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Home > Federal Government Affairs > Dodd-Frank Resource Center
 
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

CFPB tackles prepaid card complaints
The Hill 07/21/2014
"Today we are taking another important step to expand the bureau's handling of consumer complaints," CFPB Director Richard Cordray said in a statement. "By accepting consumer complaints about prepaid products and certain other services, we will be ...

CFPB wants to share your banking horror stories with the public
Business Journal 07/16/2014
The Consumer Financial Protection Bureau wants to give unhappy banking customers a chance to share their stories with the public. Since it opened in 2011, the bureau has received more than 400,000 complaints from consumers about financial products ...

CFPB sues 'debt collection lawsuit mill'
The Hill 07/15/2014
The Consumer Financial Protection Bureau filed a lawsuit against a Georgia company it called a “debt collection lawsuit mill.” The watchdog claimed Monday that the firm, Frederick J. Hanna & Associates, spooks consumers with deceptive court filings and ...

Payday lender to pay $10 mln over collection tactics -CFPB
Reuters 07/10/2014
The U.S. Consumer Financial Protection Bureau has been probing payday lenders, which offer small loans that carry high interest rates and must be paid back quickly. Consumer advocates say the loans trap borrowers in a cycle of debt. The CFPB has said ...

Inspector general criticizes consumer bureau headquarters renovation
Los Angeles Times 07/02/2014
A government watchdog criticized the Consumer Financial Protection Bureau's controversial headquarters renovation, whose price tag has risen to an estimated $216 million, saying there was not a "sound business case" for the project because the agency ...

Court Ruling Unlikely to Affect US Consumer Regulator
Wall Street Journal 06/26/2014
Banking industry lawyers said Thursday there is only a small chance a financial firm would be able—or willing—to challenge the Consumer Financial Protection Bureau's actions in an 18-month period in which the agency's director, Richard Cordray ...

Supreme Court deal blow to Obama recess appointments
MSNBC 06/26/2014
President Obama's attempt to make appointments to the National Labor Relations Board while the Senate was still technically in session was unconstitutional, the Supreme Court ruled Thursday. The decision, which was unanimous in judgment, preserves the ...

GE Consumer Finance Unit Reaches Settlements
New York Times 06/19/2014
Synchrony Bank, the new name of GE Capital Retail Bank, settled claims of illegal credit card practices with the federal Consumer Financial Protection Bureau and the Justice Department on Thursday and agreed to pay $225 million to consumers. The bank ...

Discrimination, intimidation culture runs through CFPB
Housing Wire 06/19/2014
Two more employees at the Consumer Financial Protection Bureau came forward Wednesday to tell of their experiences with financial mismanagement, operational incompetence, discrimination and retaliation in what was the third in a series of hearings on ...

Cordray Tackles Prepaid Cards, Disparate Impact at Contentious Hearing
American Banker (subscription) 06/18/2014
Although much of a hearing Wednesday was dominated by concerns about employee discrimination at the CFPB, Director Richard Cordray said new rules for prepaid cards were coming soon along with a study on fair lending issues related to indirect auto ...

CFPB settles with whistleblower two days before Congress hears more ...
Washington Examiner 06/17/2014
Consumer Financial Protection Bureau officials settled a high-profile complaint of gender discrimination and retaliation Monday, ending a two-year saga involving senior enforcement attorney Angela Martin. Martin told the House Financial Services ...

House subpoenas two more in CFPB discrimination investigation
Housing Wire 06/12/2014
The House Financial Services Oversight and Investigations Subcommittee will subpoena two more whistleblowers who allege they were witness to or victims of discrimination and retaliation at the Consumer Financial Protection Bureau. CFPB examiner Ali ...

US House bills would constrain CFPB
Automotive News 06/11/2014
The Republican Party-dominated U.S. House of Representatives, with the encouragement of lobbyists for dealers and automotive lenders, has taken steps to constrain the Consumer Financial Protection Bureau. It is unlikely any of those steps will become ...

Recent Events
July 16, 2013
AFSA staff met with CFPB Fair Lending and Enforcement officials about fair lending compliance for the indirect vehicle finance industry.
 
May 9, 2013
AFSA Chairman Tim Stanley met with U.S. Senator Jack Reed (D-RI) to discuss the National Defense Authorization Act and reforms to military lending rules.
 
February 20, 2013
AFSA staff attended the CFPB's Consumer Advisory Board meeting.
 
February 13, 2013
AFSA staff attended a panel discussion organized by law firm Dickstein Shapiro on information sharing between the Consumer Financial Protection Bureau, Federal Trade Commission, and state attorneys general.
 
October 5, 2012
AFSA staff met with CFPB officials to discuss the Bureau’s proposed rules on mortgage servicing. 
 
August 13, 2012
AFSA staff attended a roundtable at the CFPB on the qualified mortgage (QM)/ability to repay proposed rule and its implications for small financial institutions. The discussion took place at the request of several trade groups, including AFSA. 
 
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.
 
 
 
 
 

 

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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