The Financial Reform Act: New Bureau of Consumer Financial Protection Is Established with Broad Rulemaking, Enforcement and Regulatory Authority
On June 30, 2010, the House of Representatives approved the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Financial Reform Act, a comprehensive and expansive set of financial reforms widely thought to be the toughest changes to financial regulation in the United States since the Great Depression. The Senate approved the Financial Reform Act on July 15, 2010 and President Obama signed it into law on July 21, 2010. Among the key provisions of the Financial Reform Act is the creation of the Bureau of Consumer Financial Protection, which will have authority over a wide range of participants in the consumer finance industry. This Update highlights the salient features of the Financial Reform Act as it relates to the consumer finance industry.
Read more about the Bureau, including its rulemaking and enforcement authority, at the Perkins Coie News page: http://www.perkinscoie.com/news/pubs_detail.aspx?op=updates&publication=2709
