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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 proposes rule to supervise large auto finance companies
Washington Post 09/17/2014
The Consumer Financial Protection Bureau on Wednesday proposed bringing the financing units of the big automakers under federal supervision for the first time, a move that would ultimately let the agency examine the lending arms of Toyota, Ford and ...

Regulators Sue Corinthian Colleges for Allegedly Harassing Low-Income Students
Businessweek 09/16/2014
The Consumer Financial Protection Bureau is suing Corinthian Colleges (COCO), one of the largest operators of for-profit colleges in the U.S., on grounds that it deceived students and harassed them to collect on student loan debts. The CFPB, a federal ...

US Consumer-Finance Regulator Plans Auto-Lending Examinations
Wall Street Journal 09/16/2014
The CFPB's effort comes amid growing concern about car-lending practices, including whether consumers are being steered into loans they can't afford and sold pricey add-on products whose total costs may not be clearly disclosed. Last year, auto lenders ...

Researchers Dub CFPB Consumer Complaint Database Unlawful
Reverse Mortgage Daily 09/15/2014
As the Consumer Financial Protection Bureau (CFPB) continues to solicit comments on its proposed consumer complaint narrative database, several researchers are questioning the initiative's legitimacy and authorization. Raising a number of concerns ...

CFPB chief: Prepare for new mortgage regs
The Hill 09/11/2014
Industry groups have long been aware of the impending rule, a requirement of the Dodd-Frank financial reform law of 2010. Cordray said some lenders are already preparing for compliance, which he said would require “significant changes to business ...

Union tensions at consumer watchdog
Politico 09/10/2014
Tensions are rising among members of the Consumer Financial Protection Bureau's union as a growing faction, dissatisfied with how the bureau handles employee grievances, push for the ouster of the chapter's president, according to documents obtained by ...

CFPB Ramps Up Scrutiny of Credit-Card Issuers
Wall Street Journal 09/03/2014
The Consumer Financial Protection Bureau on Wednesday directed credit-card companies to do a better job of disclosing the fine print on such offers as zero-interest balance transfers, so-called convenience checks and cards offered through retailers ...

What the CFPB May Target in Second Round of Mortgage Servicing Rules
American Banker 08/27/2014
What the CFPB May Target in Second Round of Mortgage Servicing Rules. by Rachel Witkowski. AUG 27, 2014 4:59pm ET. A bulletin from the Consumer Financial Protection Bureau outlining new policies for mortgage servicing transfers has the industry on ...

Upfront Fees for Debt Relief Lead to $7 Million Settlement With Regulators
Wall Street Journal (blog) 08/25/2014
U.S. regulators reached a $7 million settlement with a company accused of helping other businesses collect tens of millions of dollars in illegal upfront fees for debt-relief programs, continuing a crackdown on firms that promise to assist troubled ...

Is CFPB guilty of spin?
Automotive News (blog) 08/27/2014
Remarks delivered by Consumer Financial Protection Bureau Director Richard Cordray and language used in a bureau statement last week were a lot harsher than the dry legalese of the consent order signed this month by the CFPB and First Investors ...

CFPB fines subprime lender First Investors for sending credit bureaus ...
Automotive News 08/20/2014
“Companies cannot pass the buck by blaming a computer system or vendor for their mistakes,” CFPB Director Richard Cordray said in a written statement. “Today's action sends a signal that the CFPB will hold companies accountable for sending inaccurate ...

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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