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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.
Bill Overview and Related Documents
Summary of Dodd-Frank Act, produced by DLA Piper
Section-by-section and agency-by-agency breakdown of the act's rule proposals
Summary of Mortgage Lending Provisions in Dodd-Frank, provided by Hudson Cook
Memorandum of Understanding between CFPB and the Conference of State Bank Supervisors
GAO Report on Dodd-Frank Act Regulations (November 2011)
Latest Developments
What if Senate continues to block Richard Cordray at CFPB?
Politico 05/20/2013
The battle over whether to confirm Cordray as head of the Consumer Financial Protection Bureau may serve as good politics and allow both parties to rile up their bases, but there has been little evidence that the standoff has prevented the agency ...
Senate barrels toward showdown over consumer bureau nominee
The Hill 05/19/2013
Senate Republicans, however, say they will filibuster Cordray unless changes are made to the bureau, which is charged with enforcing consumer financial protection laws. Republicans want it made more accountable to Congress. Democrats argue that ...
US amasses Big Data on 10 million people; banks protest
Boston Globe 04/18/2013
The Consumer Financial Protection Bureau is demanding records from the banks and is buying anonymous information about at least 10 million consumers from companies including Experian. While the goal is to sharpen enforcement and rule-making, ...
U.S. consumer protection bureau calls for student loan solutions
The Gazette: Eastern Iowa Breaking News and Headlines (blog) 05/15/2013
WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau warned on Wednesday that the economy will soon feel the effects of surging student loan debt unless steps are taken to ease the burden on existing borrowers. The agency, charged ...
CFPB issues final civil penalty fund rule with request for comment
Lexology (registration) 05/13/2013
On April 26, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued a final rule, effective immediately, that sets forth procedures for the administration of the Consumer Financial Civil Penalty Fund (Civil Penalty Fund or Fund).
US charges firm in first criminal case for consumer protection agency
Thomson Reuters News & Insight 05/07/2013
NEW YORK (Reuters) - Federal authorities announced fraud charges against a debt settlement company on Tuesday, in the first criminal case based on work by the new U.S. Consumer Financial Protection Bureau. A newly unsealed indictment filed in U.S. ...
US consumer protection bureau calls for student loan solutions
Reuters 05/08/2013
WASHINGTON May 8 (Reuters) - The U.S. Consumer Financial Protection Bureau warned on Wednesday that the economy will soon feel the effects of surging student loan debt unless steps are taken to ease the burden on existing borrowers. The agency ...
New penalty fund would pay victims of Dodd-Frank violations
The Hill (blog) 05/06/2013
One of hundreds of new regulations spaned by the landmark financial reform law, the rule would allow the Consumer Financial Protection Bureau to collect fines from violators and compensate their victims. The CFPB's Civil Penalty Fund is set to take ...
Consumer watchdog expands probe into auto lender industry: WSJ
Reuters 05/03/2013
(Reuters) - The Consumer Financial Protection Bureau (CPFB) expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products like extended warranties, the Wall Street Journal reported on Thursday ...
CFPB Expands Credit Card Rule to Unemployed Spouses
American Banker (subscription) 04/29/2013
WASHINGTON — The Consumer Financial Protection Bureau Monday finalized its rule to help stay-at-home partners get a credit card. The regulation, first announced in October, allows credit card issuers to look at the income of the working spouse as ...
This Federal Proposal on Car Loans Is a Lemon
Wall Street Journal 04/28/2013
There were many contributors to the 2008 financial crisis—including unsound housing loans and mortgage-backed securities, Fannie Mae and Freddie Mac, excess leverage by major financial institutions, and regulatory failures. Car and truck loans were ...
The GOP's New Tactic Against the CFPB
Businessweek 04/24/2013
Congressional Republicans have found a new way to attack the Consumer Financial Protection Bureau: They're refusing to let Director Richard Cordray testify to the House Financial Services Committee. In a letter to Cordray, committee chairman Jeb ...
CFPB's 'Creepy' Data-Gathering Worries Lawmakers
American Banker (subscription) 04/23/2013
CFPB's 'Creepy' Data-Gathering Worries Lawmakers. by Rachel Witkowski. APR 23, 2013 4:06pm ET. Print · Email · Reprints. Comment. Tweet. Republican senators accused the Consumer Financial Protection Bureau on Tuesday of invading consumers' ...
CFPB's Raj Date Starts Own Bank Advisory Firm
American Banker (subscription) 04/17/2013
Raj Date, the former deputy director for the Consumer Financial Protection Bureau, has started a bank advisory firm that will focus on consumer finance issues, including assisting mergers and acquisitions through private equity partnerships. To ...
U.S. Amasses Data on 10 Million Consumers as Banks Object
Bloomberg 04/17/2013
The Consumer Financial Protection Bureau is demanding records from the banks and is buying anonymous information about at least 10 million consumers from companies including Experian Plc. (EXPN). While the goal is to sharpen enforcement and ...
Politico 05/20/2013
The battle over whether to confirm Cordray as head of the Consumer Financial Protection Bureau may serve as good politics and allow both parties to rile up their bases, but there has been little evidence that the standoff has prevented the agency ...
Senate barrels toward showdown over consumer bureau nominee
The Hill 05/19/2013
Senate Republicans, however, say they will filibuster Cordray unless changes are made to the bureau, which is charged with enforcing consumer financial protection laws. Republicans want it made more accountable to Congress. Democrats argue that ...
US amasses Big Data on 10 million people; banks protest
Boston Globe 04/18/2013
The Consumer Financial Protection Bureau is demanding records from the banks and is buying anonymous information about at least 10 million consumers from companies including Experian. While the goal is to sharpen enforcement and rule-making, ...
U.S. consumer protection bureau calls for student loan solutions
The Gazette: Eastern Iowa Breaking News and Headlines (blog) 05/15/2013
WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau warned on Wednesday that the economy will soon feel the effects of surging student loan debt unless steps are taken to ease the burden on existing borrowers. The agency, charged ...
CFPB issues final civil penalty fund rule with request for comment
Lexology (registration) 05/13/2013
On April 26, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued a final rule, effective immediately, that sets forth procedures for the administration of the Consumer Financial Civil Penalty Fund (Civil Penalty Fund or Fund).
US charges firm in first criminal case for consumer protection agency
Thomson Reuters News & Insight 05/07/2013
NEW YORK (Reuters) - Federal authorities announced fraud charges against a debt settlement company on Tuesday, in the first criminal case based on work by the new U.S. Consumer Financial Protection Bureau. A newly unsealed indictment filed in U.S. ...
US consumer protection bureau calls for student loan solutions
Reuters 05/08/2013
WASHINGTON May 8 (Reuters) - The U.S. Consumer Financial Protection Bureau warned on Wednesday that the economy will soon feel the effects of surging student loan debt unless steps are taken to ease the burden on existing borrowers. The agency ...
New penalty fund would pay victims of Dodd-Frank violations
The Hill (blog) 05/06/2013
One of hundreds of new regulations spaned by the landmark financial reform law, the rule would allow the Consumer Financial Protection Bureau to collect fines from violators and compensate their victims. The CFPB's Civil Penalty Fund is set to take ...
Consumer watchdog expands probe into auto lender industry: WSJ
Reuters 05/03/2013
(Reuters) - The Consumer Financial Protection Bureau (CPFB) expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products like extended warranties, the Wall Street Journal reported on Thursday ...
CFPB Expands Credit Card Rule to Unemployed Spouses
American Banker (subscription) 04/29/2013
WASHINGTON — The Consumer Financial Protection Bureau Monday finalized its rule to help stay-at-home partners get a credit card. The regulation, first announced in October, allows credit card issuers to look at the income of the working spouse as ...
This Federal Proposal on Car Loans Is a Lemon
Wall Street Journal 04/28/2013
There were many contributors to the 2008 financial crisis—including unsound housing loans and mortgage-backed securities, Fannie Mae and Freddie Mac, excess leverage by major financial institutions, and regulatory failures. Car and truck loans were ...
The GOP's New Tactic Against the CFPB
Businessweek 04/24/2013
Congressional Republicans have found a new way to attack the Consumer Financial Protection Bureau: They're refusing to let Director Richard Cordray testify to the House Financial Services Committee. In a letter to Cordray, committee chairman Jeb ...
CFPB's 'Creepy' Data-Gathering Worries Lawmakers
American Banker (subscription) 04/23/2013
CFPB's 'Creepy' Data-Gathering Worries Lawmakers. by Rachel Witkowski. APR 23, 2013 4:06pm ET. Print · Email · Reprints. Comment. Tweet. Republican senators accused the Consumer Financial Protection Bureau on Tuesday of invading consumers' ...
CFPB's Raj Date Starts Own Bank Advisory Firm
American Banker (subscription) 04/17/2013
Raj Date, the former deputy director for the Consumer Financial Protection Bureau, has started a bank advisory firm that will focus on consumer finance issues, including assisting mergers and acquisitions through private equity partnerships. To ...
U.S. Amasses Data on 10 Million Consumers as Banks Object
Bloomberg 04/17/2013
The Consumer Financial Protection Bureau is demanding records from the banks and is buying anonymous information about at least 10 million consumers from companies including Experian Plc. (EXPN). While the goal is to sharpen enforcement and ...
Recent Events
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.
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.
Rulemaking
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.
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