papers dealing with the Dodd-Frank Act.

White Paper on Dodd-Frank Act

White Paper on Preemption

 
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