Dodd-Frank Wall Street Reform and Consumer Protection Act: Regulations to be Issued by the Consumer Financial Protection Bureau [August 25, 2010] [open pdf - 341KB]
"Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203, July 21, 2010) consolidates many federal consumer protection responsibilities into a new Bureau of Consumer Financial Protection (often referred to as the Consumer Financial Protection Bureau, or CFPB) within the Federal Reserve System. The act transfers supervisory and enforcement authority over a number of consumer financial products and services to the Bureau on a still-to-be-determined transfer date during calendar year 2011. Title X and Title XIV of the act contain numerous provisions that require or permit the CFPB to issue regulations implementing the statute's provisions. This report describes those provisions, notes that certain regulatory oversight tools will not be available for CFPB rules, and discusses the authority of a council of bank regulators to 'set aside' the Bureau's rules. Section 1022 alone gives the CFPB broad rulemaking powers, authorizing it to prescribe such rules 'as may be necessary or appropriate' to enable the Bureau to administer federal consumer financial protection laws. The act contains many other provisions that require or permit the Bureau to issue rules, most of which give the Bureau substantial discretion regarding whether rules need to be issued, the contents of those rules, and when they must be issued."
CRS Report for Congress, R41380
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